What's your accounting solution?

21 replies
How do you manage and record the cash flow in your online ventures
Quickbooks? Other online resource?
#accounting #solution
  • Profile picture of the author DeskCoder
    BUMP ... I had the same question, especially since I will be starting an LLC or Corporation soon.
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    Developer by day ... need any development work done (I specialize in .Net and Web Development), send me a PM.

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  • Profile picture of the author Tim_Carter
    I just use a spreadsheet I created.

    It is so simple I don'y need accounting software. I used Quickbooks for my previous stick and brick so I know how to use it but it is overkill for this.

    Sales and a handfull of expenses.
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  • Profile picture of the author Joseph Robinson
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    I also use a spreadsheet and a pen+paper. I don't have anything overly complicated to deal with at the moment.
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    • Profile picture of the author Social Media Ava
      I, too, am getting to ready to start an LLC. I prematurely selected my accounting service. What? I'm being proactive. :-) Anyway, I began researching and came across a nice little startup outta Toronto. Free Online Accounting Software for Small Business - Wave Accounting

      Once things get serious, I'll hire an accountant, but for now, I can keep track of everything using this great service. The best part? It's FREE.
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  • Profile picture of the author aiza77
    Hey there

    I actually wrote a post about this on my personal blog which highlighted the criteria for my recommendation. Since I am pretty new here, I cannot place the link to my post in the body of this text. BUT I have condensed it as much as possible for you. I feel that it will help you decide on your best option. I recommend a FREE system called OUTRIGHT.

    Below is a list of the most important requirements (imo)

    1. Web-Based

    ease & convenience of bookkeeping from any internet connection. You are not limited to ONE physical computer, specially if you are on vacation or on the road. Super easy for 3rd parties, accountants or employees can easily log in and do any necessary work in a safe manner.

    2. Paypal Integration

    Since the majority of internet or affiliate marketers work with paypal, it is crucial to have a bookkeeping system that automatically integrates with Paypal.

    3. Simplicity in Pinpointing the "Bottom Line" at a Glance

    If you are working with excel, it's very difficult to know exactly where you stand at the current moment without having to decipher, tally and calculate. With a web-based system you can easily know EXACTLY where you are at any given time.

    4. Schedule C Integration

    It's best to have a system that automatically updates income and expenses for the schedule C as this will certainly simplifies things.

    5. Tax Estimates

    Depending on your situation, it is very helpful to have an idea of what you owe by way of taxes. This is very powerful as it allows you to coordinate and plan your money accordingly.

    6. Multiple Account Integration

    Depending on your situation, the ability to integrate a bank account or a credit card offers tremendous ease and flexibility at the mere push of a button as opposed to manually inputting transactions.

    7. Instantaneous and Intuitive Reporting Capabilities

    Knowing what you have invested on hosting, domain names, or other software at any given time for the year, month or week at the push of a button is worth more than gold. You can also see line graphs and pie charts to reflect your money.

    8. Multiple Transaction Allowance

    Paypal integration is an obvious MUST, but you also need to be able to account for checks, direct deposits, or cash. The ability to manually enter transactions is crucial as often times you may be operating out of more than one account.


    9. Must be Easy Enough for a Monkey To Use

    Our preference is to make money, and this means that the less time we putz around with bookkeeping and taxes the more time we will have for our online businesses.

    10. Security

    When dealing with web-based systems it is crucial to know that all information is safe, while providing the ability to download and upload receipts, bills, etc.

    11. Iphone or SmartPhone Receipt Integration

    The days of losing receipts are long gone! Imagine paying for the po box rental or buying stamps and taking a picture of the receipt right then and there. The receipt is then verified, and a digital copy/scan is placed into your file and updated into your Schedule C!

    12. Fabulous Customer Support

    Having a helpful customer service department is truly important, this way you can always call and get top quality guidance and assesment.

    13. Price Point- Best of all this is FREE!

    This beauty is FREE forever, unless you choose to upgrade for the monthly plan at $9.95 per month. If you choose to pay for the monthly service you will be able to deduct this from your taxes as an expense.

    Track your expenses, schedule C bottomline, taxes, mileage if you are driving to conventions or tradeshows, integrate all of your accounts, give your accountant online access and VOILA!

    Helpful Tips

    2012 mileage rate (.555 per mile) if you are traveling to shows, conventions or trainings

    Depreciation usually only applies to things with a resale value. Like computers office equipment, stock, vehicles, etc. Usually the per annum rate for depreciation is 20%, this is the reason why these things usually have no value after 5 years.

    Training- Ebooks and courses, WSO's

    Software- plugins and templates

    Category-create a special category and name it something like "Ask"/"See Accountant", whenever you come across something that you are not sure about you can ask your tax adviser for instruction and clarification.

    The system that offers everything as outlined above is called OUTRIGHT. I highly encourage you to use it, the ease and simplicity will make the tax burden a breeze. Whether you have an accountant who can use the organized info to compile your taxes or you choose to pay the monthly subscription rate for a complete tax solution, OUTRIGHT is the way to go.


    I do apologize for the length of this, but my inability to just post my article link is the reason why I have copied and pasted the system.
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  • I've been looking around, it looks like a lot of freelancers recommend freshbooks, I'm thinking I'm going to check out the free trial.
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  • Profile picture of the author Gama Seva
    I use 2 shoe boxes one for expenses and the other one is income
    at the end each month my wife load them in a spread sheet line
    by line.

    Simple. but if you wanna be fancy then get a quickbook or simply hire
    an accountant.

    Gama
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  • Profile picture of the author thatjc
    I use QuickBooks Pro and an online connection to my bank accounts. Works for me and for my CPA. Has for years.
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  • Profile picture of the author bchez
    I use Outright.com and import Freshbooks for contracting work. Freshbooks alone isn't really for accounting. Outright is free for the basic plan, and has some paid plans as well.

    There are plenty of links online discussing the pluses and minuses of the commonly used web based software packages.

    Xero vs Wave Accounting vs Outright vs FreeAgent vs Kashoo – Emre Akkas | Localization & Entrepreneurship
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  • Profile picture of the author BIG Mike
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  • Profile picture of the author Michael Mayhew
    I use YNAB. You Need A Budget. Simple to use. Not pricey.
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  • Profile picture of the author funkynassau
    I use a spreadsheet, it works for our two small businesses and I'll use it when we launch our third biz this month.
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  • Profile picture of the author Green Moon
    I just started using Wave. It seems pretty flexible and complete but I haven't really compared it to the other accounting packages listed in this thread. Outright sounds interesting and I may look into it before I spend too much time getting tied into Wave.
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  • Profile picture of the author Jeff Hollyhand
    I use a 3-ring-binder for my Bookkeeping.
    I know it is an old-school method but it is simple and works good for me.

    Business Expenses
    At the beginning of the year I get a 1 inch 3-ring-binder and put a 10 tab divider in it.
    I label each section:
    1. Domains
    2. Advertising
    3. Communications (Hosting, Aweber, Internet Fax, etc)
    4. Office Supplies
    5. Continuing Education (IM Courses)
    and so on…

    At the front of each section I have a regular piece of loose leaf paper.
    I use the piece of paper (in each section) like a checkbook register, adding up each expense as I go along, and insert the receipts (often a printed email receipt) into the binder behind the paper.

    For small purchases, like Fiverr, I use one certain credit card and just use the whole credit card bill as one expense and put it in the binder.

    At the end of the year, I just write down the 10 category totals (for expenses) and take them to my accountant with my 1099s (amazon, google, clickbank, etc.) and my Annual PayPal Financial Summary which has the fees and refunds listed separately.

    I have more than one business.
    I use a different 3-ring-binder for each entity or sole proprietorship.
    Makes it easy to find old receipts if you need them, even years later.

    Sometimes I have to add a second binder.
    When I do, I just move 5-10 to the new binder.

    In the past, I have used a 31 tab divider and a larger binder (to break down my expenses further) but that turned out to be overkill, at least for me.
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  • Profile picture of the author WebPen
    For me, Excel works just fine.

    Eventually I want to get to the point where I'm using a bookkeeper, in which case I'll probably have to change programs, but for now it works for me!
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  • Profile picture of the author priyarawat229
    Hi, This is a good post, indeed a great job. You must have done good research for the work, i appreciate your efforts. Looking for more updates from your side. Thanks
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  • Profile picture of the author texas319
    Quickbooks online is your best bet.. Secure, efficient and cheap if you get the lowest level. With IM you may need to customize it to account for affiliate payouts.
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  • Profile picture of the author DarrenHaynes
    Like many others here, a spreadsheet works just fine for me. I just record income and expenses - job done!
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  • Profile picture of the author sarahjohs
    Hi,

    As everyone have shared their way of managing accounts, from my point I'd go with Handdy Jotbook. This is a free online self-employed and business bookkeeping app, and is helpful in managing the accounts quick and at ease.

    I feel that Handdy Jotbook is supposed to have the features of Quickbooks and the app is also set with advanced features to make our accounting more convenient. I would UP VOTE for HANDDY JOTBOOK for accounting solution!!
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  • Profile picture of the author fetamy
    I am using Accounting CS Payroll features firm-wide standardization and system integeration softwares. Its templates for new employee setup screens, and much more to help you get up and running faster.
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