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!
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.).
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.
@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.
I like DomainAccountingPro.com
😉
LOL, is there a software developer in the house?
@Kev – do it up!
You could always marry a CPA…like i did! 🙂
@Scott – my wife will be a Psychologist soon – so I am in good hands.