Accounting Software for Stealth

[Play]

Okay, so doing accounting for multiple stealth accounts is daunting! Having to enter all the orders into excel spreadsheets at the end of each day is cumbersome.

It makes me jealous that non-stealth users can simply use softwares such as QuickBooks and just have everything imported, job done.

Does anyone know of any software that may work for multiple stealth accounts, or does anyone know a faster, more efficient way of recording all the details?

[MM78]

So you can't use Quickbooks for each stealth account?

[newjerseymax]

Yea this is what I was going to say... I have to add date as each is its own entity.... Then when tax prep comes they will be combined under umbrella of the LLC....

I hope you find your way to easier process... Hope someone else chimes in.

[MM78]

Aren't there some online sites that are similar to Quickbooks? I remember a while back someone had come up with accounting website for stealth....that or it was my imagination!

[bigbill]

We just download transactions from each PayPal and Amazon account into a .CSV file at the end of each VAT quarter and send to our accountants who upload the .CSV to Xero Accounting software.

You could get some quotes from accountants to do your accounts on this basis. Will take you less than a few hours per year to download all transactions.

[Play]

@MM78 - Good idea. I currently just use it for one account which bring in about 50% of my sales. But I feel I would still have to collate the mess it ends up making if I multiple quickbook accounts. Definitely a worthy option I was thinking about.

A search on Aspkin in relation to accounting found minimal results, so that software definitely your imagination. Hence I thought it would be great to get a thread up to help everyone make their accounting a lot easier.

@bigbill - That would simply pull out all the transactions. So do you not label each transaction (item number, separate postage price from item price, note paypal fees charged for each transaction etc.)?

I would eventually like to get an accountant, but I like to do things when I can, so I can understand the concept better.

[dan_ebay]

I do the same as big bill. I put the ebay and paypal fees monthly, you don't need to separate it for every transaction.
None of it really matters aslong as you can show the figures are correct if you ever need to which you would be able to do from the file with the paypal transactions anyway

[Play]

Originally Posted by dan_ebay

I do the same as big bill. I put the ebay and paypal fees monthly, you don't need to separate it for every transaction.
None of it really matters aslong as you can show the figures are correct if you ever need to which you would be able to do from the file with the paypal transactions anyway

So you take the total fees for Paypal / ebay on a monthly basis and record it within your figures? That would make live a hell of a lot easier.

I sell a lot of stuff based on best offer, so you can imagine I would have to label each transaction with different figures for fees etc. each time. - So nice to know you dont have to.

Out of curiosity, is anyone's accounting figures 100% accurate, I mean I would say mine is always about 95% accurate, - If you were to go through it with a fine comb. Do you think I would run into issues in the future, or is this something that's not really looked into?

[aspkin]

Originally Posted by Play

Out of curiosity, is anyone's accounting figures 100% accurate, I mean I would say mine is always about 95% accurate, - If you were to go through it with a fine comb. Do you think I would run into issues in the future, or is this something that's not really looked into?

It's not really looked into as long as it's around the same numbers as the previous year.. from my tax accountant.

I TRY to do things correctly, but PayPal doesn't make that easy so what I personally do is just look at my bank statements for profits minus my costs.

It's close but not an exact science.

[Play]

Originally Posted by aspkin

It's not really looked into as long as it's around the same numbers as the previous year.. from my tax accountant.

I TRY to do things correctly, but PayPal doesn't make that easy so what I personally do is just look at my bank statements for profits minus my costs.

It's close but not an exact science.

That's exactly what ive been doing to get a ballpark figure. Then the rest of my calculations revolve around making sure they roughly reach a similar figure.
I'd say thats accounting made simple .

[GreenBean]

quickbooks does OK for stealth... for us.

Our main Accountant said keeping annual figures to a related total is usally acceptable.
For the UK, we have already made it apparent of increases in trading so it is no surprise to the Tax man.