QuickBook Discussion

"Setting Up a New Company in QuickBooks "  Please respond to the following:

Over the last few weeks, you have worked with a company already created for you in QuickBooks. 

Now, it’s your turn. Analyze two (2) primary challenges when setting up a new company in QuickBooks that could affect an accountant’s ability to properly record, process, and classify accounting data. Next, detail two (2) ways you would address those challenges. Justify your response.

Suggest one (1) challenge when designing a new chart of accounts in QuickBooks if the person has limited accounting knowledge, and then propose a solution for overcoming that challenge. Next, determine the likely consequences to a company if the challenge you identified was left unaddressed. Provide support for your response.