Do your own book keeping until you have to file taxes?

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I am finally opening my own little restaurant. I wanted to know everyone’s take in hiring an accountant. My POS system composes financials in QuickBooks. Do I really need to go ahead and hire an accountant for all book keeping and tax filing needs or should I save money by doing my own book keeping until tax time when I definitely need someone to help file? What are your thoughts? Thanks.
 

VirtualGlobalPhone

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SergeantTOPChef , You have all the necessary things built in the QuickBooks, just give access to your auditor for him/her to check and file the returns. The important thing is proper data need to be fed and maintained properly (even the offline one if any to the system)
 
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Personally, I would go with Quickbooks and pass on that information to an accountant at tax time.
I agree with djbaxter . In fact, most accountants would appreciate it if they didn't have to do basic bookkeeping. An accountant can do bookkeeping but it'll be like hiring a surgeon to treat the common cold. Quickbooks is enough for bookkeeping. If you really want a person on it, hire a bookkeeper. Hire an accountant for your taxes AND for your yearly financial statements (cash flow, balance sheet, equity, etc). You'll need these documents :
  • for tax purposes,
  • when you want to borrow money for your business
  • when you want people to invest in your business
  • when you want to sell your business
  • when you're planning to purchase a large asset for your business.
 

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