Business owner budgeting app
Before I try yet ANOTHER budgeting app can someone tell me if there’s one that works well with business owners? My issue is the money coming in is all over the place. I pay myself through transactions on square. So let’s say I get to the end of July, I may…
Before I try yet ANOTHER budgeting app can someone tell me if there’s one that works well with business owners? My issue is the money coming in is all over the place. I pay myself through transactions on square. So let’s say I get to the end of July, I may have sent myself money 15 times in smaller amounts. Maybe early August I only send myself money 3 times in larger amounts. Add to that transactions will say square 813266272 and the next square 515141 The apps I’ve used cannot pick up on this so not only am I stuck categorizing every single transaction, they also never predict my income. Even though my transactions added up show a decently steady income of $6-7k a month. I have severe adhd and I just want to finally be organized. Every time I sit down to this I lose hope. And yes I’m medicated LOL Thank you
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For a business? Quicken
Well no it’s for my personal budgeting, I get paid as a business owner though.
Monarch
That’s not an option. I would have to be significantly ahead on bills to do that and I’m not. Haha part of my problem is
I appreciate your response and I will try YNAB. I’ve been a square user for a decade, so very aware of how it works. What I mean is the ACH deposits into my business account all have different names square + numbers, as you may know. And I’m trying to not enter everything cause I have adhd. What I’m specifically looking for is a program to give me future predictions. Not back dated things. As my post said all the apps are very bad at predicting what my income will be since the deposits (I said transactions to simply but I’m talking about ACH) are all over the place. I need a program that says “historically she makes 84k a year or 7k so we will base it on that” < not literally I’m not looking for organizing as much as I am looking for a robot to say “hey you only have about $500 of free money not the 3k you think you have”
In YNAB, you assign everything a payee, budget category, memo and whether it's inflow or outflow. Typically, but not always, inflow is categorized as income. When I get paid by a customer, I either will document the payee by the specific customer (if I'm tracking that metric) or I will just give it a generic title like DEPOSIT or SALES. When Square sweeps the money into my business checking, I don't really care what the transaction number is because I know it's just sweeping all the income in SQUARE and moving it to another account (eg. business checking). When I want to track the income history, I can use YNAB and generate a report like income vs expenses. This could then be used to predict your future income year over year.
I'd start by trying to only send yourself funds once a week, then you only have 4 transactions a month to track. If you can manage that move to twice monthly.
I just use YNAB, but I also have a separate program that I use for invoicing and tracking paid invoices, tracking the cost of goods sold and sales tax collected. In YNAB I track both business and personal income and expenses and to make it easier to do my taxes, I recreated all the deductible business expenses that TurboTax uses inside YNAB. As for tracking your owner draw, I don't really see the issue. For me, anytime anyone pays me--whether it's via Square, paper check, cash, etc.--it's registered as income when I record it regardless of what account it's first deposited into. I then track where I'm moving the funds to. The typical workflow for a square transaction is payment via Square and it sits in Square for a day, then it's ACH transferred to my business checking either manually or nightly sweep. Once in business checking it's either used to pay out business expenses or transfer to my personal accounts for an owners draw or some other account/reason. Each move gets a transaction in YNAB. I personally manually enter every transaction and do not rely on syncing. I find that this is better as it avoids the budget app struggling to figure out what budget category is each transaction.
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