budgeting is budgeting, but budgeting for your small business is just different enough from personal budgeting that it may feel like you need to go out and buy small business budgeting software and learn a whole new platform and routine to keep track of your business finances. but what might surprise you is that i’ve used ynab for both personal budgeting and managing finances for a small business. it was a thrilling and somewhat overwhelming moment—i’d labored (for what felt like forever) to set up my website and figure out where to meet potential clients. i researched accounting software like quickbooks, freshbooks and xero, but with a single client, i couldn’t justify “investing” in pricey business budgeting software systems. this will work great for you, too, if you: once you’re logged in, click the name of your personal budget (“my budget”) which is on the top, left-hand corner of the screen. as you can see, i’ve used category groups to separate savings and different types of expenses: click “add account” on the left-hand side of your screen. once you’ve invoiced your first client, record the activity—just add a transaction to accounts receivable with the date, client name, invoice number and amount that you billed.
as you can see, the inflow of $1,500 is reflected in the updated accounts receivable balance—which went from $0 to $1,500. go to accounts receivable, click “add a transaction” and record the payment, like this: notice that your accounts receivable balance is now zero. and now your bank account has a notification: if you click over to your bank account, you’ll see that j. doe’s payment has been added as a line item in your bank register. back in the budget screen, you’ll see that your $1,500 is ready to be budgeted. if you offer freelance services or run a small to medium sized business that is suited for this type of bookkeeping, i hope this helps! they’re only 20 minutes long, and our teachers would be thrilled to answer your questions. our newsletter is a roundup of the week’s best budgeting wisdom and inspiration!
if you run a small business and don’t have to deal with physical inventory, ynab could simplify your cashflow and provide you with more peace of mind for the future. when a friend recommended ynab, monica immediately recognized that the ability to save for future expenses was a key part of the tool, and she’d been doing this for years. and she knew it wouldn’t have the critical ability to save for future expenses. not only did using ynab help streamline monica’s business finances, but it gave her confidence and helped her to relax.
“one of the challenges of acupuncture as a profession is that the majority of people who end up in acupuncture school want to be a healer, but many have zero interest in owning a business,” monica shared. with a tool like ynab, they’d be able to plan ahead and save both money and stress in the long run. another tip monica recommends to business owners is to read the book profit first and implement its teachings into your budget. work with what you have and let scarcity be on your side to help you prioritize.” are you considering using ynab for both your business and personal finances? our newsletter is a roundup of the week’s best budgeting wisdom and inspiration!
looking for user-friendly business budgeting software? streamline budgeting by using ynab to manage your personal and business finances. many small business owners use ynab to help them manage their business finances—it works for more than just acupuncturists! the first step ynab will serve your small business well. it has mine. it gave me what i call, “pile-of-money clarity.” many years ago, ynab was profitable with a very, ynab for business reddit, ynab for business reddit, ynab small business, ynab for self-employed, ynab small business categories.
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