How do you handle the accounting?

6 replies
Hey warriors,

Just curious how other warriors are handling the accounting side of their business. Not asking for advice, I'm asking what system you use. Quick books? Have your own accountant? None at all?

I personally have been using quick books and it's a bit of a pain in the ass. I have around 40-100 sales per day, manually entering all of them right now. Think I might need to just get a VA to do it here soon.

What are your issues/sticking points with how you are doing your accounting?
#accounting #handle
  • Profile picture of the author moneywithtim
    Originally Posted by criniit View Post

    Hey warriors,

    Just curious how other warriors are handling the accounting side of their business. Not asking for advice, I'm asking what system you use. Quick books? Have your own accountant? None at all?

    I personally have been using quick books and it's a bit of a pain in the ass. I have around 40-100 sales per day, manually entering all of them right now. Think I might need to just get a VA to do it here soon.

    What are your issues/sticking points with how you are doing your accounting?
    Export sales stats into Word Excel maby?
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  • Profile picture of the author jgant
    Export data into excel and give to a accountant. I should have a better system though... maybe next year.
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    • Profile picture of the author criniit
      Originally Posted by jgant View Post

      Export data into excel and give to a accountant. I should have a better system though... maybe next year.
      Thanks for the response! Seems that's the way most people are doing it. Haha if I handed my accountant an excel sheet with 36,000 sales transaction on it at tax time I think he would s**** himself
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      • Profile picture of the author JohnMcCabe
        Originally Posted by criniit View Post

        Thanks for the response! Seems that's the way most people are doing it. Haha if I handed my accountant an excel sheet with 36,000 sales transaction on it at tax time I think he would s**** himself
        Unless you gave some reason to differentiate between sales (like multiple tax districts, etc.), he'd probably just add a line summing the sales and call it "sales".

        It sounds like the problem isn't necessarily with Quickbooks, just your use of it. Find someone to help you automate posting sales and other tasks that should be easy. Lots of QB experts out there. Might be well worth paying one for a few hours of their time...
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  • Profile picture of the author zimzalabim
    Go see an accountant. Many will offer a free initial consultation meeting. As well as seeing you right on the tax side of your business, they'll most likely have their own spreadsheets/software to give you to keep your own records and for them to use when putting your accounts together.

    The accountant I use has a nifty spreadsheet with codes for all types in income/outgoings. I enter the code and what the income/expendite is for and that's that. Easy. Give it to accountant once per year from which he produces my accounts for that trading year.
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