YNAB & Freshbooks
Anyone else using Freshbooks along with YNAB? I'd be interested to hear your productive strategies on using them together.
We've got a business that came with a legacy investment in Freshbooks. What is does in invoicing, and related expense- and time-capturing, is great. But it doesn't even try to track a checking account, let alone work as a cash-flow management/allocation/budgeting system. So I'm using YNAB for that.
Yet now I have a system that does a great job of tracking expenses (Freshbooks) and not a clear path on how to get that information into YNAB.
Has anyone done importing of Freshbooks files?
Has anyone just left the expense side of the balance sheet to Freshbooks completely (mabye entering a single roll-up monthly "Expenses" amount in YNAB)?
Has anyone done something else?
(I've heard YNAB itself using YNAB and Freshbooks -- might we hear from someone within YNAB's inner sanctum on how they do it?)
Eager to hear your useful ideas.
Hi Beanorama !
I dug around a bit and I can't say for certain we're still using Freshbooks. It was mentioned in one of our blog posts from 2014 (the first one included in the list below), but our newer business blogs and articles don't mention it (we only used it for the occasional invoice, so there wasn't much traffic there).
We run YNAB the company on YNAB the software, and it's exceptionally scalable. This article on how to set up a business budget mentions Freshbooks, but goes in further details of being able to do everything in YNAB. :)
Here are a few of our other business articles:
- Goodbye Quickbooks: You Need a Separate Business Budget
- 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
Keep in mind that they were created based off of our previous version of YNAB (YNAB 4) so you won't recognize some of the screenshots. The information is all still relevant, though!
Thanks, Faness . Those articles were useful for me when I decided to give YNAB a go at this business, since I already had committed to doing my personal budgeting on it.
And though I do think YNAB will scale as much as we need it to, it is limited in the functions it has. We certainly won't be "able to do everything in YNAB, even for our small businesses. YNAB won't do invoicing. That's why we're still using Freshbooks.
I saw that blogpost you mentioned about how someone figured out a great way to use YNAB to manage accounts receivable. That also had some good ideas about how to jimmy YNAB into a faux-categorization of income that I used.
We do have a invoicing solution, Freshbooks, and it also manages the aging of accounts receivables really well.
Freshbooks doesn't connect to bank accounts nearly as well as YNAB. But it handles expenses better (e.g., real-time mobile app capturing of receipts).
So with two separate systems, YNAB doing budgeting, Freshbooks doing invoices, both tracking expenses, and both sort-of tracking income, I'm hoping to get them to talk to each other. If I figure it out, I'll post a follow-up.