Three years ago, we had seven accounts: Checking, savings, two credit cards, a mortgage, my 401k, and Dawn’s 401k.
Somehow, that has morphed into 27 accounts: three checking accounts (one in California, two in Pennsylvania), two savings accounts, two business checking accounts (one for my computer business in LA, the other for the B&B), three personal credit cards, three business credit cards, three mortgages, an escrow account, three store charge cards, six retirement accounts, and a car loan. Bookkeeping is now a full-time job.
Even worse, I have to maintain the business accounts in both Quickbooks and Quicken, because I don’t like the reports in Quickbooks.
Once I move to Pennsylvania, I’ll be able to get rid of many of these accounts, and hopefully bring the total back below 15. I will also turn the business accounts over to a professional bookkeeper. But in the meantime, it takes me about 16 hours each month to balance everything, not including the dozen or so emails I send to Dawn with questions about various expenses.