QuickBooks files deleted by your CPA?
As the owner of a company, your worst fear is that someone you’ve hired to do the accounting will make a big mistake. At GYL, we’ve heard horror stories that include computer errors that result in the company’s QuickBooks files deleted in their entirety.
If you can’t recover the records, your whole business can be thrown into disarray. Not only will you be missing business files, like client account information and receivables, but important tax records that may put you at risk of being out of compliance with financial regulations.
This scenario is a nightmare, particularly if you have no backup. If you’ve been backing up to the cloud, a hard drive, or external server, you can recover the information up to a certain time and date. However, the success of the recovery is dependent on whether or not the accountant has been properly entering and backing up your important financial data on a regular basis.
A sign of other mistakes to come
Huge errors like QuickBooks files being deleted are obvious red flags, but there are other smaller mistakes that can alert you to a problem. Sometimes, when an employee gets overwhelmed, they are reluctant to ask for help out of concern for their job. As the business owner, you need to be able to spot the signs of a bad CPA before he or she does irreparable harm to the finances.
Some potential mistakes to look for are input errors, such as typos and transposing numbers. Even a small typo can have an enormous effect when preparing a tax filing or other financial statement. And, as stated in the example above, backing up the accounting system to a safe, off-site location on a daily basis is critical.
What you should do
If you discover that your accountant is not competent, don’t hesitate to fire your CPA. Finances are too integral to the success of your business to allow for careless errors. The next step is to find an accountant that knows your industry — someone who is able to get your books in order and repair any damage that’s been done. The CPA’s at GYL that specialize in car dealerships are highly knowledgeable about this type of business.
The best investment you’ll ever make in your company is to hire a specialized CPA. We have CPA’s who are trained in working within many different industries, like manufacturing businesses, construction companies, and non-profits.
We hold our accountants to the highest standard, and so should you. Call our offices to set up a consultation today and learn about all the ways we can help you set your business on course for a profitable future.