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Be Thorough in your Accounting!!

Discussion in 'My Journey Discussions' started by HostStage, Nov 7, 2012.

  1. HostStage

    HostStage Jr. VIP Jr. VIP

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    BHW - CEO of Webhosting Company
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    I know it isn't much related to black hat, but i feel like i needed to post something about it.

    We all know that most of the IM activities generates a lot of transactions.

    I have just hired an accounter to perform the full review of the 2012 activities for 2 off / on line companies which are sharing the same paypal account. Quite a mess actually.

    His outcome is astonishing ! More than $10k lost over frauds, overpayment in monthly subscription not cancelled, unused purchased services (yea yea true one...), or bad choices in software which shut down like EWP or Celestial Bot to name the most famous. And that was just over the year 2012..

    Don't be mistaken, it isn't a bitching thread about my losses, but a thread to emphasize the fact that being thorough in accounting is a must in IM activities. My example is extreme of course, but you got the point.

    Accounting isn't passionating and i would even say quite boring but if you happen to succeed to make it an habbit it will be a stream of income for you.

    You can for instance, report all your transaction in an excel stylesheet with the nature of transaction and you split the sheet in a monthly basis.

    Lesson is learnt here... DON'T MESS WITH FLUFFY ACCOUNTING