Why You Shouldn’t DIY Bookkeeping And Tax Preparation
Business owners often get caught up in employee management, product development, marketing, etc. This means that they have very little time for bookkeeping and tax preparation, and when the time comes, they end up doing a shoddy job with their accounts. If you fail to keep the system current or are inaccurate with data entry and calculations, it will cost you quite a bit of money in the long run. Burke Financial Services, LLC does not want you to face any liabilities due to bad bookkeeping, and this is why I have put together a few points that emphasize why you shouldn’t DIY your bookkeeping and tax preparation.
Are you well-versed in the Tax Office’s business compliance requirements? Have you got your ducks in a row for the next important tax deadline? Accurate bookkeeping and tax preparation are hard, and Tax Office requirements can change at any time without prior notice. It’s all too easy to pay too much or too little tax, miscalculate your figures, or inadvertently leave out important information.
Costly penalties and interest
Companies sometimes commit fraud in their financial statements, misrepresenting the company’s financial health to impress investors or hide taxable income. However, even an ethical business can screw up its reports. Miscalculating your obligations can end up hitting you in the pocket hard. Exaggerated profits can lead to higher taxes, while underestimated profits make your company look less valuable.
Do things right - Hire a professional
Whatever the reason was that you started your business, chances are you wanted to spend more of your time and energy doing things that you’re good at. By trying to take on everything, you not only tire yourself out and lose motivation, but you can easily stall the progress and growth of your business. If you attempt to DIY your bookkeeping and make even a simple mistake, you may have to file an amended return or have a professional spend hours correcting your books and taxes.
As a CPA, I have years of experience and am required to stay current on the ever-changing laws and standards. As a professional, I will get your books right the first time and maximize your allowable refund. The rates to hire a professional may vary but are typically based on time and the number of transactions. An experienced professional should be willing to provide a firm fixed-rate estimate with no add-on fees or surprises.
If you are looking for certified public accountants in Hanover Park, IL, reach out to me at Burke Financial Services, LLC. I am Richard Burke, a CPA, a Chartered Global Managerial Accountant (CGMA), a Certified M&A Advisor (CM&AA) and I also hold an MBA in finance as well. I have thirty years of experience in professional accounting and financial management roles in several industries.
I offer tax services, bookkeeping and accounting, payroll, and business advisory services to clients across Hanover Park, Bartlett, Bloomingdale, Carol Stream, Hoffman Estates, Roselle, Schaumburg, South Elgin, Streamwood, Wayne, West Chicago, Elgin, St. Charles, Addison, Elk Grove Village, Glen Ellyn, Glendale Heights, Itasca, Rolling Meadows, Wheaton, and the surrounding areas. To learn more about the services I offer, please click here. To get in touch with me, please click here.