Tracking profits

So does anyone track there profits such as in excel, pen and notebook or other format? My wife wants to see how much we make this year, the amount of money we put in to buy something vs free and what profit we make off items.

Quicken or Quickbooks. They can grow with you, in that depending on the version, you can do invoicing,print checks, run YTD reports etc. If you start now, at the end of the year when you need all that info for taxes, is just a few clicks of the mouse and...WHALA...you will have all your info on a few sheets. my 2. BroJer

I use pen and paper notebook also. I also have 3 big yellow envelopes. One for payments. i will write on the front the date and how much was paid. One for the receipts when you get paid by check and the other for cash. On the front I will put the date, yard and dollar amount. I have 3 yards i use. The receipts go in the envelope. That way at any given time you add up the front of the envelope and see how much you made. I only go to the yards a total of maybe 50 times a year so they all fit nicely on the front.

If you don't keep track of profits
How would you know how much Uncle Sam Gets?

Wait....we're doing this to make a profit?

I better go buy a pen and some paper.

Originally Posted by IdahoScrapper

Wait....we're doing this to make a profit?

I better go buy a pen and some paper.

there goes the profit ;-)

Originally Posted by GeorgeB

Which version do you have?

I am currently using Quicken Home and Business 2010

I have 2 "Accounts" setup...one for invoices/metal receipts and the other for all my expenses.

What I have found to be the easiest way for expenses, the version really does not matter, is to make all of your entries through the check register or a petty cash register. Each time you make an entry, you are able to setup an expense category, ie...tools, fuel, repairs, uniforms, parts, etc. It saves trying to setup all the different categories in advance. (some are standard in the program) You can enter your deposits in the petty cash register, for anything you are keeping on hand, and in the check register, for any actual deposits going to the bank. Reconciliation is easy, accurate and fast.

Invoicing is the same way. It is very easy to enter the info, for each new client, as you gain customers. Everything is auto recalled when you start an invoice, or check.

I also had a personal account setup. I always kept personal finances, separate from business, and paid myself on Thursday, just like the employees.

When I ran the printing company, (sold the name. now just service my customers and do sales) I had two small printers on my desk. One was for pre-printed/numbered checks, and the other for invoicing and reports. I could come into the office after running a equipment for 8-10 hours, and pay all the bills, get all the invoicing done, in no time.

Another benefit is that Quicken/Quickbooks owns Turbo Tax. If all of your entries are in order, taking care of things come tax time, is fast, easy and accurate. (I still had an accountant review it all and handle the payroll)

Anywhoooo I have used the programs since the early nineties. They are very user friendly and you can set them up as simple, or as complex, as you choose. Me, I like simple. There are a lot of features I never used. Hope that helps! BroJer

Okay, lets stir it up a little more.......
1) How many have a separate bank account for scrapping
2) How many just combine the money in the personal account?????

I know first you need to make money to have anything to put in a bank.... Ok so
3) 3rd selection.... put it all in coffee cans and keep it at home..

Originally Posted by twmart

Okay, lets stir it up a little more.......
1) How many have a separate bank account for scrapping
2) How many just combine the money in the personal account?????

I know first you need to make money to have anything to put in a bank.... Ok so
3) 3rd selection.... put it all in coffee cans and keep it at home..

Oops....
I am using Quicken.... But am looking at "Quicken Home Business" or "Quickbooks" I am not sure which to use I am thinking Quickbooks....

The issue I have is I don't know how well either one is set up at doing a scrap business

Originally Posted by twmart

Oops....
I am using Quicken.... But am looking at "Quicken Home Business" or "Quickbooks" I am not sure which to use I am thinking Quickbooks....

The issue I have is I don't know how well either one is set up at doing a scrap business

The basic of ANY "business"... is to track what comes in, and what goes out. Does not matter if it is scrapping, trucking, or whateverrrrrrr You can customize either one to fit your needs!

I always kept a separate account for personal and business. It takes a lot of discipline, for anyone who is self employed, to NOT spend business funds, on personal wants. By keeping separate accounts, it can make that, and accounting, a little easier.

Quicken is more than sufficient to get organized and track, both personal, and business, if you are just getting started. my 2, no charge ;-) BroJer

Originally Posted by billygoat

I visited the Quickbooks site and they offer a 30 day free trial and then $13.00 per month after that for Simple Start. I didn't delve into it too deeply, but it looks like an online service. I'd rather have a program I can purchase outright and install on my computer.

Quicken does offer a free version of financial software called Mint, but I'm not comfortable with that since it requires using their cloud. I don't want to take a chance of it being hacked.

Look on fleabay. you can get one that is a few years outdated, to get started, cheap. I did not spend to upgrade every year. It worked and I didn't fix it! I would every 3-4 years. Is worth a look. BroJer