Keeping it simple and automation

[Arlene M Passalacqua]

I don't know how I ended up with four business bank accounts, several merchant processors, too many different systems are taking up too much of my time. I'll be hiring a consultant to help me consolidate my business systems and make it more manageable.

Well, I do know how I ended up with so many different accounts. There was a purpose to each one when I opened them. The problem is that I wasn't looking at the big picture while making all these things happen. Not only do I have multiple bank accounts, but they're all at different banks. Too many accounts to reconcile either equals too much time spent reconciling or you don't do it at all.

I'm using Quickbooks for my accounting system, and am determined to stay with it. There are some things I'd like to see it have (such as opening up the online billing features, for example), but there are no other products that please me as much. Peachtree is a very close second. Now I'm looking at ways to make running my business easier by automating things using Quickbooks. I've been manually sending invoices by email, for example. I know I can automate it in Quickbooks, it's just a matter of setting it up.

How are you dealing with these issues?

[cwneri]

Well at least I am not the only one. I also have several merchant accounts which I need to merge.

Luckly, my bank allows a tiered system for my bank accounts. All accounts have their own checks and statements, but they all share one account number.

Quickbooks works well once you sort out the banking system.

Karen

[superfaith]

Now about all these different accounts, I was thinking of trying the same thing- such as 1 for payroll, taxes, supplies and a savings account for profits. Is this normal? Reasonable or Insane? Thanks!

[Dalen]

Common business practice now is to have 3 checking accounts: 1 for payroll, 1 for operations, 1 for deposits. This protects your cash surplus from being attacked by fraud. You transfer just enough from the depository account to the other two. No insanity, just good common sense. That's why QB made 2004 some much easier to reconcile (take it from me, I've been reconciling accounts with 5000+ transactions per month).

My issue comes with diversifying my business interests. I have businesses in the service industry, ecommerce and (soon) food. Is anyone else this spread out?