Accounting Software: Quickbooks, Machine Quilters Business Software from Eureka Documentation, or Something Else?

[Rebecca Grace]

With IntelliQuilter on order for my Millennium (YAY!!), I'm planning to launch my quilting business within the next couple of months.  Would like to start off well organized and in control of paperwork and inventory.  I've been looking at Quickbooks as well as the industry-specific Machine Quilters Business Manager (MQBM) program from Eureka, but please tell me if there are other options I should consider.

What software do you use in your business, and what are its pros and cons?

I really like that MQBM is already set up specifically for a home based long arm quilting business, calculating your per-square-inch rate and various ways of charging for thread, batting, binding services if offered, etc., as well as how it enables you to keep track of the quilts you have in house waiting to be quilted or delivered, which designs those clients have selected, etc.  And it also tracks your thread and batting inventory, which it appears (looking at the QuickBooks web site) that you can only get in Quickbooks if you go with the $70/month plan.  Ouch!  MQBM software is a one-time cost of only $225.

The one thing that intrigues me about Quickbooks is that it looks like it can be set up so that clients can pay directly from the electronic invoice they receive, but there's a footnote disclaiming that "this feature requires the Quickbooks Payment Service, sold separately."

Was leaning heavily towards the MQBM software to keep startup costs reasonable and because this software would be so easy to set up myself, allowing me to focus my brain cells on learning my new IntelliQuilter system rather than spending a lot of time trying to learn how to set everything up in Quickbooks.  But when this topic has come up in other forums periodically, I'm surprised by how many quilters are using Quickbooks for their businesses.  Has anyone written a current guide on setting up Quickbooks for a long arm quilting business, and if so, which version of Quickbooks is recommended?

Thanks in advance.  :-)

 

[Gail O]

I use Quickbooks Pro - desktop version.  It's a download version (as opposed to the on-line/cloud) that costs approx $280.  I update to the newest version every two or three years.  You can track your inventory, but have to set it up and input all the details. The work to initially set up inventory, suppliers, fees etc. is a bit onerous; but once it's done, works like a charm. I'm not sure what additional capabilities the monthly fee version gives you.  I previously had MQMB, but my accountant hated it.

[juliagraves]

I have my own spreadsheet that I created (a lot of work), so can't weigh in on pros/cons, but if you're looking for a way to have customers pay via credit card, I have a free Square account which allows me to take credit cards (Square makes their money from the approximately 3% they charge me).  Square allows you to create a free online store and create online links.  So for example, someone sends me a quilt.  I don't send it back until I get payment.  In the past, they had to write a check and I would wait for it to arrive, then mail the quilt back.  Now I can create an online link for the correct amount (or have them fill in the amount) and I get paid much faster.  I give people the option of paying via check, cash or credit card, but I add in the 3% for the credit card, and they pick what they want.  Square doesn't directly tie into my spreadsheet, but it's free.  Big plus in my book! 

[dbams]

Serere and Gwyndolin reported.  

[Dana Jo]

On 9/12/2020 at 6:25 AM, Gail O said:

I use Quickbooks Pro - desktop version.  It's a download version (as opposed to the on-line/cloud) that costs approx $280.  I update to the newest version every two or three years.  You can track your inventory, but have to set it up and input all the details. The work to initially set up inventory, suppliers, fees etc. is a bit onerous; but once it's done, works like a charm. I'm not sure what additional capabilities the monthly fee version gives you.  I previously had MQMB, but my accountant hated it.

Hi!  I'm wondering why your accountant hated it, if you can remember.  My longarm business is a corp, so I have an accountant to do that tax return, but I am also a CPA...so I want to know if I'd be able to get the outputs I need anyway. I like the idea of a specialized financial tool.

Other general question--when you buy a piece of software for $225, or a collection of pantographs...do you directly expense these things in the year bought, or depreciate them?  These are early business expenses and may occur before you have much income to offset them.  I'm just curious what everyone else does.  I'm a person who (admittedly, foolishly) LOVES to have all the tools up front (as if you can ever have them all) so that I can start everything on the right foot.  My business is still fairly new.  I'd love the software, but I need a couple customers to pay for it.  You know?

 

[dbams]

Dana Jo, I don't think it's really worth capitalizing a purchase under $1,000.  A collection of pantographs can add up, but on a per item basis, the cost is not much.  I am a retired CPA, and would not want to mess with piddly depreciation on items like that.  Obviously, you have to go with what's comfortable for you, and whatever your corporate return preparer recommends.

Good luck with your business!

[Dana Jo]

Thank you, dbams, I really appreciate your response, and agree.  I wouldn't need to expense anything I buy that I don't use in the business, either. That's probably the best route for matching revenues to expenses anyway.  I am curious as to why Rebecca's accountant hated it, but in my experience, most accountants are not also quilters.  My guess is that the level of detail needed to run the business is quite different from the level of detail required to do the tax return.