Top CPA & Accountant Thomas McAlister Exposes Dangers Of DIY Business Accounting – Denver, CO

Leading CPA and business accountant Thomas McAlister, founder of Thomas J. McAlister P.C in Denver, CO, outlines the issues with doing business accounting yourself. For more information please visit http://thomasjmcalister.com

Denver, CO, United States – December 8, 2021 /MM-REB/ —

In a recent interview leading CPA Thomas McAlister, founder of Thomas J. McAlister P.C in Denver, CO exposed the dangers of DIY business accounting.

For more information please visit http://thomasjmcalister.com

When asked for a comment, he said, “In the DIY world we live in today, it seems that everyone wants to do everything themselves from home décor to skincare products. The DIY spirit has even extended to accounting, particularly among small business owners. Unfortunately, accounting isn’t the same thing as decorating a house and is best left to the professionals.”

Failing to stay on top of bookkeeping is one major pitfall of DIY accounting.

When asked to elaborate, McAlister commented, “Keeping the books in order is crucial for any type of business. However, when small businesses try to do this themselves, they often fall behind, which can have serious consequences.”

“Because bookkeeping is the practice of keeping track of financial transactions such as purchases, sales, payments, and receipts, not having an organized system often results in profit loss, problems with suppliers if invoices are unpaid, and difficulty when tax season rolls around.”

Following from this, DIY accounting often leads to putting accounting tasks on the backburner.

“When it comes to small business owners who are not well versed in accounting, many put accounting down on the list of things to do. This quickly becomes problematic when it comes to meeting tax deadlines. Inadequate planning in meeting these deadlines can lead to mistakes and missed deadlines, both of which come with hefty IRS fines,” he said.

Contrary to popular belief, keeping all accounting tasks in-house is not cost-effective, according to McAlister.

“Many small business owners think that they can save money by not outsourcing their accounting needs to a professional accountant. However, this could – and often does – end up costing them in the long term.”

“In addition to missing IRS deadlines or losing out on profits due to sloppy bookkeeping, small business owners could be wasting their time trying to catch up with their accounting needs or fixing their mathematical errors. This time and effort could be put to better use on more important matters such as expanding the scope of the business,” McAlister said.

According to McAlister, small business owners should instead consult with a seasoned accountant or CPA who can put the best accounting practices to use for the particular needs of that business.

Contact Info:
Name: Thomas Mcalister
Email: Send Email
Organization: Thomas J Mcalister P.C.
Address: 4704 N Harlan St #675, Denver, CO 80212
Phone: 303-279-1450
Website: http://thomasjmcalister.com

Source: MM-REB

Release ID: 89054231