Updated July 24, 2015
Accounting Setup Chicago Illinois
Accounting For Services
How do you setup accounting?
The first thing you need to ask yourself is what do you actually want your accounting system to do for you. Reasonable expectations are the most important issue at this step of the game. Every system is a little bit different. Most customers are interested in keeping track of their sales, accounts receivable, and bank balances. Some will also want to try to keep track accounts payable, and their expenses.
The biggest mistake we normally see are inexperienced customers trying to do too much with their accounting system. No program will turn you into an experienced bookkeeper or accountant than can properly protect you and your family from the various problems that can occur from owning a business. Don’t try to do too much. Thinking that you are a taxation professional who can prepare an auditable income tax return, is probably beyond your abilities.
Certainly you are going to have to determine whether you are a cash or accrual basis tax payer. On the accrual basis you would keep track of your accounts receivable and payables, which are the basis for your sales and expenses. A cash basis accounting system works more like a check book. Its only income when you make a deposit and only an expense when you pay a bill.
If you are having problems with your Accounting Setup Chicago Illinois or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals