I'm not a big fan of business owners doing their books. The obvious reason is that they don't know what they are doing. Having an MBA or a business degree does NOT make you an accountant. 

That being said, I do talk a lot about the "magic wand", or lack thereof for small businesses. If you don't have any income and have limited expenses, it is hard to argue the case to invest in a professional bookkeeper. However, that being said, you still should invest in a professional accountant to setup your QuickBooks software – YES, you must use QuickBooks if you do your own books! 

 

The biggest issue with the "Do-It-Yourselfers" is that you don't start with right architecture and don't have the right training. This small $500 upfront investment will save you thousands down the road. 

If you don't want to make an investment in having a professional set you up and train you, I can say this…hope the IRS doesn't pick you.

Bottomline, if you are going to be a legitimate business, you have to have good financial records to make business decisions. If you know how to do your own accounting (i.e. you are a professionally trained accountant), that is fine for a little bit in the beginning, but beyond that it isn’t a smart business decision to allocate time that could be used to build your business on tasks that are designed to maintain your business. Build it into the cost of running your business and then decide (if you can’t afford a professional accountant) if the business is really worth it.