YNAB for business
I own a small business and I used to use YNAB 4 for my business. I stopped when the current YNAB was released but recently restarted the budget. I would love to chat with people and see what working for them and isn't. Also, does anyone know what the old categories for the business YNAB were? I didn't see a business option this time around so I just made categories for myself but a new template would be awesome.
I was running a construction company and trying to use YNAB for budgeting. It worked great for most things, but the thing that I found a bit difficult to account for in that type of business is material cost. While it is true that I should have been able to sit down at the beginning of each month and figure out what projects were coming up and how much money would be needed in the month, that rarely happened. I was the only employee and doing it all myself, so I was often flying by the seat of my pants. I love YNAB for our personal expenses, but was a bit disappointed for the business. All of that said, it could have been more the way I was running my business that was disappointing, not the software!
I use it for my business --- So I have two distinct budgets that I jump between: Personal & Business. And one of the things that's been wicked helpful is recognizing how many things I pay for through my business. Like my health insurance and my car... stuff that I'm sure I did prior to having YNAB but it just wasn't as obvious
I've only been around for 3-4 months so I don't know about any of the old categories. I've just worked with the standard ones that they give you and built around them.
For ease of accounting and taxes...I'd probably make categories that line up well with how those are broken down. Advertising and Promotion, Cost of Labor, Materials and Supplies, etc. I haven't set up a budget for my business yet, but I'm hoping to make the switch over to that from using Quickbooks come January!
I'm using YNAB for my business in conjunction with Quickbooks. As a bookkeeper, I want to see every aspect of my finances and I plan on doing this with my clients too! As far as I know of though, there are not a set group of categories for small business, but I use similar ones to QBO thought not quite as detailed. Love to hear how others are doing this!
I also own a small but growing gardening business in Edinburgh, Scotland and am in my 6th month of using YNAB. I have a personal and a business budget with a single account linked to each & I keep everything super simple, no credit cards, overdrafts or other accounts. Before finding YNAB everything was a big MESS so it was really important for me to simplify everything & YNAB has been a massive help in that respect.
I also use Jobber, Xero & Receipt Bank to help manage my business, all linked up to my accountant & all a fantastic help also.
Having separate personal & business budgets in YNAB really helps me to stay clear & focused on the money side of things. It's only been six months for me with very positive changes already, helped massively by the YNAB four rules philosophy. Very happy camper & very excited to see what the journey brings going forward! 😊
You've gotten some great responses here! I just want to hop in and share those old business categories from YNAB 4:
- Referral Fees
- Meals and Entertainment
- Office Supplies
- Taxes and Licenses
You can put those in a budget in the new YNAB quickly, if you have YNAB 4, by creating a new business budget in YNAB 4, then migrating that budget to the new YNAB. 😀
I just joined YNAB last week and am also struggling with my business budget. I own a maid service and my revenue has strict jobs. 10% to Marketing, 20% to Overhead, 20% to my salary, and 50% to Payroll. I set up categories for these things and then sub-categories within them. It looks beautiful, but I can't figure out a quick way to allot every deposit to the main four categories by percentage. Does anyone here know?
I have a small business and need Quick Books Desktop to track multiple inventory locations. I've used QB for 14 years and pretty stuck on it. That being said, I like YNAB for budgeting: no doubt! My question: how can I effectively link and sync the two great tools? Is there a way to upload monthly reports from QB into YNAB in a consistent way or do I need to type every amount twice? Anyone experience and tested this setup?
Thank you for your help!