+ Reply to Thread
Page 1 of 2 12 LastLast
Results 1 to 10 of 12

Thread: Bookkeeping for your web businesses

  1. #1
    Dormant Account
    Join Date
    Jan 2010
    Location
    United States
    Posts
    371
    Thanks
    91
    Thanked 95 Times in 69 Posts
    Rep Power
    11

    Bookkeeping for your web businesses

    Hi guys (and ever increasingly gals),

    How do you handle the bookkeeping for your business? I'm getting more serious with mine and decided it's time I get a proper record keeping system in place. What software do you use? Do you do it yourself or do you have someone else do it?

  2. #2
    Junior Member
    Join Date
    Sep 2010
    Posts
    47
    Thanks
    9
    Thanked 26 Times in 17 Posts
    Rep Power
    6
    Quickbooks + bookeeper + accountant

  3. #3
    Top Contributor
    Join Date
    Jun 2011
    Location
    Florida
    Posts
    919
    Thanks
    2,027
    Thanked 1,476 Times in 709 Posts
    Rep Power
    42
    Everyone I know is using QuickBooks from Intuit. I never learned the program and have all of my records in (Microsoft) Access and Excel.

    I do the bookkeeping and record-keeping myself, as it's easy enough. Everything is on the computer, and filing to tax agencies is online. I would only hire bookkeeping if I had employees.

    The only time I hire accountants is when some government agency decides I'm a candidate for an audit, then I interview until I find the most highly intelligent person possible who knows their profession well. I recall one time where I was facing a multi-month audit after receiving some inappropriate and totally uncalled for fines, and had a lady recommended to me. I walked into her office to discuss the problem, sat down, and waited 35 minutes past my appointment time while she and her secretary screamed - literally screamed at each other with a ferocity that was stunning - over a wrong number! This was over 2 cents. Yes, 2 cents.

    I swore one of them was going to have a heart attack. They didn't care who I was or why I was there, they were both practicing the fine art of turning the brightest shade of red I had ever seen. I could almost reach out and touch the vitriol. The sheer violence of the encounter, slamming desks and drawers, throwing paper, threats of bodily harm... I hired Gertrude that day and never asked what she charged - didn't care.

    My auditor spent five and a half months going to a back room without air conditioning (in Florida summer), without windows, without walls (unfinished two-by-fours with wires hanging), a ceiling missing tiles, and one of the most uncomfortable chairs you would ever want to see. That audit started with having all of my property seized (on paper only), six figure fines, and ended five and a half months later with me owing Gertrude $4200 and I had to write a check for $2250 to the government. I asked her why so cheap? She said, For some reason the auditor avoids talking to me, so the price was fair because I (she) spent very little time on your (my) behalf.

    Wow - I really digressed from your question. That was a fun memory, though. That was 1995.

  4. The Following 5 Users Say Thank You to KenW3 For This Useful Post:

    ari (19 January 2012), ClaytonL (18 January 2012), Clinton (18 January 2012), Kay (18 January 2012), TheodoreK (18 January 2012)

  5. #4
    Moderator Kay is a Premium Member
    Join Date
    Sep 2010
    Location
    Kent - the garden of England
    Posts
    6,166
    Blog Entries
    2
    Thanks
    4,297
    Thanked 3,342 Times in 2,133 Posts
    Rep Power
    95
    I test drove several book keeping packages looking for something suitable.

    I tried QuickBooks and hated it. They were a real PITA and they refused to let me continue to access my data unless I phoned someone in the US for some reason or another. The whole story is a bit of a vague memory now but I did write about it at the time on another forum so I could probably dig it out. I remember my verdict was that I'd rather get swine flu than go anywhere near QB again.

    I also tried KashFlow, which I thought was a great product (I still sell it as an affiliate). However KF didn't suit me for a couple of reasons. It was much more powerful than I needed and the price reflected all the functionality offered. I didn't want to pay the price of a sledgehammer to crack a nut. The other reason was because it's designed to be used by non-accountants and I found some of it counter-intuitive. (I have a degree in accountancy.)

    The best answer was to design a bespoke system, which was easy enough to do using spreadsheets. It's just a case of data entry now and all the numbers required by HMRC pop out of the spreadsheets. Easy! In fact Dave can produce the accounts now and he has no book keeping training at all, except for what he's learned from doing our books. If anything does crop up which does require a knowledge of accountancy, then I can usually deal with it. If I don't know how to tackle it, I can usually get my questions answered by an accountant on one of the many UK business forums.
    British Expat - helping people to live and work abroad since the year 2000.

    The joy of Internet delivery - the cartoon illustrating this will make you laugh!



  6. The Following 3 Users Say Thank You to Kay For This Useful Post:

    Clinton (18 January 2012), KenW3 (18 January 2012), TheodoreK (18 January 2012)

  7. #5
    Dormant Account
    Join Date
    May 2011
    Posts
    159
    Blog Entries
    1
    Thanks
    166
    Thanked 290 Times in 97 Posts
    Rep Power
    16
    For background - We are a UK based company - We use Freeagent for bookkeeping/accounting.

    It is an online system. We find it perfect for our current needs. It is really easy to use.

    You can give the accountant access for what they need.

    We have a company account (as opposed to sole trader / self employed) and it also manages directors tax returns, dividends etc too (up to a point).

    We have a policy of recording all expenses, bills etc on the day they hit our office - We also do daily bank reconciliation - that way we never fall behind or have any backlog and also never have a need to have someone do the data entry for us.

    You can scan expense receipts and hold them online , same with incoming invoices etc. - we are now totally electronic when it comes to accounting records.

    The only thing I question, being the paranoid type is the 'online' aspect. Personally I would feel much happier with a locally based system, but you also do get some advantages with online too.
    You can export all data really easily to excel.

    We used to use Quickbooks, but decided to give Freeagent a whirl at the end of the last financial year for our company and have never really had issues or problems.

    I find whatever system you use, you need a process to manage the data entry, quickly - if you start to get backlogs on the data entry side of things the whole bookkeeping becomes a chore / mini project rather than a 10 minute daily task. Obviously it will depend on your volume of transactions etc.

  8. The Following 3 Users Say Thank You to golles For This Useful Post:

    Clinton (18 January 2012), Kay (18 January 2012), KenW3 (18 January 2012)

  9. #6
    Top Contributor
    Join Date
    Jan 2010
    Location
    Canada
    Posts
    1,315
    Thanks
    229
    Thanked 872 Times in 448 Posts
    Rep Power
    32
    Quote Originally Posted by ari View Post
    Quickbooks + bookeeper + accountant
    I found the fact that bookeeper would consistently yell BOO! at me during my work to be too distracting.

    I use MS Excel and a good accountant.

  10. #7
    Dormant Account
    Join Date
    Jan 2010
    Location
    United States
    Posts
    371
    Thanks
    91
    Thanked 95 Times in 69 Posts
    Rep Power
    11
    Thanks for all the responses guys! I think this thread has become quite the resource. Would anyone mind sharing any excel templates they might be using?

  11. #8
    Top Contributor
    Join Date
    Jan 2010
    Location
    Canada
    Posts
    1,315
    Thanks
    229
    Thanked 872 Times in 448 Posts
    Rep Power
    32
    Quote Originally Posted by ClaytonL View Post
    Thanks for all the responses guys! I think this thread has become quite the resource. Would anyone mind sharing any excel templates they might be using?
    Not much to share in my case (but my accounting is pretty straight forward).

    I have a series of worksheets each pertaining to a specific item (Internet access, car insurance, etc...). Each of these is broken down by month (Jan, Feb, etc...) with each file containing one year's worth of data (e.g. Corporate expenses 2011).

    I then take each paper receipt and put it into a corresponding envelope (Internet access, car insurance, etc...).

    I also have one worksheet for revenue over the course of the year.

    I supply a printed and electronic copy of the Excel file and all my paper receipts to my accountant who then verifies that all the receipts are there, collates them appropriately, enters them in his accounting program and provides me with the results (corporate taxes, personal taxes) and suggestions for the following year.

  12. The Following User Says Thank You to tke71709 For This Useful Post:

    ClaytonL (18 January 2012)

  13. #9
    Moderator Kay is a Premium Member
    Join Date
    Sep 2010
    Location
    Kent - the garden of England
    Posts
    6,166
    Blog Entries
    2
    Thanks
    4,297
    Thanked 3,342 Times in 2,133 Posts
    Rep Power
    95
    Similarly, mine are very customised to the specific business. It's just a case of recording categories of expenditure, further broken down according to different websites (only the main ones, the also-rans are lumped together). We don't need to do the further breakdown across the sites to meet our legal obligations but it's interesting from a management accountancy point of view to have that info.

    The expenditure is also split according to whether it's cost of goods sold -> gross profit, or overhead -> net profit.

    The income is easier (there's not much of it!). That gets split by source of revenue and further split by which site earned it.

    You could probably hire someone to make a similar customised system fairly quickly then all you'd need to do, or have done for you, is simple data entry. There again, maybe it looks more professional to take the book keeping to the trial balance by a recognised software package and hand it over to an accountant to do the financial accounts.
    British Expat - helping people to live and work abroad since the year 2000.

    The joy of Internet delivery - the cartoon illustrating this will make you laugh!



  14. The Following User Says Thank You to Kay For This Useful Post:

    ClaytonL (18 January 2012)

  15. #10
    Moderator Kay is a Premium Member
    Join Date
    Sep 2010
    Location
    Kent - the garden of England
    Posts
    6,166
    Blog Entries
    2
    Thanks
    4,297
    Thanked 3,342 Times in 2,133 Posts
    Rep Power
    95
    Funnily enough, I'd planned to ask a similar question today, and then I found this buried old thread whilst moving stuff around.

    So, what's everyone using these days?

    No change as far as I'm concerned - we're still using the customised spreadsheets.
    British Expat - helping people to live and work abroad since the year 2000.

    The joy of Internet delivery - the cartoon illustrating this will make you laugh!



+ Reply to Thread

Similar Threads

  1. Valuations of higher end online businesses
    By Clinton in forum Valuing Websites, Blogs, Domains
    Replies: 12
    Last Post: 11 April 2012, 5:20 am
  2. Accounting (well, bookkeeping)
    By leadegroot in forum Business Management and Administration
    Replies: 7
    Last Post: 19 July 2011, 7:57 am
  3. FP - What are your opinions of web directories as businesses?
    By LordWeiner in forum SEO & Search Engine News
    Replies: 1
    Last Post: 28 May 2011, 1:00 am
  4. Some Interesting UK Businesses
    By Andy in forum Buying a Website, Blog, Internet Business
    Replies: 5
    Last Post: 15 June 2010, 3:31 pm

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts