Tracking Your Financials | DomainInvesting.com
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Tracking Your Financials

7

What software or system does your company use to track domain investments, sales, expenses and other financial information?  I’ve got a pretty good system set up using Excel, but I am sure there are better accounting programs to use.

I think my Excel system is a bit confusing for my accountant (before I explain things to him) but he doesn’t complain.  Can anyone recommend an easy to use, inexpensive software solution that doesn’t take up too much hard drive space?

Tax time is fun for domain investors!


About The Author: Elliot Silver is an Internet entrepreneur and publisher of DomainInvesting.com. Elliot is also the founder and President of Top Notch Domains, LLC, a company that has sold seven figures worth of domain names in the last five years. Please read the DomainInvesting.com Terms of Use page for additional information about the publisher, website comment policy, disclosures, and conflicts of interest.


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Comments (7)

    Lance

    I use QuickBooks. It is inexpensive, easy to use and widely supported. Every transaction has a memo-type field, which is a good place to put the domain name you are trying to track. I haven’t done this yet, but I’m sure there is a way to run a transaction report on a particular domain name (initial purchase, renewals, development expenses, income, sale, etc.).

    March 8th, 2009 at 11:46 am

    Lance

    Also, Quickbooks has a nice “Accountants Copy” feature that allows you to download from QuickBooks and email your CPA everything they need to prepare your return (and in some cases, clean up your books). They can then make adjusting entries and you can upload it right back into your QuickBooks system. It doesn’t really get much easier.

    March 8th, 2009 at 12:09 pm

    Elliot Silver

    @Lance – you gave me a good idea.

    Now that my accountant knows a lot about the industry (much as a result of the domain tax guide I sent him) I wonder if he would be willing to set up the back-end of Quick Books to make it easier for him to find things.

    Instead of my telling him where I put things in Excel, he can tell me where to make entries in Quick Books.

    March 8th, 2009 at 12:16 pm

    Kevin

    I like DomainAccountingPro.com

    😉

    LOL, is there a software developer in the house?

    March 8th, 2009 at 1:30 pm

    Scott Fish

    You could always marry a CPA…like i did! :)

    March 8th, 2009 at 11:30 pm

      Elliot Silver

      @Scott – my wife will be a Psychologist soon – so I am in good hands.

      March 8th, 2009 at 11:31 pm

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