Updated July 28, 2015
Should I Do My Own Financial Statement Chicago Illinois
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?
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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.