Updated July 28, 2015
Basic Accounting Procedures Chicago Illinois
Where do we begin? Capture the evidence. Create a fair accounting of the entity in question. Prepare a tax return inside existing tax law. Document everything.
That’s about a simple as it gets. Of course I am over simplifying a ridiculously complicated process.
Frankly, there’s only one thing that I need clients to do, and that’s to capture the evidence:
- Keep your receipts.
- Keep your invoices.
- Make sure that you have original documentation. If it looks, acts, or even smells like accounting, keep it in its original form.
- Don’t scan it into a computer. Electronic records are by definition tainted, and therefore are not evidence in the event of an audit.
- Bank statements, copies of canceled checks, payroll registers, everything should be kept together.
If your return gets examined in an audit, the auditor will want to see the original evidence.
If you are having problems with your Basic Accounting Procedures 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
Chris@AccountingSolutionsltd.com
Additional Accounting Articles and information on my firm can be found at
www.AccountingSolutionsLtd.com
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.