Best Finance Management Software?

Trying to manage my financial records (for tax purposes) this year was a huge challenge. As a developer I’ve been using many different ad networks, which pay in several different currencies. Some via Paypal, some by direct bank transfer. Trying to keep track of all this stuff in a simple spreadsheet, and then present the data neatly for taxation, is not something I’m looking forward to doing again!

Does anyone know of a decent software platform (like MYOB, or Mint online) which would be good for Android developers with multi-currency earnings?

I’ve looked at MYOB’s online offerings, but it seems they don’t support multiple currencies. At this stage I don’t need some of the traditional business management tools (such as invoicing & CRM tools). Just need a good way to keep track of income & expenses.

Something hosted in the cloud would be good, but desktop software is alright too if it works. Bonus points if it can integrate with Paypal.

Good question.

I’m currently just using a spreadsheet- I have 3 sheets altogether: Expenses, Income, and Rent Expenses. From what I gathered you are a sole proprietorship and are from the US; depending on your living situation you should also look into the Home Office Deduction, in case you haven’t already. If your home office is 1/6 of the sq. ft. (for example) of your house (or rental unit), you can deduct 1/6 of rent as business expenses.

Anyways I plan on handing my accountant my spreadsheets, and if I ever get audited, I can pull out my binder full of receipts, invoices, check images, etc.

And yes, this process was a big pain. But IMHO I cannot think of a simpler way to handle my app stuff. I just print, catalog, and document in a spreadsheet.

Yep, I am in the same boat… spreadsheets :frowning:

For me the biggest problem is that Google Checkout doesn’t provide enough data for tax purposes in their reports. I have to open every order to get the information how much money in my currency I’ve got from it - and my country has strange laws that require me to make a raport every day. There were some improvements lately and there is a good report at the 10th of the next month (it’s late this month which makes me really worried - I have to give it to my accountant soon), but it’s still missing some things. For ad networks fortunately I only have to print invoices once a month, so it’s much simpler.

Well I took my spreadsheets to an accountant yesterday, and he seemed happy enough with the details I provided (for income - list of all my payments from the various ad networks, listed in USD along with the date received).

But he was just as confused as me when it came to how to write it all down. There are two major issues. Firstly, how to convert the USD transactions (paid to Paypal) into Australian Dollars. And secondly, how to classify the income (selling products? performing a service? acting as a middle man between producer & consumer?).

Anyway, the accountant is going to do some research and get back to me with further details about how we should proceed. I’ll let you know how it goes. Hopefully my experience with the Australian tax system can be of some assistance, even for those of you in different countries.

Actually, I’m from Australia. :slight_smile: But we have a very similar system here in terms of home office expenses. Thanks for the advice!

Payments from ad networks are almost certainly for a service (providing ad space). Almost certainly. :slight_smile:

We are in the same business that Google is in. Selling advertising space. We make apps to get eyeballs. They make a search engine (and now other things) to get eyeballs …

Since there’s no product or service technically I’d say you don’t pay sales tax, if that was the question. We’re almost like contracted out. If we do have to pay sales tax I’ll be pissed! In the US I believe I have to pay self employment tax (which is ridiculously high) and income tax only.

Since we’re on the subject of taxes, I’m thinking about incorporating as an S Corp. In the US you would just pay yourself a salary, pay half the SE tax from salary then pay the other half from the corporate side. Then trickle remaining cash from the company down as a dividend and only pay capital gains tax :smiley: And income tax of course.

I think I’d save about 10 percent of total income if I did this. But part of the reason I haven’t is because it’s just too risky with Google and Admob banning randomly. I’d like to diversify my income through iOS, other ad networks (got this done), possibly WRT, websites, etc.

Anyone (in the USA), thought of setting up an overseas company, and paying yourself as a contractor ?

Might be (a) completely legal and (b) avoid SE tax/etc

Would need to consult a decent tax lawyer though…

Does anyone of you have a proof from the ad networks, that the sales tax or VAT has been paid by the ad networks in USA?
In Germany there is a double taxation agreement with the USA, so i won’t have to pay sales tax when Admob & Co. have already paid that in USA.

Do you really need the proof? I think it’s the problem of the adnetwork, not yours if they pay their taxes properly. Don’t know how it is in Germany, but in Poland the only thing I need is a proof that the company is abroad and outside EU to not have to pay VAT (I still have to pay income tax of course).

My tax consultant has said that it could be that the financial institute wants to have such a proof.
I only don’t have to pay VAT here when the ad network has paid it already. So maybe I could need it. I have what I have :slight_smile:
Income tax is high enough in this country, just want to be safe with VAT.