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The Lie of "Do-It-Yourself" Accounting Software

Are you self employed or are you consideringJust think how much money I'll save you, and
it? Do you handle the bookkeeping byhow easy I’ll make things.”Be
yourself? Are you seriously consideringcareful about falling for the
buying accounting software? Before you tackle“do-it-yourself” seduction. That
the challenges of bookkeeping, ask yourselfwell-known package doesn’t tell you
the following questions:"What type ofseveral important things:1. Which version?
business  do  I  have?"Software packages may list version
differences on the back of the box, but you
"If somebody approached me with a similiarmay not clearly understand what these
business as mine, would I be willing to dodifferences mean, or more importantly, their
their  bookkeeping?"ramifications for your unique business.2.
Getting it right? There no internally
If the answer is, "No, I'm not willing to doestablished system for double checking your
their  bookkeeping,"  then  askentries, so you have no way to be certain you
are doing them right. Even if you get the
"Why not?"Here's my first bet: you don'tentries mostly right, ask yourself: is mostly
want to do bookkeeping for another company,right good enough for my business? Is mostly
even if it is the same type as yourright the most profitable course of action?
own.Here's my second bet: the reason youIs mostly right an acceptable defense in an
don't want to do bookkeeping for anotherIRS audit?3. Substantial set-up. That box
business is because you know you aredoes not clearly state that there is
inadequately trained for the job. What if youpotentially a substantial amount of
made mistakes? How does this sound: incorrectsetting-up that remains after the initial
income taxes, incorrect sales taxes, andset-up "interview," and that this process
incorrect employment taxes? Don't forget theinvolves unfamiliar terminology that
potential for penalties and interest on thoseisn’t clearly explained. This is
incorrect taxes, and the time involved toespecially true for product-based
file amended tax returns. And how about thecompanies.4. No tech-support. Most readily
pure embarrassment of going through all that?available packages are packed with terrific
You shudder at the thought of it.And yet thisfeatures at an incredible price, but
is exactly your position if you are notsomething important may be missing: technical
trained thoroughly in accounting principles,support. Be sure to factor this into your
yet do your own bookkeeping.Ask thisdecision before buying.5. Still need an
question: "If I don’t feel comfortableaccountant. The software box does not tell
doing bookkeeping for someone else, why am Iyou that you still need an accountant. Far
doing my own?" How wise would you consider atoo many people, to their business’s
business owner who found a plumber (or adetriment, make the assumption that having
lawyer, or a retailer, or whatever you are)accounting software eliminates or greatly
to take care of the books to save some money?reduces the need for an accountant.Ask
How well would that business do? How longyourself one final question: "Which does my
would it last?You've seen it, that popularbusiness deserve: a plumber (or lawyer, or
accounting package in the membershipretailer, or whatever you are) taking care
warehouse store. Can you hear it, sittingof the books, or a competent and caring
patiently on the shelf? It whispers,bookkeeper?" The health and future of your
“You need me. You don’t need tobusiness may depend upon your answer.
know anything about accounting to use me.



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