Friday, May 20, 2022

Honeybook vs Quickbooks for Small Business Accounting

hi everyone today we're answering the question of honeybook versus quickbooks which one is right for you when it comes to bookkeeping and accounting and i think this question is kind of like asking if you want fruit or an apple it's not an exact comparison because they're not tools .

That are built to do the exact same thing so let's dive in okay so i'm over here in honeybook i'm not going to show you the inside of my quickbooks account no offense but quickbooks is built to be an accounting software it's built for bookkeeping specifically and it's pretty much the industry standard when .

It comes tax time my accountant can actually just log into my quickbooks see everything without being able to really alter it and get all the information that she needs that's not going to be available with something like honeybook honeybook as well as dubsado 17 hats these are the other platforms that .

I talk about that are crms which stands for client relationship manager so this is about managing client relationships it's not about bookkeeping necessarily so you'll see so many things here that quickbooks cannot do like tasks calendar projects .

Yes bookkeeping and reports um but when you go to tools there's templates there's automated workflows there's time tracking chrome the chrome extension batch emails those are really cool i have videos on those as well you can accept payments um you can't do that in quickbooks but .

You can do so much more here than you could do in quickbooks so i want you to think of honeybook as a an overarching client and project management platform and then quickbooks just as a bookkeeping platform so i'll show you in honeybook what you can do as far as bookkeeping and you can just click the bookkeeping tab .

Here so you have all your payments listed you can have all anything that's paid and outstanding um you can filter through these look at them all of your expenses so you can create expenses and track them here you pretty much have to um upload them manually which kind of .

Things i make like hundreds of payments a month and so i'd have to do them individually here um your profit and loss as well you're going to be able to pull that out by any time frame i don't really use this particular account because it's my demo account so i don't have any money .

There and this will categorize by your project categories you have set up so i have like social stationary wedding stationery coaching all those kind of things programmed in here and it'll give you a profit and loss for each one the problem here and why we're looking .

At like this as fruit versus apples is that this is only going to take into account the income that you get from honeybook so if you also make sales on etsy if you also make sales in person if um if you sell on your website directly via shopify or something those sales are not going to pull into .

Here they're i don't think there's a way to add yeah there's no way you can add an expense that occurs outside of honeybook but you can't add a payment that occurs outside honeybook so all you're going to get in here is just your honeybook bookkeeping and that's why it's not necessarily the best solution .

For most businesses because most businesses are making money in a lot of different ways and that's awesome so there are simple bookkeeping uh capabilities here in honeybook but it's not going to give you everything that you want whereas with quickbooks you can actually connect as many banks as you want so you can connect your .

Stripe account you can match your paypal account your wells fargo account any of your credit cards all those kind of things can be connected and it'll pull all of them when you go into your reports it's very different than what you might expect for bookkeeping reports it's not .

Like your profit and loss um it's more about kind of how much you've made as well as making sure that you do better and i actually like this function of honeybook i don't like to think of it as a bookkeeping function but i like this functionality because it's going to make you .

Better at your job they're going to have little things here like your success rate that's how many proposals you sent and invoices you sent and how many of them booked that's really cool and really helpful to your business it's not necessarily bookkeeping but it's really helpful to your business .

Um you're going to have knowing where your leads come from so you can program in all these different places that your leads can come from you can customize that and then it's going to show you not only where they're coming from but which ones are booking .

How much money they're bringing in their conversion rate your time to booking so you can actually use this information in a lot of really productive ways that again this is not specifically bookkeeping but it's really helpful and valuable to your business and then of course you can pull some analytics reports .

As well which are going to include the payments as well as where the leads came from but are again not going to be as detailed as something you get from a real accounting software like quickbooks okay so you might have seen women here and there's a quickbooks tab before we get into this i just want to let you .

Know that i do have a 50 off coupon code as well discount link that you can use for honey books i also have one that will get you 50 off quickbooks i'll put them both in the uh description of this video and i'll link the honeybook one in the corner here you can start with honeybook for less .

Than five dollars a month so it's a really wonderful intro into client relationship management software um you can test it out they'll help you get your form set up when you start out and they have a lot of really good forums of course i have a ton of videos on it too if you ever have questions .

Um it's a really good intro client relationship project management tool because you can get started for literally less than five dollars a month if you use my link quickbooks has three different plan options and with the 50 off link they do start at about nine .

Dollars a month so what you'll see here is that honeybook actually integrates with quickbooks so if you have both there's a way to make them connect so that you have all the functionality of both so you have honeybook as client relationship management sending questionnaires sending proposals sending invoices collecting .

Payments sending contracts sending proofs all of the really awesome things that you can do there and then you also have the functionality of bookkeeping and quickbooks and if you hire an accountant they'll love you for it because it's the industry standard and .

They'll be really excited so once you integrate this with your quickbooks account um it only works with the three quickbooks online accounts so if you have the desktop or the self-employed those will not um integrate but if you have quickbooks online it will integrate once you do this integration what will .

Happen is you'll have every invoice that's created on honeybook will automatically sync and be connected in quickbooks as well so you'll have those invoices and you'll have the payments that are associated with them one thing that's cool so you can integrate quickbooks with um .

17 hats or dubsado as well but what happens with those is they don't accept their own payments so they accept payments through stripe or square or paypal or other places so when they pull the invoice into quickbooks it's going to show up as a charge for say a hundred dollars .

Without the credit card processing fee included and then you're going to get this payment from straight that's like you know 97 so it's going to have that processing fee so it's going to be hard to match those up since they're not the right amount and you have to do some manual work to do that .

Honeywell on the other hand processes their own payments so when the invoice comes in to quickbooks it's already going to have that processing fee taken out it's going to be a lot easier to match them up so as far as integrating with quickbooks i do think honeybook um has a leg up on .

Dubsado or 17 hats in that regard i don't necessarily think that's a game changer so if there's something else about something you have to order soda that you know is really important to your business you can definitely work around it uh but if everything else is equal and you're looking at the bookkeeping .

Capabilities i think honeybook is the winner so i hope this was a little helpful showing you about honeybook bookkeeping capabilities how you can integrate it with quickbooks um if you have any questions on either of these please let me know and check out the other videos on our channel .

We do have those 50 off discount links that you can use for quickbooks and for honeybook that i'll put in the description of this video and you can use code laney if you've already started your free trial on honeybook to take advantage of that 50 discount

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