Scavenger Life Episode 514: It’s Not About Ebay, It’s About Scavenging

https://archive.org/download/scavengerlife_podcast_episode514/scavengerlife_podcast_episode514.mp3

Yep. Have used it for the last few years. I used to use QuickBooks for many, many years but after selling my larger companies and retireing and started running our 3 online stores I knew I did not need all the cow bells and whistles of QuickBooks.

I cancelled my QuickBooks subscription and re-created my COA [chart of accounts] in Quicken, “taught it” to memorize my payees and total expense structure, very easy to do. Attached my credit cards and bank accounts, both personal and business. Now everything downloads every morning and posts to all our personal and bznz accounts. The only thing I have to do is rename any new items that are brand new vendor accounts.

I can even invoice from Quicken for other services such as some consulting I do, and I even ran the project management part of 4 houses I and my former business partner that I supervised for him.

I don’t know how it handles setting up W-2 employees and tax tables for employees but most people now days use a Payroll service instead of doing it themselves, like J&R do.

I can also call Quicken 24 hrs. / 7 days a week, get a state side rep, and these reps know accounting. As soon as they hear you are not understanding they will either ask or you can ask for them to jump on a remote access and they will log right into your account and just do the set-up for you. That is what part of your fee pays for.

Mint and Fresh books is more of just a project tracking and invoicing app. Though they are making strides but Quicken has had this down for years. As I said the most used accounting program in the world when Intuit [QuickBooks] owned them. Now, not as much, but still a great single entry bookkeeping system.

If you can’t state in the next 30 seconds why you need a double entry [General Ledger & side journals] program, then you don’t need it. Too complicated and too easy to mess up if you are not a bookkeeper. Screw up your General Ledger, then you will have to inform your CPA and he will have to make entries, or off setting entries, etc., etc. and will charge for it.

Ask Mark Tewes on here. Ask him if he thinks most online sellers operating on a cash basis instead of an accrual system need a double entry / general ledger accounting system? I would be surprised if he says yes. My CPA says no.

At year end I can furnish enough reports [.Pdf] files. Quicken also has a mileage tracker in the Deluxe or Home and Business versions. Don’t skimp on a smaller version just for a few bucks per year.

Intuit were the original owners. The QuickBooks guys had Quicken for years. It is the most recognized accounting program in the world. Intuit got more interested in Growing the Double entry bookkeeping portion of their financial interests and stopped paying much attention to the single-entry bookkeeping system used by Quicken. So, Intuit started to let updates and new growth coding fall by the wayside.

So, they Sold it to H.I.G

<span class=”ILfuVd NA6bn”><span class=”hgKElc”>Here a copy of the 2016 announcement.</span></span>

<span class=”ILfuVd NA6bn”><span class=”hgKElc”>Quicken: An Overview. QuickBooks and Quicken are two of the most widely used financial management tools in the world. Both programs were part of <b>Intuit</b> (INTU), but Quicken was sold to <b>H.I.G Capital</b> in 2016.</span></span>

Quicken is not QuickBooks and vice versus. Quicken was bought and greatly improved since Intuit lost interest and sold it. Even Microsoft started to buy quicken but developed MINT at the time. I think may MS did own it for a short period.

The Quicken staff is great. So just call them and talk with a rep. tell them how you conduct your business, how you track expenses, how you do payable [OH, OH, you can even set up to pay your bills both personal and business through Quicken], Ask them what kind of reports you can get and if you don’t know what you need let them tell you.

I used to teach on a collegiate level and the only dumb question is the one you don’t ask.

Jay has said I write “walls” of text. Well, here you go, take what I have outlined, what you see about other programs, call and talk with them. I am not afraid to question anybody for an hour or more. But I get the details I need to make an informed decision.

And as my old ending line used to say, just my opinion and that plus $1.50 will get you half a cup of coffee. But with J&R maybe 1/10th of a bag of ground up beans!

Mike at MDCFA in Atlanta

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