Maintain > Bookkeeping

There are no IRS rules or federal laws with regards to your bookkeeping methods. You are just required to keep records of all your financial transactions (see the Recordkeeping section).

Many owners purchase QuickBooks with the intent of learning the program and keeping their own books. However, they are so busy running the business they never get around to using QuickBooks and find an entire year has passed and they do not have any financial reports or data for themselves or to file a tax return.

You can keep profit and loss records by hand (written) if you do not want to use QuickBooks or another electronic accounting program. The most important thing is to choose a method that you will actually use.

If you want to keep your books by hand, consult your CPA or a professional bookkeeper, and they can explain how.

If you want to use an electronic bookkeeping program, there are several choices. Do not use Quicken as this program is not set up for a business.

Here are reviews of accounting programs:

Top Ten Reviews

Open Source programs

Enterprise Features article on top cloud accounting programs