Financial Database

The central component of our platform is the bookkeeping system that records, accumulates and meaningfully organizes all of your financial transactions.  Quickbooks Enterprise Solutions (QES) is our software of choice for handling your accounting.  QES provides unprecedented flexibility in financial reporting and has the database capabilities required to proactively manage your accounting with the level of detail that we demand.

When it comes to detail we are very demanding.  Your financial activity is entered into Quickbooks transaction-by-transaction.  Most Business Managers record financial transactions, including credit card charges, as a summary entry or on a net basis.  This shortcut approach robs the database of key information in connection with a transaction and ultimately hinders proactive planning.  We reject this shortcut approach in favor of a detail-rich model for managing your accounting. 

Let’s contrast the transaction approach with the summary method by way of a simple, familiar example. Your credit card statement for the current month may show 223 distinct charges.   On that statement 40 of the charges are incurred at restaurants.  With the summary approach the bookkeeper adds up those 40 charges and enters the total as a single line item coded to the category dining out.  Your statement of income and expense for the month might show that you incurred $1,978 on meals.  You may look at the total in horror and ask: How can I have possibly spent that much eating out in one month?   With the summary approach you’ve reached a dead end.  There is no further data into which to drill down.  The bookkeeper can only address your query by digging out the credit card statement and manually generating a spreadsheet that lists all of the restaurant charges.

With our approach each and every one of those 40 restaurant charges is entered into QuickBooks as a stand-alone transaction.  When you ask for the detail in the dining out category you get a transcript of the activity without delay.  A double-click of the total dining out reveals 40 line items, each with the name of the restaurant, the date of the transaction and the amount charged.  Under the transaction-by-transaction approach one bit of information (the total amount in the dining out category) is exploded into 120 bits of information (40 restaurants, 40 amounts and 40 dates) all of which are memorialized in the general ledger.

In reality the amount of money that you spend at various cafes and diners is not likely to be a hot-button issue.  But when it comes to substantive matters detailed reporting is not only beneficial but may be critical.  You may, for example, bear the responsibility for caring for a family member, perhaps an elderly parent.  In that role you could have an accompanying fiduciary responsibility to account for the ongoing health care costs to other family members who have a vested interest in the parent’s estate.  Tracking this information in detail will guarantee that the family is kept fully informed of the parent’s finances and minimize the possibility of disputes regarding the use of funds.