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Thread: Book Keeping

  1. #1

    Book Keeping

    First of all just wanted to mention that since recently becoming interested in making gold and stumbling across this site, I've already learned a great deal from the members here. It's truly a fantastic place so I'd like thank those who run and contribute to the site, fantastic work. Now, on to why I'm here.

    Since getting into making gold I've been getting steady results, initially from my sole profession-Blacksmithing supplemented by some cross faction arbitrage and flipping. As I've been making gold back I've repeatedly used it to level new professions to diversify my sources of income. Right now I am up to about 17k gold which I'm aware is tiny in comparison to many here, but until levelling my final profession Inscription recently I had always poured my gold back into levelling another profession so my total has never managed to creep very high.

    Finally, this leads to my question: With these diverse sources of income which often require different investments(in both gold and time), how do you efficiently and accurately track your incomings and outgoings to decide what's worthwhile? I'm sure this element probably seems very obvious to some of you, especially those who have some sort of business, but being completely inexperienced in this I don't know where to begin with an empty Excel window glaring at me.

    Thanks in advance, I look forward to hearing all of your ideas. And if people wish to discuss other book keeping in general and not just my issue you're more than welcome.

  2. #2
    Just watc hthe markets your interested in for 2 weeks, watch every stage of production of those markets(Raw mats, smelted mats, volotiles, finished products) look at the pricing. Grab TSM and with a bit of setup you'll be reaping many rewards.

    I'd probably try to invest in and alchemist at some stage since the daily transmute are just easy pickings without any time/cost.

  3. #3
    I love to flash my blog around, since I started hanging around on this forum I made a post a while back about most used addons for goldmaking, and I believe its still relevant.
    As to what addons spesificly to use for tracking expenses and income, I recommend these;
    • ItemAuditor – item investment tracking/queue crafting based on rules, to determine actual production costs
    • Auditor – monitor the overall cash flow across characters
    • Accountant – basic tool to track your gold income and expenses within WoW
    • MySales – sales tracking per item/buyer/day/week/month/gold/item amount
    • Beancounter – searchable AH sales/expires/buyouts tracking


    For many screenshots on how MySales work, check out my weekly posts on my income. (there is one flaw in MySales however, it doesn't show the stacksize of sold items. 1x Volatile Air and 200x Volatile Air shows up as one sale, which in turn renders the average price of items sold useless on certain items)
    Every friday I post some statistics on what/how much I've sold the last week; MySales Weekly Statistics
    Are you prepared to supply those pets in 4.1.0? Check out my full list of sellable pets, and their rarity
    If you wonder how you can optimize your goldmaking with addons, look no further!

  4. #4
    I wrote a web app that tracks all sorts of data in regards to market prices, sold items, auctions and inventory, and then does all sorts of calculations and analysis to provide me realtime information on relevant markets. Something like TUJ/TSM. But that's fancy talk.

    Before I became lazy, I would do market research by putting in all sorts of market prices into an Excel spreadsheet, and then calculating worst-case profit scenarios. I would come up with numbers such as, "The highest price I will pay for Obsidium Ore is X, and the lowest price I will sell by-products of Obsidium Ore is Y." Then I would mentally keep track of these numbers when playing the AH. Then every week or two, I would go back into my Excel spreadsheet and update the market prices and see if the numbers changed.

    I don't really believe in micro-managing money flow on the long term. There's too much overhead when you start dealing with large volume. However, I would recommend you at least micro-manage during market research tests. You can either track information manually or with addons (as Sponsor recommended).

  5. #5
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    Quote Originally Posted by psu567 View Post
    Since getting into making gold I've been getting steady results, initially from my sole profession-Blacksmithing supplemented by some cross faction arbitrage and flipping. As I've been making gold back I've repeatedly used it to level new professions to diversify my sources of income. Right now I am up to about 17k gold which I'm aware is tiny in comparison to many here, but until levelling my final profession Inscription recently I had always poured my gold back into levelling another profession so my total has never managed to creep very high.
    This by the way is a good thing. I too was not making as much money initially when getting all my characters leveled and now am sitting on a very large stockpile of gold and mats/items. I still take the occasional week off of my normal AH routine just to grind something out that interests me and it doesnt bother me knowing once I get it done I am in a better position to make gold even faster.

    In regards to keeping track of everything like mentioned there are a lot of addons that will help. The one thing I want to bring up though is go one market at a time. Remember that all the markets in cata boil down to the raw mats that are available. Cloth, Ore, Herbs, Volatiles, Dust/Essenses and to a lesser extent Fish and Meat if you are in those markets. A lot of professions touch multiple markets. You are in blacksmithing for example as your main profession. I am sure without a spreadsheet of any kind you know what price you would pay for the ore and volatiles you use. I can tell you exactly what my price points are for every crafted good market I am in.

    I would reccomend as you branch out into more professions write down at what price point you will buy the mats for and what you will sell it for. Watch the market for a couple weeks and see if it is viable. If it is you jump in slowly and buy at or below your price points and sell for a profit. After a while you start to do this in your head or very quickly with a calculator and the price of goods stays the same across markets. If ore is a good price for jc then I will buy it and use it for jc/bs/engineering...

    Since blacksmithing is your first profession I will link a very basic spreadsheet I used at the start of cata to get a handle on pricing items. I just adjust my mat prices as needed and it tells me the cost to make any BS item. This could be done with any profession really or put all the professions on one spreadsheet. https://spreadsheets.google.com/ccc?...thkey=COTU6coE


    For a more detailed spreadsheet when you want to do it all look to - http://consortium.stormspire.net/sho...lopment-Thread
    Experience for mining/herbing - Making farming tolerable and leveling painful.
    There can only be one Rewind Trader

  6. #6
    Thanks for the responses everyone, I'm definitely going to utilise some of the addons and ideas mentioned here. I think I agree with you Deomitrus regarding long term money flow micromanagement. I've already been using a similar method of assessing business ventures to the way you describe, which seems to be working so far. I think when I created this thread I possibly overestimated the importance of having really comprehensive book keeping.

 

 

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