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Congrats on your launch :-) I have a business that has grown from 0 to 500,000 pageviews / month in a little under 6 months. I haven't spent much money but my

Congrats on your launch :-) I have a business that has grown from 0 to 500,000 pageviews / month in a little under 6 months. I haven't spent much money but my income is starting to be more significant. I use two separate bank accounts that are personal accounts for my ad revenue deposits, and I use personal credit cards to pay for things. I understand the need, eventually, to incorporate and get separate accounts, but right now I don't have that. So is inDinero useless to me? Should I use QuickBooks instead, as it allows for much more flexibility and manual transaction entry?

jlm382 16y ago
@mattew - in fact, the IRS often scrutinizes entrepreneurs who charge personal/business transactions to the same account. CPA could fix it by having your business account reimburse the individual, but it gets complicated very quickly. I'd highly recommend making the 1 hour investment in getting a business sub-account with its own checkbook and debit card :) Hope this helps!
jlm382 16y ago
Hey Dave, This is an interesting thought, because although you're "supposed" to have separate accounts, the reality is that many entrepreneurs never do. For now, inDinero would only be able to show you the finances from your combined transactions -- that is, unless you had sub accounts that you used only for business transactions, in which case we can ignore your personal sub-accounts. Will follow up via email to figure out a better solution to this. Thanks for the feedback, Dave! - Jessica & Co
- robryan 16y ago
  Yeah I'd imagine many smaller freelancers like myself only have the one account, which is perfectly legal here in Australia for a sole trader as long as you track the business transactions. So yes, without having a look at the app yet, maybe having the ability to mark each transaction as business or private would be great. An extension on that to would be automatically marking transactions with certain words in descriptions, transfers from certain clients and certain expenses will always come up the same way.
mattew 16y ago
I am not a lawyer, but you should consider incorporation and separating out your personal affairs from your business affairs. Not only is it easier to see what is going on, it can provide you with the other benefits of incorporation.

jlm382 16y ago

@mattew - in fact, the IRS often scrutinizes entrepreneurs who charge personal/business transactions to the same account. CPA could fix it by having your business account reimburse the individual, but it gets complicated very quickly. I'd highly recommend making the 1 hour investment in getting a business sub-account with its own checkbook and debit card :) Hope this helps!

jlm382 16y ago

Hey Dave, This is an interesting thought, because although you're "supposed" to have separate accounts, the reality is that many entrepreneurs never do. For now, inDinero would only be able to show you the finances from your combined transactions -- that is, unless you had sub accounts that you used only for business transactions, in which case we can ignore your personal sub-accounts. Will follow up via email to figure out a better solution to this. Thanks for the feedback, Dave! - Jessica & Co

robryan 16y ago
Yeah I'd imagine many smaller freelancers like myself only have the one account, which is perfectly legal here in Australia for a sole trader as long as you track the business transactions. So yes, without having a look at the app yet, maybe having the ability to mark each transaction as business or private would be great. An extension on that to would be automatically marking transactions with certain words in descriptions, transfers from certain clients and certain expenses will always come up the same way.

mattew 16y ago

I am not a lawyer, but you should consider incorporation and separating out your personal affairs from your business affairs. Not only is it easier to see what is going on, it can provide you with the other benefits of incorporation.