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Hi. My name is Terry, and I'm the President of Quicksilver Accounting & Consulting,  Wilmington NC.

I created this blog to offer little hints, ideas, strategies and sometimes just silly excerpts from life to help other entrepreneurs gain insight.

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Written in Wilmington, NC

Entries in personal software (1)

Saturday
May052018

Personal finances can be just as organized as business..

For as many years as I can remember I have used either Quicken, QuickBooks or now QuickBooks Online for our personal finances.   The idea of being able to see all our investment numbers, banking and credit card balances,etc all in one spot was always my goal.  

To that end,  I needed software that would bring everything in automatically, and make it fast and easy, so it didn't become a chore.  I have looked at other programs, but for me, QuickBooks Online made a lot of sense since I knew the program well.    It doesn't do investments, but the companies we have those at have very capable software- no need to bring in more than the ending numbers each month. 

Creating a personalized chart of accounts gives me very detailed information on each home, and all our personal assets and expenses.  Every six months I run a P&L and Balance Sheet (yes, I just said that!).  I've done this for years- and know exactly what our net worth is at any time.  

This might sound like overkill, but should anything happen to me, my family has the full picture at their finger tips. Every account is listed, balances, etc.  And being this organized helps us reach some personal goals I set every five years.  

Run your household like a mini business. Let the software do most of the work.  It doesn't take more than an hour each week to keep up with everything. Automate as much as possible. Set recurring items in your software, and enjoy the process of being super organized.   Intuit's Mint is a good choice if you have never done this and want to see what it might be like if you have simpler needs.

For many of my clients, their personal side of life is very complicated.  Being able to have all this information when needed, for mortgages or loans would be a big time saver in the long run.   Do you know what your personal net worth is today?  Could your family find one piece of paper with all your assets and expenses on it right now?  Come on- try it! In the end you will wonder why you didn't run your personal finances just as organized as your business.