View Full Version : What are you tracking?

Bob Warner
01-09-2003, 02:05 PM
Ok guys,

How are you tracking your finances?
WHAT are you tracking?
Are you using software or a ledger type book?
Are you paying taxes on your supplies?
Are you chargin taxes on your sales?
Who knows what to do if you get injured and can't handle your recordkeeping? Who will pay your bills, taxes, etc....?

Don Cowles
01-09-2003, 03:59 PM
...all in the capable hands of my CPA. I maintain a sales log, keep my reciepts for materials, travel & shipping expenses, and balance my checkbook each month. She does the rest.

Chuck Burrows
01-09-2003, 05:04 PM
Being a professional bookkeeper/small business consultant for 17+ years I keep all my own records. My wife does all the data entry. Takes maybe 4 hours a week.

I use Peachtree 2002 (v9.0) as my accounting software and track everything. I have used both it and Quickbooks Pro and prefer Peachtree. The learning curve is easy and the price is around $179.00. The newest version is out for 2003, but I don't plan on upgrading.

We have a wholesale number so we don't pay sales on supplies.

We charge sales tax on Colorado sales only.

Being a small businessman with no other income if I get sick we are SOL.

Bottomline, financially we're on the edge, but my wife and I have been here before and we like being our own boss and wouldn't at this point have it any other way. (FYI I just turned 50 so I can't just go out and do "anything" to make a living like I could 20 years ago).

In my experience with a multitude of small businesses, if you don't have the experience and/or don't have the desire to learn how to keep your own books, follow Don's example and hire an expert.