Re:The Surprising Ease of Plain Text Accounting
by dmix on Tuesday July 19, 2016 @12:01PM
(#12122494)
At $300k the costs (ie: time) involved in tracking your spending in the way accountants do it, or how an app like YNAB [1] is set up, is much too expensive where the ROI is questionable.
It's important to have a money-guy to handle taxes, corporate paperwork, etc and have a basic budget. But as far as tracking all expenditures manually, I believe this is the wrong approach.
It's good to watch your money and sit down once a monthly to review where your money went and plan your next 30 days. Biweekly would be even better. This is a good balance between the two extremes while giving me more time to focus on building up my side businesses and other revenue drivers.
It's important to have a money-guy to handle taxes, corporate paperwork, etc and have a basic budget. But as far as tracking all expenditures manually, I believe this is the wrong approach.
It's good to watch your money and sit down once a monthly to review where your money went and plan your next 30 days. Biweekly would be even better. This is a good balance between the two extremes while giving me more time to focus on building up my side businesses and other revenue drivers.
[1] https://www.youneedabudget.com/