Using YNAB for my Small Business

JDeeringJDeering Posts: 2Member
edited May 2013 in Desktop
I am reviewing the product here as a new small business owner. A little history. As it stands now I have started my Optometry practice 6 months ago as a new graduate. After jumping through all the hoops that go along with licensing and such I am finally earning some money and am rapidly looking to grow my practice and start putting that money toward new equipment, supplies, drops, and eventually hiring employees and such.

This piece of software looks perfect to virtually start squirreling money away for my growing business while not missing any of those all important student loans, but I wanted to see if any of the users here use the software for business purposes and if there are any drawback to using it in this setting. I'm glad to see so much success in peoples personal lives (and may end up using it for that as well) and also do not see why I couldn't adapt the program to my needs (there won't be a diaper category for me), but thought I would ask first.

Any business, or even medical, people out there with some suggestions?

Thanks in advance for any help...
Post edited by Unknown User on


  • duaneolsonduaneolson Posts: 32Member

    I use it for my small business. It works very well. I just setup a budget each month and put my own personal draw as a budget item. I complete all my project budget items and as income comes in, I use it for this month or next month if you are able to.

    I have a separate budget for my personal that I do after I do my business budget.

    I think this is a GREAT simple piece of software for this purpose. It allows me to have a daily reconciliation of my accounts as well

    wish you luck.

  • vhgvhg Posts: 15Member
    If you're going to bring on staff in the near future, and if you're going to have a tax accountant (which you absolutely, definitely should), I wouldn't use YNAB for business. For a sole proprietor or lone owner/manager, fine. But QuickBooks is the standard in small business, and bookkeepers know it, and accountants know it, and it will give you the reports you need to monitor your business and report to the IRS and any other oganizations who need to know what's going on. Business bookkeeping, done properly, is not just about inflow and outflow. If you can't pull the proper reports, you won't know where you are, or where you're going.

    I'm speaking from many years as a business-owner, most of the time with employees, and always with an accountant.
  • jjean02jjean02 Posts: 4Member
    I am a certified QuickBooks proadvisor and I find both necessary. Some might argue that as an accountant I am just obsessive about the numbers, but I need the reporting function for tax purposes that QuickBooks gives me, but I really appreciate the visual budgeting of YNAB and I stick to my budget using it, so I keep track of transactions in both. It has really helped me develope my small business and be able to make better business decisions. I hope this helps.
  • Oliver84Oliver84 Posts: 24Member
    I know this is an old post but this is the very thing I'm dealing with now. I love the visual budgeting I get from YNAB but I need to use quickbooks for my business. I'm using quickbooks premier 2011 and I've been trying to find a way to make a budget in quickbooks like my YNAB budget so that I'm not doing all these transactions twice. I love YNAB and will keep using it for my personal budget but I think it's more time efficient if there is a way to make quickbooks do what YNAB does since all my transactions are already in quickbooks and I just need to visualize where my money is going. Have you had any success with this?
  • Turf_HackerTurf_Hacker Posts: 8,668Member, Moderator, YNAB Team, Beta Tester
    I'm not familiar with the full functionality of Quickbooks. Will it either import or export data in QIF, QFX, or OFX format? If so, you can enter your transactions in one and export/import to the other.

    Since Quickbooks is primarily a bookkeeping program I doubt it has much, if any, budgeting capabilities.
  • jessiebirdjessiebird Posts: 4,914Member, Beta Tester
    I've been trying to find a way to make a budget in quickbooks like my YNAB budget so that I'm not doing all these transactions twice.

    I hear you. But I don't think there's any way around it.

    I just recently started using YNAB for my husband's business budget and it is making a huge difference. Big-ticket things like tax liabilities really need to be tracked and in the past I haven't done such a great job of it. Now I do.

    I don't actually budget our main business account; much of the flow in there comes from deposits from customers that are immediately disbursed to pay employees, materials costs and subcontractors; there's no point budgeting for this because customers are billed directly for this stuff and the money leaves the account almost immediately; there's not really any "budgeting" to that part: My husband bills a customer $500 for electrical work and pays the electrician $500 that day.

    However, I am using the budget on our business savings account; every week I transfer out from checking all tax liabilities plus a quarter of the month's expenses for insurance, phone, advertising,etc., plus extra for possible truck repairs and such things, and irregular payments like truck registration and so on. Although YNAB doesn't care that these funds are in a physically different account, I do, because my husband has his own business checkbook and is apt to spend the money. He did this the other day, in fact, without telling me and because I keep the business checking account at the bare minimum, he would have overdrawn it had I not caught it before the end of the day. Fortunately, I was able to transfer in money to cover it from the saving account.

    It does mean more accounting but I can't come up with a way around it and it's worth the peace of mind I've had since using YNAB in this way.
  • Rachel SRachel S Posts: 13Member
    Your budget is just a file on your computer like any other file. There is nothing to prevent you from creating multiple files. The File->Create new budget option will let you create another budget. But before you do that.. make certain that you know the file name and the location on your hard drive of your current budget file so that you can find and open it.


    Rachel !!!
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