Tuesday, December 11, 2007
The Accounting software wreck solution
Is Quickbooks and other accounting software packages a lie ?
Did you purchase Quickbooks with the the expectation that when you had finished entering your data you would have useful financial reports? Now, tell me if you do not have useful, accurate financial reports is that because you were misled? Of course you were as were many others.
Now if your free bookkeeping software did not cost you a penny where you any less misled? No!
Make no mistake, that makes me just as guilty as those who sold you software that would not get you the end result you were expecting.
So that's why I am going to give you the reason why your accounting software is probably producing a flawed product that has no use.
Accounting Software Error #1
Are all deposits the same? Not at all. Some deposits are liabilities and equity others are income. If you do not classify these deposits correctly your Income Statement will be wrong and useless.
Accounting Software Error #2
Are all checks the same? Not at all. Some checks are not an expense but rather a reduction of a debt . If you are paying down loans and classifying it like any other expense your income statement will be wrong.
Who should fix these errors?
You probably would not do your own brain surgery or plumbing. These are jobs we all understand are better off left to a an experienced professional. Your accounting is not any different. So I strongly recommend that you call me at (866) 559-6434 or visit my website at http://www.cpabookkeepers.com/