I/S Comparison and B/S Comparison
VERIFYiQ saves you time because its algorithm catches up to 80% of the most common accounting errors. One of the ways to catch more client-specific errors is to view the month over month comparisons and look for any large variances.
What test does VERIFYiQ run?
VERIFYiQ pull data from your accounting program and shows you Income Statements and Balance Sheets by month. This allows you, the Accounting and Bookkeeping Professional, to view changes in accounts month over month. Any larger variances should catch your attention.
Instead of having to jump back to your accounting program to run the Comparatives, VERIFYiQ allows you to perform an entire file review all in one place.
In the future
The vision is to enable VERIFYiQ to read and understand comparative data through trend analysis. Eventually, it will be able to understand what is "large variance" and alert you to these areas of risk. Stay tuned!
As usual, if you have any questions or feedback, please reach out via in-app chat!