Chart of Accounts Improvement Project

Phase #1

Discover

Project Management: In this phase, we initiate a thorough project management process, setting up objectives, timelines, and milestones to ensure the successful completion of your Chart of Accounts Improvement Project.

Meetings & Reporting: We schedule regular meetings and reporting sessions throughout the discovery phase to keep all stakeholders informed and aligned, enabling smooth collaboration and timely adjustments as needed.

Communication & Project Management: We establish clear channels of communication and utilize effective project management tools to facilitate efficient coordination between your team and our consultants, ensuring timely responses and seamless execution.

Planning & Reports: During the discovery phase, we gather and analyze essential information about your business, IT environment, and ConnectWise setup. Based on this analysis, we develop detailed planning documents and reports outlining recommended optimization strategies and next steps to improve your Chart of Accounts. · We will also determine any financial reporting requirements needed by the company or 3rd parties for the company (i.e. Service Leadership Index (S-LI) reporting).

Financial Review: Our team will complete a comprehensive financial review of your organization to fully understand all sources of revenue, expenses, assets, liabilities, and other financial information. We will also review of existing chart of account setup, organization, numbering, existing product catalog, expense codes, time entry codes, agreement and project mapping, and general ledger (G/L) setup in ConnectWise PSA and QuickBooks.

Updated COA/Product Catalog: We develop an updated chart of accounts to meet client needs, expectations, regulatory, and/or other proven-industry practices. We will also develop an updated product catalog in ConnectWise PSA that matches item codes within QuickBooks.

Phase #2

Review Recommended Changes  

Mappings: Our team will provide a comprehensive and detailed mapping or translation process for existing transactions, balances, and financial data. We will meticulously review your current General Ledger (G/L) accounts and prepare an accurate transition strategy to the updated G/L accounts. This process ensures that every financial entry is precisely relocated to its equivalent in the new system, preserving data integrity and continuity.

ConnectWise Manage Improvements: We will thoroughly review your existing setup in ConnectWise PSA. Our focus will be on identifying and implementing changes that could impact your agreements and projects with the objective of ensuring seamless mapping to the correct G/L accounts. Our professionals will work closely with your team to optimize the use of ConnectWise, enhancing its capacity to support your financial management needs.

Get Sign-off: A collaborative review will be conducted with the client and all relevant parties to approve the newly designed chart of accounts. We will walk you through every change, ensuring everyone understands and agrees with the proposed modifications. This process guarantees a consensus on the changes and fosters a smooth transition to the new accounting system.

Implementation Kick Off: Once we receive your sign-off, we will finalize any pending changes or adjustments. Our team will collaborate with your stakeholders to iron out any last-minute concerns before the implementation phase begins. This approach is aimed at ensuring the deployment is as smooth and trouble-free as possible.

Internal Policies: We will conduct a thorough review of your internal policies to ensure they align with the new chart of accounts. Our team will provide expert advice on necessary process changes to accommodate the new system. In doing so, we aim to guide your organization in making a seamless transition while optimizing your financial management processes. We will also provide recommendations on best practices to help streamline your operations and ensure compliance with your new chart of accounts.

Phase #3

Execution of Changes  

Update QuickBooks Chart of Accounts: Our team will diligently revise the QuickBooks Chart of Accounts to align with the updated structure. This process will involve categorizing each account accurately and ensuring all necessary accounts are included, providing a more streamlined and efficient financial reporting process.

Update Existing Transaction Data in QuickBooks: We will meticulously examine and update your existing transaction data in QuickBooks to match the revised chart of accounts. This process ensures that all your historical financial data aligns with the new account structure, thereby maintaining the consistency and reliability of your financial records.

Update QuickBooks Item Codes: We will systematically update QuickBooks item codes to ensure they map correctly to the new chart of accounts. This includes reviewing and updating all product and service codes, contributing to a more precise tracking of income and expenses.

Update ConnectWise PSA Product Catalog and Remap G/L Accounts: Our team will revise the product catalog in your ConnectWise PSA, ensuring all product entries align with the updated General Ledger (G/L) accounts. This will allow for a more accurate tracking of product-related transactions and financial data.

Update ConnectWise PSA Agreements and Project Types: We will review and update your ConnectWise PSA agreements and project types to ensure they map correctly to the appropriate G/L accounts. This involves a careful evaluation of each agreement and project type and their corresponding financial transactions, ensuring consistency and accuracy in your financial data.

Update ConnectWise PSA Charge Codes, Expense Codes, and Work Types/Roles: Our team will thoroughly revise your ConnectWise PSA charge codes, expense codes, and work types/roles, and remap them to the proper G/L accounts. This ensures that all your chargeable activities, expenses, and work roles are correctly accounted for in the new system.

Audit Changes: Following these updates, we will conduct a comprehensive audit to ensure all items have been correctly entered, mapped, and transferred. We will rigorously verify that each entry corresponds with the right G/L account, ensuring the integrity of your financial data and the successful transition to the new chart of accounts.

Phase #4

Test & Adjust  

Synchronization Review and Testing: After implementing the necessary changes, our team will conduct a thorough review and testing process to ensure all modifications are properly synchronized between the QuickBooks and ConnectWise PSA platforms. We'll verify that data flows correctly and consistently between the two systems, ensuring that your financial data is accurate and up-to-date across both platforms.

Conduct Final Review with Client: Once we have confirmed the synchronization, we'll conduct a final review with you and all relevant parties. This meeting will allow us to walk you through all the changes that have been implemented, ensuring everyone understands and agrees with the updates. We'll also provide an opportunity for you to raise any concerns or questions about the new setup.

Minor Adjustments Based on Final Review: Following the final review, we'll make any necessary minor adjustments to optimize the alignment between QuickBooks and ConnectWise PSA, based on your feedback and our observations. Our goal is to ensure that the revised systems meet your needs perfectly and facilitate a more efficient and effective financial management process. We'll continue to fine-tune the system until you're fully satisfied with the results.

Phase #5

Train & Mentor

Preparation of Final Report: Upon completion of the project, we will prepare a detailed final report documenting all the changes made, with a special focus on the General Ledger (G/L) transaction mapping. This report will provide a thorough record of the transformation process, encapsulating the steps taken and the resulting changes. It will serve as a useful guide for understanding the new alignment of transactions within the revised chart of accounts.

Data Backup and Recording: Our commitment to ensuring data integrity and accessibility is paramount. Therefore, we will systematically record and provide backup data related to all the changes implemented. This includes, but is not limited to, transaction records, new G/L mappings, account changes, and more. This safeguards your valuable data and provides a reliable reference point for any future needs or queries.

Process and Policy Review: Changes in financial structures often necessitate revisions in related processes and policies. We will carefully review your existing processes and policies that may have been impacted by the modifications to your accounting system. Based on our findings, we will propose process improvements designed to streamline your operations, enhance efficiency, and maximize the benefits of the changes implemented. Our recommendations will be geared towards ensuring your business continues to operate smoothly and effectively under the new financial system, enhancing your ability to make informed financial decisions.