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Tracking Expense and Profits?

by Aaron Elliott
8 replies
Is there a program or a way where by you can effectively track all expense and profits?

I am using excel sheets for each website, but this is a long process each month updating them all. I also find it hard because I outsource a lot of tasks which cover various websites, such as link building split between various sites.

So if anyone could share a great way or program to track everything that would be fantastic!
#expense #profits #tracking
  • Profile picture of the author Aaron Elliott
    I have started using xeno, anyone had experience?
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    • Profile picture of the author TBInternetMarketing
      I just use a simple spreadsheet. I don't think you really need anything more complex than that. Have an expenses tab and an income tab and break each column into a month.
      Works well for me.
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      • Profile picture of the author celente
        Originally Posted by TBInternetMarketing View Post

        I just use a simple spreadsheet. I don't think you really need anything more complex than that. Have an expenses tab and an income tab and break each column into a month.
        Works well for me.
        i agree with you.

        Start small, and pick 4 different niches, and track and upscale stuff that is working.

        This is how I took my business to over $500 / day.

        Its not hard, and you will probably FAIL HARD at the start. But remember failure is most peoples middle name.

        Thomas edison, did not invent the light bulb day 1, he failed over 900 times, before he NAILED it. That is what most people will never understand....behind a genius is a FAILURES< but a willingness to never ever give up.
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        Create a $5000 USD a month Business. 1-on-1 Coaching. By 6 figure marketer! - CLICK HERE
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  • Profile picture of the author Aaron Elliott
    I was planning on tracking profit/loss from each website but I think this is a nightmare to manage! Its true I can track everything with excel but a web based program like xero is by the easiest way to go, add all your paypal,banks ect and see whats due in, unpaid ect. Im in Australia so my options are limited, xero is $60 per month but if you are in the u.s it seems there are few VERY GOOD free types, examples Mint.com and wave.com. Mint.com looks very neat, not sure why its free possible ads?
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  • Profile picture of the author harryvent
    I also used a spreadsheet for tracking expenses, but it's difficult to manage and keep records of all expenses. Another option is available that is cloud based software assists to tracking expense like Apptivo expense management, storing all receipt, add many categories for expenses, keep track and record of each and every expense with this software. I use this software in past 2 years, very cost effective and easy to maintain.
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  • Profile picture of the author Oziboomer
    Originally Posted by Aaron Elliott View Post

    Is there a program or a way where by you can effectively track all expense and profits?

    So if anyone could share a great way or program to track everything that would be fantastic!
    Personally I use MYOB but you could consider Xero or Reckon also.

    Within MYOB you can set up all your bank feeds so it imports all the revenue.

    You can set up jobs for each site you want to track so you can assign various revenue and expenses to each "job"

    You can create rules for each of the transactions so all you do is check that the transaction matches a pre-set rule and you approve it.

    Xero can do the same but as I've always used older versions of MYOB the cloud version hooked up with feeds and other live components makes tracking and managing multiple operations easy.

    Got a bit of set up time but nothing too big to handle and a couple of weeks to set up all bank feeds.

    If you already have a set of accounts you can import pretty easily and if you don't get a list of accounts from your accountant and get them to go through the set up with you.

    Best thing apart from having immediate data to work on is that you can assign various people to work on the file in the cloud so you are always up to date and compliance from a tax point of view is easy...plus multiple currencies if you need it.

    Best regards,

    Ozi
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  • Profile picture of the author agmccall
    Sorry, did not see that this was from 2011 we can stop posting now

    al
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    "Opportunity is missed by most people because it is dressed in overalls and looks like work." Thomas Edison

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  • Profile picture of the author Sarythsaya
    I like the software "Free Agent"". Pretty cheap and good software.
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