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February 10th, 2004, 12:59 AM #1
- Join Date
- January 18th, 2005
- Reno, NV
On the advice of my tax person, plus my own needs to keep income and expenses straight, I went out and got Quick Books Pro the other day.
Must say, it is a very handy and powerful too. While it can be a pain to get it set up initially, once you have things set up, it makes it incredibly easy to keep track of all your income and expenses - right down to the finest detail.
It is also going to make doing next years taxes a breeze - as the P&L statements the reports provides breaks down all income and expenses into a nice, tax friendly fashion.
This program is especially handy for me since I have a fair amount of deductions related to this business beyond web hosting and domain names. With Quick Books, you can easily track these expenses, see how much of your income they swallow up, and a heck of alot more that I'm only beginning to uncover.
Last year, I used an excel spreadsheet to keep track of income and expenses. It did work well enough, but as income and expenses grew throughout the year, it was becoming a real PITA to keep track of everything. You also have to constantly worry about making sure the cells were properly set up for the calculations.
Thus, if you're in search of an accounting tool to keep track of your income and expenses, take a look at Quick Books. I got the "pro" version - more on the theory that perhaps someday I might use some of its features (purchasing this program is not going to be a yearly thing for me), but the Basic version of Quick Books is really all you need for an affiliate business.
Only downfalls I've seen so far with this program is that it is quite memory intensive and in general a resource hog. The wide variety of options this program offers also makes things kind of bewildering at times. But I've managed to figure everything out so far between the provided manual and the built-in help system.
Anyways, thought this info might be useful to someone now that we are in tax season.
February 10th, 2004, 06:45 AM #2
this is a lesson for all online entrepenuers,,, you gotta keep records for your business... after $600 of earnings you are no longer a hobby... you are a business!
it doesn't matter how you keep track of things ...
just keep track of things some how...
Quickbooks just happens to be one of the easiest software packages to use...
BTW>> I use quickbooks pro... I have been using it for 5 or 6 years.. I have also used peachtree and several others...
The real PITA is when Uncle Sam comes knockin'....and you have no records...
And, that's the bottom line because it's my2cents!
February 10th, 2004, 06:47 AM #3
- Join Date
- January 18th, 2005
- St Clair Shores MI.
Quickbooks Pro plus Turbo tax is all 50 million small businesses could ever need for automating their businesses....period.
Mike & Charlie ...
If they won't adopt and feed a bird ..flip them one! BBQ some Gator and remember to flush WhenU..
February 10th, 2004, 07:22 AM #4
I got one this year too and works great, I love it.
The ability to track your expenses and accounts receivable plus merchant payemtns is just great.
I think everyone should get one afterall it is tax deductible, I guess
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