I started a trucking business a little over a year ago and have been tracking everything in Excel. My whole business pretty much runs off of one huge, complicated file. Every load, driver, payment, expense, is on there. I even made custom templates with formulas for quick invoicing and load confirmations. I'd built it to my exact needs so now it only takes me a few seconds to add a new broker, load, all the info, and assign a driver to it.
Anyways, I was talking to a buddy of mine who has an accounting business and we got to talking about my finances. He said that I really should be using QB to track everything because it looks much cleaner on paper and if I ever wanted to get a business load, it would be much easier. He said I would just be able to scrap Excel for QB. I figured he knows what he's talking about so I decided to give it a try for a few months.
Right off the bat, I ran into my first problem. There was no way to upload my income or expenses through Excel or something. Everything needed to be manually entered. I think I was able to bulk upload my customers but that's about it. I spent hours manually added all this data.
Once I was all caught up, I noticed another problem. Since my Excel spreadsheet was more than just tracking finances, I was still using it I still put in all my data, and then went into QB and put in most of that data again. On top of that, a task that took me less than 30 seconds in Excel would take me 1-3 minutes in QB. Might not sound like much but if I'm adding 5-10 loads at once, it can add up. QB also can't track my miles or drivers and their invoices don't work for me.
It kind of seems to be that he's just really pushing it because he's a QB accountant and it's easy for him to manage his customer's finances through it. But my Excel spreadsheet tracks all the same info and more. The only thing it doesn't do is create quick reports and P&L statements with a few clicks. I have all the data to do that, it would just take me a bit to get it all sorted into a P&L if I had to.
So how important is it? Do banks really prefer to see QB reports over anything else? Or is that just something he's say to get me to use it? I don't need a loan but I want to keep my options open if I do ever need on in the future.