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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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manse

New Member

02/07/12 11:27am PST
Viewed by asker 02/07/12 3:43pm PST

Bookkeeping

US QuickBooks Simple Start : 2010

I am trying to start my own business. I want to ask a basic question. Is bookkeeping mandatory by law? I mean that if I do not do the bookkeeping, will I be punished by IRS when they audit my business? Or is bookkeeping just a useful tool to manage and analyze my business so that bookkeeping is recommended?

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1 Reply

Michelle Long CPA

Allstar, Accountant Community AllStar

02/07/12 3:23pm PST

Latest post

The IRS requires you to keep adequate records and you need to file a tax return -- with your income and expenses, etc. So, yes you need to do some bookkeeping for your business.

But, it is also very helpful to have meaningful, timely financial reports ot help you manage your business.

Author of the books 'Successful QuickBooks Consulting' http://amzn.to/lJqmb8 and
'How to Start a Home-Based Bookkeeping Business' http://amzn.to/jNk9Bg
www.LongforSuccess.com - my blog, resources, webinars & more

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