QuickBooks for personal finances?

Jul 18, 2005 24 Replies

Unless you have the need for a cash register, POS software maybe overkill. One client didn't use one because the largest part of the business (over

90%) was from the internet w/credit cards. The physical store, with a cash register, didn't do enough business to justify the expense and has closed its door to walk-in business. That business started out on Quicken Basic as a hobby but out grew that and is doing low 6 figures using QuickBooks Pro. It is now doing more each month than it did in its first year.

A very small, hip pocket business can get by with some version of Quicken, Money, or even a simple Excel spreadsheet. Another client keeps a simplified book and summarizes it by week and year to date. I double check it using Excel in the same way my mother used the Borum & Pease columnar pads and a calculator.

Whatever, be consistent. Good records can save your butt should the tax man come calling.

So no need for something real complex than huh?

If you're going to have an accountant ANYway, discuss it before spending money and time. Based on what you said, you've been give off-the-cuff advice from people you don't know. Now get advice directly from the professional advisor you will be working with.

That's right, but find a professional (accountant or qualified bookkeeper) with whom you feel comfortable. Both Quicken and QuickBooks can be as simple or as complex as you want them to be.

Check with that professional and find out what he/she would like to see at tax time in order to give you the best service.

I have a small dog training and supply business that I keep with QuickBooks. My personal finances with a many IRA accounts, active stock trading and the like is best handled with one of the Quicken Premiere products. I am currently using QB 2003 and Quicken 2004.

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