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Finance Software/What is best?

Postby Beth57 on Thu Aug 16, 2007 2:12 pm

I will be launching a webiste in a matter of weeks. I know it's time NOW, to keep track of what is coming in and what is going out. And to keep it seperate from my private funds. Anyone have suggestions on Software that is easy to work with, and inexpensive. ?????
Beth - Illinois USA
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Postby soapin'Angela on Thu Aug 16, 2007 9:45 pm

Well in one of the earlier posts of this thread Carrie said she loves and recommends this: http://www.bookkeeper-for-you.com./

Thanks for reviving this thread!

I am just plain bad with my money. I know I need this to get better and yes it doesn't matter what I make, if I don't learn how to control it I'll never have any of it!

A while ago I started tracking every single thing I spent with Microsoft Money, it lasted about a month and then I was off the wagon and back to my old habits again.

Maybe I need to go talk to Kristine over a Beacon ;)
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Keeping track of Finances

Postby Beth57 on Fri Aug 17, 2007 7:32 am

I'll have to keep track. I have to pay down my debt. FAST too. I'm already robbing Peter to pay Paul.
Beth - Illinois USA
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Postby tishialee on Fri Aug 17, 2007 11:21 pm

I just checked out Bookkeeper-for-you, looks like a great resource so I might give it a try.

I must not of been participating regularly on the forum when this post was started way back in Sept 06 because I don't remember ever seeing it.

Women and finances is a big issue and something that we've been talking alot about at Moms Money (http://www.momsmoney.com). I love the podcast and how real we are about sharing our stories, struggles, etc, etc.
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Postby Mara B on Sat Aug 18, 2007 11:42 pm

So, if you NEED the money you make for personal expenses, what do you do? Do you have access to it, or have to write yourself a check from your business account?
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Re: Finance Software/What is best?

Postby kamckinley on Mon Aug 27, 2007 11:30 pm

Beth57 wrote:I will be launching a webiste in a matter of weeks. I know it's time NOW, to keep track of what is coming in and what is going out. And to keep it seperate from my private funds. Anyone have suggestions on Software that is easy to work with, and inexpensive. ?????


Beth,

The most popular accounting/bookkeeping software programs for small businesses are:

Quicken Home & Business - you can use this program to keep track of both your personal and your business finances. If you don't have any inventory, and you don't have any employees, this is probably a good choice.

QuickBooks - this is probably the most popular accounting software for small businesses and it's the most supported. Which means, you can get training for it, most accountants will offer support for QB, etc. It's a more complicated program than Quicken Home & Business, but it's still fairly easy to use. Once it's setup, entering your daily activity is pretty easy (much like using a checkbook register). I recommend QB if you have inventory, employees or if you are incorporated/plan on incorporating.

I have not had a chance to use Bookkeeper-for-you. I would love to hear more about this program from anyone who is using it. If I remember right, it's a free program, so it may not offer the same support that Quicken and QuickBooks offer, but I could be wrong.

Thanks for unlocking this thread Mel!

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Postby kamckinley on Mon Aug 27, 2007 11:34 pm

Mara B wrote:So, if you NEED the money you make for personal expenses, what do you do? Do you have access to it, or have to write yourself a check from your business account?


Mara, yes, you write yourself a check from your business account. If you're a sole proprietor, it's a simple as that. If you're incorporated, you need to actually set yourself up on the payroll, but I'm assuming most of the members of this forum are sole proprietors.

I would recommend that you review your personal expenses for the last 6 to 12 months to determine how much you need the business to generate to meet your personal expenses. This should be a motivating exercise, and it will give you a starting point for a revenue goal.

As a sole proprietor, you can write yourself a check from the business whenever you want, but I would recommend trying to write a check for the same amount every week, 2 weeks or month, if you can.

Also, make sure that you don't pay any personal bills from the business account. If you need money to pay personal bills, write a check to yourself, not to the cable company or the mortgage company. Your tax preparer will thank you, believe me!

Let me know if you have any other questions on this topic.



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Postby soapin'Angela on Wed Aug 29, 2007 12:33 am

I use Quickbooks for my business and I try to only withdraw money once a month.

I would recommend that you ladies listen to Mom's Money this week because it's about managing incoming and outgoing money and I think it applies really well to both business and personal.
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Postby Mara B on Fri Aug 31, 2007 11:16 am

Obviously if you're just getting started, you aren't going to have a lot to pay yourself WITH, so do you just keep track of the pay you "should" have gotten, and then pay yourself when the business is actually making money?
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Postby kamckinley on Fri Aug 31, 2007 11:29 am

No. Just pay yourself when you're able to. There's no rule that says you HAVE to pay yourself, so no need to keep track of anything until you actually start paying yourself.
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