CLKeenan

Haven't really done too much research but just wondering if anyone has a robust setup with QuickBooks? My setup isn't really that complicated.

I've got ad networks that pay net 45-90.
I sell some links (shhh don't tell google).
I do some consulting for random people on an hourly basis.
I pay independent contractors (1099) on an hourly basis.
I have business costs like web hosting, domain fees, advertising, SEO, content writing, etc.

I don't sell any products (online or B&M).
I don't charge sales tax.
I don't own any real estate.

At first glance, QuickBooks might be overkill. However, I do want to start doing a much better job of treating my business like a business and isolating it from the personal side of my finances.

Any thoughts or guides? What "industry" do you even choose? PR/Advertising?

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thehobbster

I'm on a Mac and have been using iBank. It's as good if not better than Quicken and the others I've used. It's certainly more attractive and produces amazing reports too.

If you don't want to get anal about it, just use any of them and set up all cash accounts and treat it like balancing a checkbook. It'll still run your totals without you having to spend too much time messing with it.

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biggking

I do the same thing. Its a bitch to setup "accounts" and all that other shit. Quick books is very nice if you enter the data on time. You can pinpoint all expenses and see whats good and whats not.

drave

yes, i use quickbooks; really the industry selection doesn't matter much. i chose 'professional services' version. i used to just use excel-based sheets to keep track of it all, but when i had more than one company, it became nice to just backup all my entries to a single qb file per company & email it to my CPA every year.

one thing i don't like about it relative to excel is that with QB, i hope its doing what i intend it to do (and always wind up double checking the effect of my entries by running reports), whereas with excel, i know its right because there isn't anything happening "behind the scenes". heh, i feel like i'm talking myself out of QB. all those QB reports are easy to manually replicate in excel.

amateursurgeon

If you aren't already set up with it, check out Online Accounting Software. Free Trial, Free Support | Xero Accounting Software - i moved to it recently and fucking love it.

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Delaney

Been trying out ClearBooks, like it so far.

bauss

Wave Accounting (free) is another good middle ground prior to something like Quickbooks or Simply Accounting.

Fiver

Real ballers have their own bookkeepers.

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drave

everyone uses QB and other software to deliver their info to their bookkeepers... you just kinda i mean not completely but in a sideways way indicated you're no kind of baller.

like real ballers put they shit in a toaster fo dey bitches yo. LOL.

makethatgreen

real ballers have in-house accountants...

drave

tru dat.

|<ick Bac|<

^ I think he meant that the bookkeeper is on staff, in house, as in you are balling so big that you just spend the money and someone else keeps track of what you are doing.

I know you aint claiming to be a baller but just thought Id help you confirm that thought.

edit: posted 2 comments too late - btw im so freaking not balling, i bought QB four years ago and it sits on my shelf collecting dust because at the end of the year i already have memorized the number of my clients and my income, and dont laugh when i say that i have a bad memory.

EricVonDoobie

Accounting Software | Online Small Business Bookkeeping Services - Outright

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drave

yeah, i caught that -- just to confirm, i'm neither a baller nor a dumbfuck.

Fiver

Actually, I give my bookkeeper an Excel sheet and she imports that into Quickbooks herself.

I guess if you wanna learn QB, then go for it. But it's not necessary unless you're doing your own bookkeeping.

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makethatgreen

Learn QB? It's pretty self explanatory, unless you're in 1st grade...

drave

if there was a post to sum up this thread, this is it. bookkeepers charge you the same if you do it yourself via QB or give them the details via excel. i've done both & they charge exactly the same, 1 hour's worth.

drave

this too. ibid.

Rage9

https://www.kashoo.com/

It's cheaper than Quickbooks and works fine.

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papajohn56

Quicken is not the same as Quickbooks. iBank isn't even close. If you actually need to manage invoices and such you need a business tool.

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styledoesmatter

Word. I pay a bookkeeper (US) on Elance $25/hour. She works about 6-7 hours per year and saves me an insane amount of time...not to mention the taxes I don't have to pay because she knows what the hell she's doing.

mpbiz

Does she at least live within driving distance of you, or do you actually trust someone in another state/country to manage that for you?

evilchippy

Quickbooks is the only logical choice. All book keepers know the software and it's so cheap that it isn't worth the switching cost you will incur when you figure out that you need it down the road.

chatmasta

What information do you give her to do her job? Bank statements? Anything else?

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chatmasta

I've been looking into Xero but can't really see all the advantages. Any particular reason why you like it so much?

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bodiddley

If you guys already have accounting software, might was well do the taxes yourself if all you have is one business entity.

Bofu2U

6-7 hours per ... year? How many transactions do you do? Like 5 a week?

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styledoesmatter

Considering I live overseas/travel 90% of the year, none of my contractors live anywhere near me (unless I'm travling in Asia).

You just have to trust them. Just because they live down the street doesn't mean they know what they're doing or you can monitor them any better.

styledoesmatter

Yup. Every quarter I send her my bank accounts, payments to contractors (Elance, Odesk etc.) and Paypal. This usually covers any incoming payments so she can itemize them (Adsense CPA etc.).

styledoesmatter

LOL. The only transactions that matter are dollars in and dollars out. Even you get 100 CPA leads per day that's only one transaction per week into your bank account.

momchil9

Are those programs only suited for the states? I think they are connecting to your banks and stuff, but can I use at least half of their potential if I'm not in the states/canada/uk?

Big5Designs

Quickbooks is awesome and I've used it for years. If you need to make invoices and such it's a great business tool. It's fairly simple to use and it offers a lot.

drave

i don't use it to connect to my us banks; if you want to do GAAP accounting, its useful, otherwise not.

galacon

Quickbooks since V1.0 (Early 80's?)

Tried 'em all since.

Never switched.

QBFTW.

/thread

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chatmasta

Want to give her a referral?

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mpbiz

If you are making decent money, I signed up for quickbooks last week and dug through some old threads on here, sounds like you can get an intern in your accountant's office to do your book keeping for next to nothing.

You might as well get someone down the street that knows you can come in if shit hits the fan.

cheshire

Do you have an accountant? Most accountants want a Quickbooks file and will accept nothing less.

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OctaneSam

I use it, works great.