|
|
|
|
|
|
|
|||
|
|
 |
||
|
||
Q. What is a QuickBooks ® data file? A. Data file is the term used for the computer file that holds all the company's QuickBooks® data--its company demographic profile, program preferences, general ledger, financial data and other information used in preparing financial statements and various analyses necessary to successfully manage the company. Q. What is data file analysis? A. Data file analysis is that process by which a QuickBooks® consultant examines and tests a client's data file and financial reports, and then reports the problems encountered, their likely cause, and the consultant's recommendations for correcting the problems. It differs from the "Verify Data" feature built in to QuickBooks®. The "Verify Data" feature is a low-level file integrity check that looks for file corruption and internal linkage errors in the data file. The QDA+ data file analysis process automatically performs a battery of accounting tests to check for reasonableness and common data entry errors. For example: Are there duplicate file names in the chart of accounts? Are there negative values in the sales tax liability report? Are there time and billing entries not charged to jobs, etc. It also differs from Financial Statement Analysis because it does not calculate financial ratios, but performs a much broader series of tests designed to detect data entry errors and lack of understanding on the part of the user of QuickBooks® features and accounting principles. Q. Why is it important to regularly analyze the data file? A. While QuickBooks® is a well-built, robust program, tremendously useful for tracking a company's financial status and progress, like any computer program it is susceptible to data input errors and internal corruption. Unless the user or their consultant initiates a data file analysis, errors and corruptions may go undetected for months or even years. This renders the financial reports incorrect or misleading. The longer a data file goes unanalyzed, the more work it will take to clean up problems which may arise and compound over time. Q. What causes data file errors? A. Data file errors and corruption can result from any number of causes, including: Q. How often should data files be analyzed? A. A company's financial statements and tax returns, as well as its strategic planning decisions, are based on the underlying financial data within the data file. Therefore, it's imperative that the data file be analyzed regularly. We recommend conducting the analysis at least monthly. Q. Why do I need QDA+ to analyze the data file? A. The process of manually analyzing a data file can be tedious and time-consuming, often taking several hours, depending on the nature and extent of the testing. QDA+ can run all the commonly employed analysis tests and a whole lot more, in a fraction of the time. For average-sized data files, the program typically runs in five to seven minutes. QDA+ produces an editable report consistent with professional standards of reporting. With QDA+ you can be sure that all your analyses will be conducted the same comprehensive way, every time. Q. How does QDA + help increase my profits? A. Currently, manual data file analysis is marked by: 1. Inefficient use of the consultant's time 2. Inefficient and inconsistent methodologies employed to conduct analyses 3. Lack of analytical thoroughness and a lack of standardization of methodologies within the industry--in short, an overall lack of professionalism. Data file analyses are generally conducted for a flat fee. QDA+ provides a quick, efficient, reliable, automated, systematic and comprehensive method of analyzing the data. Only QDA+ offers such a solution. QDA+ makes it easy for consultants to propose and clients to understand corrective work that needs to happen. With QDA+, you document an agreement with your client about how each problem will be addressed: if the problem will be fixed, how will it be fixed, when will it be fixed, and who is responsible for fixing the problem (or for supervising the fix). QDA+ then automatically generates the relevant, customized engagement letters to initiate follow-up services. Q. How do I decide which edition of QDA+ to use--Basic or Pro? A. Basic Edition is the right choice for you if: You only want to provide data file analysis, are satisfied with conducting the standard analysis tests commonly performed, and don't require quality control or professional compliance features . Pro Edition is the right choice for you if you want to: • Perform other services in addition to data file analysis, in an automated fashion. An example is Knowledge Assessment, where you assess your client's staff's knowledge of accounting, computers, and/or QuickBooks, • Manage projects via an Engagement Status Board, or assign multiple staff members to extended engagements based on their different skill levels, • Use staff training tools--primers, and context-sensitive info buttons, • Use professional compliance features--client interviews and extensive data gathering capabilities, or • Document your engagement with your firm's policy statements, client- acceptance documentation, engagement-acceptance documentation, and procedures checklists for extended engagements. |
 |