My wife and I just bought a Christian bookstore!
The previous owners used Square to accept payments and track inventory, so I'll continue doing that. However, they used QuickBooks for the finances. Can I just use YNAB? I've read all the articles I could find on YNAB for businesses, but they're all old.
Any help would be greatly appreciated!
Hi Ken! First of all, congrats! Owning a bookstore would be a dream come true for me. :-)
As for your question, I would definitely continue to use Quickbooks, though if they're using the desktop version, you may want to consider the online version instead. Another alternative would be be Xero as it was created with business owners in mind, not accountants/bookkeepers the way the QB franchise is.
While you CAN (and should!) use YNAB as your cash management system, you'll need the special biz reports that a bookkeeping software would provide in order to get the full picture of your business. Since you are running a brick-and-mortar-store with physical inventory (and do you have employees?) you'll need a bookkeeping software to generate balance sheets and income statements at least.
YNAB is **amazing** at cash management: helping you know what those dollars in the bank are meant for. But QB or Xero or whatever is best for the actual bookkeeping to track what has happened in the past in a concise and consistent manner. If you ever need to obtain financing, or perhaps sell the business later, you'll be required to present those reports.
I use YNAB **and** either QBO or Xero for my clients (and my own biz!) since each has a different role to fill.
Hope that helps! Reach out if I can assist further....
Hi Ken Locklin !
Congratulations! Owning a book store sounds like a second heaven! :)
We run YNAB the company on YNAB the software, and it's exceptionally scalable. Jesse actually wrote a blog post that I think tackles exactly what you're looking for: Goodbye Quickbooks: You Need a Separate Business Budget.
Also, check out this article on how to set up a business budget.
I know you mentioned reading older business posts, but I wanted to leave a few links here just in case.
- Moving YNAB to YNAB
- YNAB’s Business Category Setup in YNAB Revealed.
- Goodbye Quickbooks: Use YNAB to Track Accounts Receivable
- Success Story: How YNAB Helped Me Launch A Profitable Business
They were created based off of our previous version of YNAB (YNAB 4) so you won't recognize some of the screenshots, but all of the information is all still relevant!