G
Guest
Guest
What is most effective way to track expenses in your business? Every year I have great hopes, but by March I fail.........what is simple and effective for keeping a handle on your biz's finances?
Warren Wallace
Supportive Member
- Joined
- Oct 4, 2007
- Messages
- 839
quick books
My wife uses quick books
My wife uses quick books
diamond brian
Member
- Joined
- Mar 28, 2007
- Messages
- 973
QB is good for tracking expenses and will make your CPA very happy.
Excel works too, if all you're concerned about is where the $ is going.
Excel works too, if all you're concerned about is where the $ is going.
Vincent Feehan
Member
Quickbooks is solid, or go to Vegas more
Thanks for shirt dude,
Vince
Thanks for shirt dude,
Vince
Numero Uno
Member
What ever system you use...
Software or old fashioned paper...
Just remember to allocate a certain amount of time to do it...
If you do not set up a time frame each day...
It gets put off,until it is pointless to try an remember...
In my truck there is a running folder of receipt's and expenses...
Get gas,file it add it up,done...etc,etc,etc...
I also use a dry erase board with the month on it...
Hand it to the tech,tell him to write the amount,then we stick it back on the wall...It is magnetized...
But that is in case the usual folder book is not in the van...Basically a back up system...
But still effective...
I shake my head at how much money goes out,but the incoming makes me happy again...
In 87,I used 3 grand worth of gas alone...My 1st year...
Now it is a constant 5 digit number,Aye Ca-rumba...
An that is including the gas card we get weekly.From the Dun-kins.Which is one hundred per week...
Software or old fashioned paper...
Just remember to allocate a certain amount of time to do it...
If you do not set up a time frame each day...
It gets put off,until it is pointless to try an remember...
In my truck there is a running folder of receipt's and expenses...
Get gas,file it add it up,done...etc,etc,etc...
I also use a dry erase board with the month on it...
Hand it to the tech,tell him to write the amount,then we stick it back on the wall...It is magnetized...
But that is in case the usual folder book is not in the van...Basically a back up system...
But still effective...
I shake my head at how much money goes out,but the incoming makes me happy again...
In 87,I used 3 grand worth of gas alone...My 1st year...
Now it is a constant 5 digit number,Aye Ca-rumba...
An that is including the gas card we get weekly.From the Dun-kins.Which is one hundred per week...
harryhides
Member
Drink less beer.......................
Becker
Member
Business account.
Don't use the business account for any personal use.
QB Pro.
A few mins per day entering bills, invoices, and monies spent that day from the business account.
I know a couple of guy that like the new MS accounting.
If ya really want to be lazy, and not spend any bucks. Use MS money from your current windows OS.
Don't use the business account for any personal use.
QB Pro.
A few mins per day entering bills, invoices, and monies spent that day from the business account.
I know a couple of guy that like the new MS accounting.
If ya really want to be lazy, and not spend any bucks. Use MS money from your current windows OS.
G
Guest
Guest
So if you're not using your biz acct. for any personal use, how do you get money? Do you pay yourself a salary, do you pull cash out and call it a draw?
I'm talking to owner/operators here.......and dome of you wise asses (especially the Kenadians like Harry) can keep your yap shut!
I'm talking to owner/operators here.......and dome of you wise asses (especially the Kenadians like Harry) can keep your yap shut!
Blue Monarch
Supportive Member
Call it a draw Curt. Easy to track that way. Just be sure to put notes for each draw if you want to know where the money goes. All of us know where the money is going though.
Becker
Member
Simple, I has a personal account at the same bank. I move money over via on line banking.
In QB it goes in as a draw.
If you really want to use the business account for personal spending, enter it as a owner draw, with a split and what it was for.
In QB it goes in as a draw.
If you really want to use the business account for personal spending, enter it as a owner draw, with a split and what it was for.
Jimbo
Member
- Joined
- Oct 7, 2006
- Messages
- 2,197
Hey Curt...I'm using QB ONLINE...my new CPA has access...I enter all the $ coming in...the CPA figures out all my expenses...I think it's working good.- Jim
Quickbook Pro....all the way!
Very easy. One HUGE hint here. Pay some dough to have your accountant set it up EXACTLY as you want.
After that....it is a piece of cake.
You can set it up yourself and that will be fine. But in the initial set up just make sure you have ALL categories you want to start out with and make sure they are what you need.
You can add as you go along. We can track EVERYTHING...and at the push of a couple keys can know exactly where every penny was spent, and where every penny came from.
DevilDog
Very easy. One HUGE hint here. Pay some dough to have your accountant set it up EXACTLY as you want.
After that....it is a piece of cake.
You can set it up yourself and that will be fine. But in the initial set up just make sure you have ALL categories you want to start out with and make sure they are what you need.
You can add as you go along. We can track EVERYTHING...and at the push of a couple keys can know exactly where every penny was spent, and where every penny came from.
DevilDog
Desk Jockey
Member
Todd is right....shit did I actually say that? :shock:
Every transaction is coded in (very simple) and so you can easily see where the money is going.
Reports are a snap, it's very easy once set up correctly.
It's just nice to be able to see at a glance where and with whom you are spending money with.
Every transaction is coded in (very simple) and so you can easily see where the money is going.
Reports are a snap, it's very easy once set up correctly.
It's just nice to be able to see at a glance where and with whom you are spending money with.
Quickbooks here as well (quickbooks-pro). BEST TOOL I OWN.
Ceasar couldnt have said it any more truthfully about setting aside time each day / week to make the entries. Has to be done.
Monies to yourself is a draw or 'personal disbursement'. You will be taxed on this at years end, if you are not paying yourself via actual payroll method.
It is an eye-opener when you see that you spend over 500 dollars a month in restaurants though.
Ceasar couldnt have said it any more truthfully about setting aside time each day / week to make the entries. Has to be done.
Monies to yourself is a draw or 'personal disbursement'. You will be taxed on this at years end, if you are not paying yourself via actual payroll method.
It is an eye-opener when you see that you spend over 500 dollars a month in restaurants though.
J Scott W
Member
Curt, Quick books is a fine program. We used it in out business. It allows for tracking who owes you money, who you owe money to, etc. Your accountant will appreciate it. It also makes paying employees easier.
However, if you are an owner / operator (as I recall you are) Quicken is a simpler way to track expenses. It is like writing a check and making out a bank deposit slip. You will set up names or codes for each thing you want to track - chemicals cost, vehicle cost, rent, insurance, etc. Then just enter that code or account name on the "Memo" line of each check you write. The computer will print the check. Anytime you want it will sort by category, date or any other way you want to sort things.
It can then give percentages. For example - fuel costs were 2.43% of your income.
Quicken Business does less than Quick books, but if what you really want is to track expense categories, this is the easiest.
Scott Warrington
However, if you are an owner / operator (as I recall you are) Quicken is a simpler way to track expenses. It is like writing a check and making out a bank deposit slip. You will set up names or codes for each thing you want to track - chemicals cost, vehicle cost, rent, insurance, etc. Then just enter that code or account name on the "Memo" line of each check you write. The computer will print the check. Anytime you want it will sort by category, date or any other way you want to sort things.
It can then give percentages. For example - fuel costs were 2.43% of your income.
Quicken Business does less than Quick books, but if what you really want is to track expense categories, this is the easiest.
Scott Warrington
QB Pro here but some prefer QB Contractor. We are general contractors and do hundreds of services and have them set out into 3 different areas with gross profit on each one and then general overhead expenses to come out to net profit. At the end of the year it is just a few keystrokes to generate all of the reports for the end of the year. A separate business and personal account is a given. You can look at monthly, quarterly, and annual comparisons of years past. Like they say if you don't know where you have been it is hard to decide where you are going.
Al
Ps I look at every bill that comes in to review and ask the question: Is this needed?
Al
Ps I look at every bill that comes in to review and ask the question: Is this needed?
