How do you handle finances?

T

thecubehost

New member
Hi,

How do manage your finances? Do you do it strictly with WHMCS? Or do you put everything into a spreadsheet? Or do you do both?
 
I would recommend checking out the Online Version of Quick books. Saves me tons of time come end of year. Has very nice reports and you can import transactions from other sources, such as bank accounts and billing programs. Also handles taxs, payroll and anything else you can think of.

http://oe.quickbooks.com/_bb/index.cfm

Regards
Jarrod
 
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WHMCS is not a finance tool - it's helpful for generating invoices etc, but there's MUCH MUCH more to the operation of a business.

We have used Quickbooks, and currently use Quicken Pro for most of our stuff here.
 
I have been using QuickBooks Pro for the last few years and it's working out great. You can really take care of the details that the online scripts don't even touch. I also meet with my accountant around this time of year to make sure that everything is in order as far as taxes go. You can't manage your bank accounts, credit cards, and vendors in any of those scripts - you really need something more to be accurate in your accounting.
 
Yep, billing systems just aren't accounting systems. That said, if you're really small, a simple spreadsheet and tax software might be enough for you until things get more complex.
 
Even as a small company - I'd still recommend spending the $25-$50 on accounting software. Remember, it's a write off ;)

Keeping track of the various aspects of your hosting or design business is necessary in order to file accurate filings. It's also going to help keep your tax credits and write offs in line. Having a true Cost Of Goods & Services sheet with a cash flow sheet is the only way to run your business. Seeing exactly what the income is for the year, and what the expenses is the only way to help CUT unnecessary expenses and also find out what was available to you as a possible writeoff.

As a small company starting up, you can run as an S-Corp or similar, flow the expenses through your personal accounts, and get writeoffs all over the place.
 
handon - agreed -

i would tell everyone to start with a good billing system such as whmcs and a good accounting software (quickbooks we use - accountant recommended thats why) - because one day when you have 8000 - 10,000 shared hostng sites and over 100 dedicated servers - it becomes easier to manage
 
I wouldnt be able to say what UptimeHost is using for that, as its not my field.

However I use the Quicken Tax software. Allows me to keep my personal accounts in check, my business accounts in check and then tax time do both of them and submit all by myself.

Saves me a ton of time!.
 
WHMCS? what does it means. Well, I do not do it in Excel just to manage it. Just pay all the monthly bills, and keep my checkbook update, so I know how much I have after the payment. Pay all the important bills and specially those who earn interest. More importantly seldom use my credit card.
 
WHMcs is not the only thing you should be using. If your small enough to get away with is and are an organized person then an excel document will work for awhile. As you start to grow using something like QuickBooks or perhaps PeachTree (Never used it) will take away alot of time and stress on your behalf. I hope I've been helpful - best of luck!
 
thecubehost said:
Hi,

How do manage your finances? Do you do it strictly with WHMCS? Or do you put everything into a spreadsheet? Or do you do both?
Click to expand...
With my salon and web design business, I started with Peachtree Accounting and upgraded to QuickBooks Pro. Very easy to set up. Lots of reports.
 
I actually use WHMCS as well as an accounting template I have set up. I run a few businesses, so I find that this way is the best way for me to keep track of everything. All of the numbers can get confusing if they're not organized in an effective manner.
 
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