I use QuickBooks Pro…
Although I have an online billing system for invoicing and such, I primarily use the register and ledger to track cash flow and keep track of what my company owes me (my Owner contributions). I recommend QuickBooks over Quiken or MS Money because it gives you features such as tracking payroll taxes when and if you need them, and more importantly depreciation of assets.
Hope that helps!
I wrote a quick and dirty database/php sort of fincial program. I pretty much add functions as I find I need them. Say I need to look at a chart of spending on travel expenses, I dont have one. But I can easily come up with a quick query that will give me the figures and generate a chart.
But my grandfather who owns two delis uses QuickBooks so it cant be that bad. He also day trades as well.
Quickbooks or Peach Tree are solid choices. Just be prepared to spend some time doing nothing but data entry. As this software stands right now, you can't really integrate it with any third party merchant accounts. Be prepared for some headaches if you are offering annual semi annual or quarterly plans. According to GAAP you can't recognize them at the time of receipt so you have to keep track of what is earned and what is unearned for those plans.
thanks for that info, matrosov. Wasn't aware of that. guess i need to dive a little deeper into that. Luckily everyone is monthly right now, but i have yearly available (until tonight). I'll re-evaluate yearly and quarterly before i bring it back. Don't know how i missed something like that!
For 2 main reasons any web hosting company strives for.
#1. Automatic reminders to enter transactions. All clients won't pay or be billed on the same day, week, month or even year. With QB, you can enter an invoice and have it remind you as often as you like to re-enter it again into the system. This is excellent for our monthly clients because it has everyone set aside into a single group, and you just push a single button and it enters all the transactions at once.
#2. Email invoices. Most if not all hosting companies send out invoices/receipts to folks via email these days. We used to do receipts by hand, which would take a full day or two to get out the window. With QB, it is another single button action that sends out a copy of the invoice in HTML format with a text block of your choice describing the charge/payment.
With both of these features in mind, we have cut our billing time down from a 3 day process to a 1 day process. The amount of effort and pain it used to take doing billing for our clients is now a fairly seamless operation.
It WOULD be nice if Quickbooks would come out with a merchant account integration tool, where it would grab all of our clients credit card info and charge it all at one time rather than us having to do one hosting plan at a time Maybe they'll have that in 2003 or 2004
si, bouncing checks BAD! So far never done it on business accts.
The reason I started with a spreadsheet is (other than it's free) I am trying to eventually make the business model franchisable (sp?) and offer it as part of the package so people could start out with something. Got to prove for a while it works for me first tho
I'm currently making one that takes into account server cost, tech support cost, BW overcharges, merchant cost, package income, disk space, BW, etc. I'll throw it into Access when I get it more complete. It's really for my current business plan, but I'm keeping it all for later.
I'll probably go with QBP. Reducing process cycle time is a big part of our philosophy.
skelley1, just make sure you do your math before getting rid of annual subscriptions. Right now you are probably charged to the tune of $.2 per transaction by the credit card company. So if you have 100 annual accounts that you are converting to monthly you'll be charged $240 per year versus $20 per year on annual subscriptions. For me this is a price worth paying for my sanity .
definitely not going to keep them out completely, just want to hold off until i get my math checked out. only considered merchant charges and increased short-term capital in my calculations. thx for the headsup tho matrosov.
Originally posted by matrosov Quickbooks or Peach Tree are solid choices. Just be prepared to spend some time doing nothing but data entry. As this software stands right now, you can't really integrate it with any third party merchant accounts. ....
Actually, if you can download your info into a csv file you can import it to Peachtree. It maybe will take some customization and knowledge of Peachtree, but once you get it you can just run the import no problem.
With Quickbooks, forget doing an import unless the bank you're using offers a .iif file format to download. Many do.
Well actually you can dump csv file into either Peach tree or quickbooks. Problem is, what kind of file you want to dump. If it is a customer list it is fairly easy. But if you want to dump transactions it gets unrealistically complicated especially if you are offering multi period sign ups that require accrual. We are running H sphere so my customer base and corresponding billing balances are kept in the system. What I chose to do is not import customer information into Quickbooks. Basically I run a merchant report manually type sales for the corresponding plans in quickbooks. Make adjustments for returns and accruals at the end of the every month. Basically what it means is keeping three sets of books. One billing set in Hsphere. Second is the accrual set in a spreadsheet format and third the financial reporting set in Quickbooks. If anyone has a better and more efficient way of doing it, please please please let me know.
I too am looking for a Quickbooks accrual solution. In my LLC Operating Agreement, I have agreed to do GAAP accrual accounting, but what a pain! At the moment, most of my clients are signing up for one year. I have yet to figure out how best to translate this from Modernbill to Quickbooks and keep the accrual stuff ("unearned fees") accurately accounted for. Bringing in cash for an entire year of hosting scares me . . . obviously if worse comes to worse, I may need to refund it to my clients. So, not only is it legally required, but I want to do accrual so I have an accurate picture of my cash flow.
Yikes . . . suggestions anyone?
Matrosov, do you mind explaining your procedure again? I didn't quite follow how you do the hsphere export-spreadsheet-quickbooks deal.
I so appreciate all the help! Thanks everyone.
You also have the same accrual issue for tax purposes. For tax purposes, you may choose whether to operate on a cash or on an accrual basis. However, in hosting, if you offer annual accounts, operating on an accrual basis is much to your benefit. An example follows:
Host has all annual accounts. Averages $10,000 billing per month. Expenses are $6,000 per month. So, in year one taxable income is as follows:
On a cash basis $10,000 x 12 - $6,000 x 12 = $48,000 taxable income.
However, on an accrual basis, it is $48,000 Less $60,000 prepayments (unearned revenue) for a taxable loss of $12,000.
Note: that reduces taxes and the reason it is required for GAAP purposes is it better reflects your true position. Your balance sheet (assuming no other items) would look like this:
Cash Dr. $48,000
Retained Earnings Cr. $48,000
Cash Dr. $48,000
Unearned Income (a liability) Cr. $60,000
Retained Deficit Dr. $12,000