All are welcome to post your Accounting questions here.
Welcome to post your Accounting questions here.
Hi MarekThat is certainly one way to reocrd your incoming and outgoing funds. However, with the Accounting software packages being as cheap as they are (you can get a basic bookkeeping package from Quickbooks for $70), it is certainly much easier to keep track of all your expenses and income. At year end, you simply print out yoru Profit and Loss statement which is ready to use in your tax return.With a bit of training, you can do your own bookkeeping if that is what you choose to do. However, as I stated in a previous article, most business owners are so busy looking after their clients that they have no time for their bookkeeping. That is when a good bookkeeping comes into play.