Accounting Articles > Record Keeping / Bookkeeping:

Should I try to do my own income statement and balance sheet?

Unless you are a degreed accountant with many years of taxation experience, the answer is no. Just because you can write a check and make a deposit in a general ledger program, doesn't mean that you can do your books accurately. As a matter of fact, it generally just makes you dangerous.

Let's set up a common scenario.

First, you input what you think is correct into a general ledger program. You honestly think that it is correct, but how do you know? You don't. You find some accountant to do your income tax return. Without doing much or any due diligence, the bad excuse for an accountant does the income tax return, after you sign a waiver releasing the accountant of all responsibility.

If that return gets audited, are you confident that you won't have a problem?

You probably will. Whose responsibility and problem will it be? Just because the accountant signed your return, doesn't mean that he will have any responsibility at all. You signed a waiver that protects his license. Your on the hook. Even if you didn't sign a waiver, your still on the hook. These returns weren't audited. They are based upon compilations. Are you willing to bet your future on your own accounting skills?

Send your books out to a qualified, experienced professional. Contact us today. The main job of an accountant is to protect you and your family. The Standard Accounting Packages section of this website may have what you need. If you have an audit, unfiled returns, need a second opinion or a payment plan, we can help. As highly recommended CPA's and Enrolled Agents practicing in Chicago, we have the experience to help you and your company. Call or e-mail Accounting Solutions today.