Website Business Book Keeping Format Bookkeeping Question

by Ashley
(Trinidad and Tobago)

Website Business

Website Business

I am going to start a new website with Site Build It soon. I will like to keep records of all payments, expenses as well as any revenue or income earned with regards to my website.


My question is what is the book keeping format I should use for a website business or what type of format I should use?

I really think that it is important to record all financial transactions, even though it is just a home-based business.

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Jun 11, 2018
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starstarstarstarstar 		Website Business Bookkeeping Entry
by: Stephanie

Hello Ashley,

Thank you for your inquiry.

First of all, congratulations on your decision to start your own site build it website. I have found the experience to be truly rewarding in many aspects, not just financially!

Also, I'm glad you are planning ahead. As you said, it is definitely important to record all financial transactions, even though it is just a home-based business!

With any self-employed business, I highly recommend getting a separate bank account for your new business transactions. Many banks will even offer you a year end summary of transactions that will take care of categorizing your expenses for you.

You might also wish to setup an Excel type spreadsheet listing your expense categories across the top and transactions below each category that can be totaled at the end of the year.

Lastly, you can also try a software program to help keep track of expenses. I am currently using Quicken and am finding it to be very convenient.

Best of luck to you!

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Bookkeeping System and Format for a Website Business

I am going to start to develop a website soon about gardening. I will be using Site Build It, and I would like to keep all records of income, expenses and receipts with regards to the website.

What format should I use to record all financial transactions that relates to my website business?

To be specific what type of bookkeeping system I should use?

If you can give an example of how I can construct the financial statements that shows income flow and expenditure, I will greatly appreciate that.

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Aug 24, 2023
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starstarstarstarstar 		Website Business Bookkeeping System
by: BB

Starting a website business is an exciting endeavor, and proper bookkeeping will be essential to track income, expenses, and overall financial health. Here's a guide to help you establish your bookkeeping system:

1. Choose a Bookkeeping System:
Manual System:

You can use Excel or Google Sheets to manually input all transactions.

Create separate tabs for different categories like income, expenses, assets, liabilities, etc.

Regularly update and back up your files.
Accounting Software:

Tools like QuickBooks, FreshBooks, or Xero are designed for small businesses.

They provide templates and automation to make tracking easier.

2. Organize Your Financial Categories:

Income: Include all sources of revenue such as sales, affiliate income, and ad revenue.

Expenses: List all costs like hosting, domain registration, marketing, content creation, etc.

Assets: Include items like any purchased software or intellectual property.

Liabilities: Debts or obligations you may have.

3. Constructing Financial Statements:

Income Statement:

Revenue: Total income from sales, ads, etc.

Expenses: Total expenses including web hosting, advertising, etc.

Net Income: Revenue minus expenses.

Balance Sheet:

Assets: Everything you own related to the business.

Liabilities: Debts or obligations.

Equity: Net assets (Assets minus Liabilities).

Cash Flow Statement:

Operating Activities: Cash from core business operations.

Investing Activities: Cash from investments.

Financing Activities: Cash from debts, equity, etc.

4. Maintain Proper Documentation:

Keep receipts and invoices for all transactions.
Regularly reconcile your books with bank statements.

5. Consider Professional Help:

As the business grows, consider consulting with a bookkeeper or accountant.

Example:
Here's a simplified example of an Income Statement:

Revenue: $1000

Expenses: Hosting: $100, Marketing: $200, Content: $300

Net Income: $400

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What Are Prototypes And Product Creation

What are prototypes, design and development of a product categorized as?

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Feb 07, 2012
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by: Anonymous

I believe prototypes, design and development of a product are categorized as R & D, Research and Development.

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