The why and how of using QuickBooks’ audit trail for Practice Owners
QuickBooks Tips: How the Audit Log Keeps You in Control of Your Practice
When you rely on others to manage your finances, how can you be sure they’re doing what they’re supposed to? QuickBooks Online’s audit log is an often overlooked tool that helps you stay on top of your finances, ensuring that your bookkeeper, accountant, or team is staying on track. It gives you transparency and control, helping your practice run smoothly. Here’s how it works and why it’s essential for practice owners like you.
Understanding the QuickBooks Online (QBO) Audit Log
The QBO audit log tracks all activity in your account, including login times and specific changes to transactions. Whether you have an accountant, bookkeeper, or team members accessing your books, the audit log ensures you know exactly what’s going on with your account.
Key purposes of the audit log
Purpose #1: Ensure someone is just reviewing, not editing
When you’re looking to hire a new accountant or bookkeeper, they sometimes will ask you for Accountant Access. This is especially important when they’re preparing a proposal or doing a diagnostics review. The audit log helps you verify that they only logged in and out and did not make any changes.
Purpose #2: Monitor Your Team’s Activity
If you feel like things aren’t running as smoothly or your team isn’t hitting their deadlines, the audit log provides clarity. By checking login times, you can see if they’re keeping up with their tasks. If someone hasn’t logged in recently, you can address it early to avoid further issues.
Purpose #3: Trace Changes in Transactions
When you notice discrepancies in your books, the audit log helps you trace the origin of the issue. You can see who made the change, what was changed, and when, helping you resolve issues faster and keep your records accurate.
The audit log is a powerful tool for ensuring transparency, accountability, and security in your QuickBooks Online account. By using it regularly, you can track activity, trace transaction changes, and stay in control of your finances. Set clear expectations with your accountant or bookkeeper, and don't hesitate to reach out if you need help making the most of QuickBooks Online for your practice!
Pro Tip: Regularly Review the Audit Log
Don’t just check the audit log once. Make it a regular habit to review it for unauthorized access or changes. It’s also a good idea to remove access from anyone who no longer needs it to maintain security.