Client Background
A boutique clothing store selling women’s apparel and accessories had disorganized financial records after several years of using QuickBooks incorrectly. The owner struggled with inventory tracking, sales tax reporting, and reconciling accounts. The client hired Development Theory to do a QuickBooks clean-up for clothing stores.
The Challenge
Unreconciled Bank & Credit Card Accounts: Financial transactions were not categorized properly, causing inaccurate financial statements.
Inventory Management Issues: Stock levels in QuickBooks didn’t match actual inventory, leading to over-ordering and lost sales.
Sales Tax Miscalculations: Incorrect tax settings led to over- and underpayment of state sales tax.
Confusing Profit & Loss Reports: Expenses were misclassified, making profitability unclear.
Our Approach
Bank & Credit Card Account Reconciliation: Fixed over 18 months of miscategorized transactions.
Inventory System Reset & Integration: Synced QuickBooks with the store’s point-of-sale system to track stock accurately.
Sales Tax Settings Correction: Ensured proper tax collection and remittance for all state and local jurisdictions.
Expense Categorization & Financial Reporting Fix: Adjusted profit & loss statements for accurate financial insights.
Owner Training & Maintenance Strategy: Provided one-on-one QuickBooks training to prevent future mistakes.
The Solution
Balanced financial accounts, ensuring accurate reports.
Fixed inventory tracking, reducing stock discrepancies.
Corrected sales tax errors, preventing penalties.
Streamlined financial reporting, making business decisions easier.
Results & Impact
Recovered $12,000 in overpaid sales tax due to previous miscalculations.
Inventory discrepancies reduced by 90%, preventing unnecessary orders.
Owner now confidently tracks profitability, improving financial decision-making.
Reduced bookkeeping time by 50%, allowing more focus on running the store.
Client Feedback
"Before, I was guessing at my numbers. Now, I actually understand my business finances and feel in control!"
Development Theory Can Help Business Owners Like You
Are your accounting records a mess? Would you like help getting them straightened out? Our QuickBooks Clean-Up service gets one year of your historic accounting data balancing again. Don't wait until tax season to deal with your books!
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