Author

Topic: Tracking P&L (Read 145 times)

jr. member
Activity: 210
Merit: 1
February 17, 2018, 02:11:18 AM
#3
https://bitcoin.tax/r/2XpGLoYcZ


I signed up with them at the end of last year to make my life easier to track mining and any trades (mainly mining).  So far so good and the price isn't too bad.  You can import transactions from a wide variety of places.


I also use quickbooks to track it for my business but the website makes the figures easier to figure out (mining income per month, etc)
 
For those of you that mine and trade, how are you tracking your profits and losses?  Are there any resources or tips that can make life easier on this front?
hero member
Activity: 687
Merit: 511
February 17, 2018, 01:53:09 AM
#2
Excel.  Wink  In all seriousness, just a normal run of the mill accounting package like Quickbooks is fine - the only thing is you have to be careful about how you enter things due to tax implications, etc - and really there's not much magic to even that, you just need to be consistent.  We maintain two sets of books - hey now, not in the illegal sense of the term, but meaning one rough and easy to modify on-the-go version and then our actual day to day accounting.  For our on-the-go, we track things like ROI, hardware prices, exchange fees, pool fees, machines deployed, failure rates, etc.  You could build something more robust, but in reality Excel does a pretty good job, just be thoughtful about it and you should be good to go.  Then you can just compare your projections (the on-the-go books) vs actual, and that will give you the typical error you can expect - in our case, our quick and dirty tracking is about 10% off of actual, so it's super helpful from a forecasting perspective and making you aware of what you might need to keep an eye on.

Also make sure to do a monthly budget, and have your on-the-go books tick that down, that way you can see something going off the rails before you've burned a bunch of cash - or conversely spot something that's maybe doing better than you expected, and shift some resources over to it.
newbie
Activity: 102
Merit: 0
February 17, 2018, 01:38:42 AM
#1
For those of you that mine and trade, how are you tracking your profits and losses?  Are there any resources or tips that can make life easier on this front?
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