Here's the setup. You're the new bookkeeper. The client has hired you because they didn't like the service they were getting from the last team. They point to the page-fuls of adjusting entries delivered by the auditor, proving that the bookkeeping was a mess. Now you're sitting in a handover meeting with your predecessors, walking through the file. As far as they're concerned, they completed the processing on time and reconciled the bank every month, no problem. They're clearly embarrassed... and confused. How could there be so many problems? Let's explore this real-life case study.

Our (anonymized) example is from the nonprofit world, where annual audits are common, but the principles also apply to commercial business, where you may not have a CPA evaluating the financial statements at year-end. We'll consider the kinds of problems that can arise from rote bookkeeping done without an understanding of financial statements. We'll explore methods of reconciling and verifying your own work, and consider checklists to help you ensure reliable and accurate results. Heather will make the case that strong comprehension of financial statements is a bridge from bookkeeping to advisory services. This session is intended for learners seeking to strengthen their accounting skills, and also for practitioners thinking about adding advisory services.

Learning Objectives:

• Improve comprehension of the balance sheet.
• Explore four approaches to account reconciliation.
• Learn how to develop efficient periodic routines (monthly, quarterly, annual) to self-check your work.
• Consider what type of advice might be contained in advisory services and how you can build on your technical accounting skills to deliver sound (and profitable) financial management support to your clients.