VERIFYiQ saves you time because its algorithm catches up to 90% of the most common accounting errors.
What are the indicators and what do they mean?
VERIFYiQ gives you a Checkmark when its algorithm detects no errors. However, this doesn’t mean that it’s 100% correct. VERIFYiQ’s algorithm catches up to 90% of the most common errors, so there may be errors that, at this point, only human Accounting and Bookkeeping Professionals could catch. These errors are most likely client-specific and cannot be easily built into an algorithm.
Therefore, VERIFYiQ recommends that you use the Checklist feature to manually review any client-specific items, such as “Ensure intercompany balances agree to Company XYZ”.
Warnings indicate potential errors that require your attention. VERIFYiQ doesn’t believe they are necessarily wrong, but rather, these transactions need your attention. For example, a $3,000 expense recorded in Office Supplies may be correct, but it also may be an item that should have been capitalized. VERIFYiQ identifies these opportunities for Professional Accountants and Bookkeepers to apply judgement and conclude whether these transactions are correct.
Incorrect (i.e. error) signs indicate errors that VERFIYiQ has identified with a fairly high level of certainty. These errors require an Accountant’s or Bookkeeper’s action to remedy. For example, VERIFYiQ is fairly certain that an unreconciled transaction that is more than 30 days old is incorrect, marking is as incorrect. In response, the Accountant or Bookkeeper should go back into the accounting records and delete/modify the transaction and re-perform the reconciliation.
As usual, if you have any questions or feedback, please reach out via in-app chat!