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Help me manage my businesses

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iBizStart

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I have a problem I am hoping some of you can help by offering advice.

Lets say I run 3 or 4 websites. All websites are under one common name "Byalik LLC." Which Means i only have one bank account for all the businesses. Also, 1 merchant account for all the businesses.

I have tried using Quickbooks to manage all the businesses but quickbooks is a complicated program for more complicated businesses. I cannot afford an accountant as these are still relatively small websites.

I can't seem to keep track of all my expenses, profits and so forth. It gets very confusing, especially since I have all the money from different websites going into one account.

I have to keep track of existing value of inventory, future inventory i have to order, shipping expenses, and about a thousand of other little things. Are there any other programs that can help me manage this or is there anything I can do. Any informative information is welcome

Thanks
 
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Cash Is King

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From a buisness standpoint, it is good that you are using one bank account and merchant account with the Byalik LLC legal entity. Everything is consolidated and make it easy to determine overall profitability with overall inventory levels.

From a tax standpoint, you achieve the same benefits above because all your websites roll into one legal entity.

You are struggling with determining the profitability of each website as it relates to your overall consolidated entity. There are a few strategies to attack this problem:

1. Hire an accountant - obviously not your first choice and not the cheapest method
2. Create microsoft excel spreadsheets -- The most work but is the cheapest method from a cash standpoint.
3. Use a program like quickbooks, peachtree, etc. -- Usually will save time in the long run with a minimal investment

My recommendation:

Continue using your Quickbooks and start coding your expenses and inventory by website under the one company shell. Create a general ledger account structure for each website you own and operate. For example, lets say you run 4 websites and you pay one $100 hosting bill. Upon recording the expense, you have four hosting expense accounts for each business that will need to be allocated there fair share of expense. How can you do this? Well it depends on the expense. I would allocate based on bandwith usage as it relates to the total bandwidth used for all sites.

I hope this helps. You need to do intercompany allocations and have the ability to extract reports using this information. A simple general ledger account structure that has a website identifier in each account number will do the trick.
 

lawpsych

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Hi, byalik,

You have posed a VERY interesting question, and one that I, too, have had to confront. I also use Quick Books, although in some ways I could really kick myself for having continually upgraded that (*&%$# program, because now it does almost TOO much and is far more complicated than earlier versions.

Obviously, you can set up different companies withing QuickBooks and apportion the expenses, inventory, sales, etc. accordingly. On the other hand, you might consider setting up different CATEGORIES of products or services within one major company in QuickBooks. Are you aware that the last several editions of QuickBooks permit you to create your own user-defined categories??? With a little serious thought about categories that describe and differentiate each of your "companies" (i.e., categories that deal with the differences among the companies/services/products), you could fairly easily combine everything under your major company, the LLC, but still be able to identify the components from each company/service/product that make them unique parts of your corporation. If you want to share a few more details with me, I'd be happy to try to figure out some more specific solutions for you. Since QuickBooks is now a VERY sophisticated program, I think it can "do it all" for you if the basic structure of your company is set up correctly. Then, you can use the portions of the program you need and ignore the parts you don't need. I hope that helps.

Sheila
 

iBizStart

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I have tried using Quickbooks atleast 3 different times in the past 2 years and its just so complicated that I can't seem to figure it out. I've read the book on but still does no good. There are different fields, and categories, and I don't know what goes where. I don't have that kind of time to figure it out every day. It would be too time consuming and as I am the only employee, I can't afford that right now.
 

Cash Is King

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Fair enough... Try one of the other options. It is nice to get free info from a forum and a CPA in this instance. :) take care.
 

lawpsych

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byalik said:
I have tried using Quickbooks atleast 3 different times in the past 2 years and its just so complicated that I can't seem to figure it out. I've read the book on but still does no good. There are different fields, and categories, and I don't know what goes where. I don't have that kind of time to figure it out every day. It would be too time consuming and as I am the only employee, I can't afford that right now.


I certainly understand! I know JUST how you feel ... that's why I was suggesting just using the parts of the program that you really need. The offer still stands ... if at any time you'd like to send me a basic list of what it is you'd like to accomplish, I'd be happy to try to set up a test copy of what you need in my copy of Quick Books and see if I can help you work it out. I really enjoy challenges, and I particularly love to take awful, complex tasks and make them as simple and easy as possible. If I can make it work, terrific ... it would be my gift to you. If not, you'd have nothing to lose. If you'd rather have someone else set up the program for you, that's fine, too. My feelings wouldn't be hurt at all.

I, too, have been my only employee for most of my career. I loved a time in the not-so-distant past when I had everything set up in QuickBooks (perhaps I can even dig out an earlier, far less complicated version of the program!) and all I had to do was enter about 15 minute of information at the end of the day. It gave me a great sense of control and power over the stuff I needed (I didn't do time-tracking for "tasks" and only had my "client charges" entered, for example). When I was too exhausted at the end of the day to enter ANYTHING into the program, that was okay, too. I could easily catch up on the weekend and many times, that was the more efficient way to go. The important thing was that I could send out bills to clients and get paid, I knew immediately what resources I had to work with and could keep track of all of those wonderful "deductible" expenses, and the heck with whether everything was done the way an accountant would do it or not. For that, I'd pay for a couple of hours of a terrific accountant's time once a year. The investment was WELL worth it. My accountant loved me and wished that all of his clients brought him the organized info. that I was able to bring to him.

The beauty of this was that at any time, I could easily print out a couple of reports that gave me everything I needed to know. I was on top of my billing and my expenses and it was a dream.

The HARD part was setting up the program to do what I wanted it to do. I thought I was going to either tear my hair out entirely or become psychotic when I first tried to set up my companies. Once the hard to face stuff of setting these up was completed, I found myself giggling at how easy it all seemed. And in a simplified form, I never DID have to re-learn things every day of constantly have to figure them out. The program told me precisely what needed to be done.

By the way, I am NOT a CPA or MBA; just a psychologist who likes to have things that work well for people, and that includes me! If you could have the program set up EASILY while your web sites are small and manageable, the tasks you actually need to take care of will remain under your control and you'll always know exactly where you stand, regardless of how "big" your businesses might become. If they get THAT big, you will have all of the resources you need to hire someone else to take care of all of this garbage for you, right? Anyhow, if you change your mind and think that I can help you in any way, just send me a message, and I'll do my best to help. If not, I really DO understand exactly how you feel about this stuff. And I'm sure that there are simpler programs than QuickBooks that would probably do what you need without the complexity and headaches of QuickBooks. I'm just glad that my first attempt at using that program was about 5 or 6 versions ago. If I had had to face the more current, super-deluxe upgraded versions that exist today, I'd certainly have given up long ago.

I wish you the BEST of luck in arriving at a solution that works for you. Perhaps others will have better or easier suggestions you can try. At least you know that we care!!

Best regards,
Sheila
 

lawpsych

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byalik said:
Thank you Sheila. I will take you up on your offer and PM you some info shortly. Thanks for the help guys

Terrific! I will look forward to receiving the information and I'm happy to help, if I can. Thanks for giving me an opportunity to work on a challenging task. This will force me to get more comfortable with my more complicated version of QuickBooks and will also motivate me to finish unpacking some boxes, so that I can find an earlier version of the program to try out, as well. Just let me know what version of QuickBooks you've been fighting with and I'll see how similar our various versions of the program are. Believe me, I don't intend to upgrade this program EVER again, if I don't have to do so. If I do, I'm afraid that I might need ClassicNames' CPA expertise in order to figure out how to even open my company!

Your friendly geek-in-training,
Sheila
:cool:g :cool:g
 

lawpsych

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Sheesh ... I can't even get my "geek" smilie to look like it's supposed to look. Now THAT's a real kick in the butt!!! :huh: :cool:g %+| :party: :-O !!
 

petertdavis

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Heh, I think Quickbooks is the easiest thing, have you tried their online version it's more stripped down than the desktop version.
 

GiantDomains

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petertdavis said:
Heh, I think Quickbooks is the easiest thing, have you tried their online version it's more stripped down than the desktop version.

Putting your financial info on someone elses servers ... yikes
 

petertdavis

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There's a free demo, and they offer a free 30 day trial as well.
 

deepstar

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Save all your records and once every quarter have an accountant do it. Usually accountants have administrative staff that will do your books for you for $50/hour. If it is not too complicated they can likely get it done in a few hours.
 

Steen

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Quickbooks isn't on there, but a great site non-the-less.

http://www.oldversion.com/


Also, thank you for your discussions, was helpful :)
 

Nameable

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Byalik-

Quickbooks is really the easiest accounting program out there. I've been using it since it came on floppy disks. :) I've heard from accountants that it's not a "real" accounting program - and it's not. There isn't a better alternative for tracking a small business. Anything else is either insufficient or too complicated for anyone without real training in accouting. I've heard that PeachTree is getting better, but when I tried it in 1998 and again in 2002, it was too oriented toward accountants.

You don't need an MBA or a CPA certification to use Quickbooks. But it will take time to learn if you don't have an accounting or bookkeeping background or related experience. How long did it take you to learn to use a computer or the net?

Your best bet is probably to create separate accounts for the inventory and expenses of each site. Your account list will be short and easy for a beginner to understand. When a bill or invoice comes in, you assign it to the expense account for that site... you don't *have to* break your expenses out into separate accounts by category, it's just the "right" way to do it.

As you get more familiar with Quickbooks and accounting in general, you may want to get more granular in your chart of accounts. There are dozens of books out there on Quickbooks. Go to the library or bookstore and look at a few, then buy one that is written in a way that you understand.

You really are better off spending the time to learn about accounting and how to use Quickbooks now. It will save you time, effort, hassle, and money in the long-run. When you do grow and need to hand your info to an accountant for taxes or auditing, it will all be in one place.
 
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