In this episode of QuickBooks Mastery for Small Business Success, father-daughter team Erica Northrup and Lee Davis break down how to choose the right QuickBooks plan based on your business size, structure, and complexity. They explore why so many business owners overbuy software, the most common mistakes when selecting a plan, and how to confidently match your QuickBooks version to what you actually need today — not where you hope to be someday.

Listeners will gain clarity, confidence, and a simple framework they can use immediately to choose (or adjust) their QuickBooks plan.

1. The real differences between QuickBooks Online and Desktop
2. Who QuickBooks Solopreneur is designed for — and when it makes sense
3. How the Simple Start, Essentials, Plus, and Advanced plans compare
4. Why matching your plan to complexity (not ambition) saves money
5. How to upgrade confidently as your business grows

1. Do I track inventory or projects in my business?
2. How many users truly need access to my books?
3. Do I need budgets, classes, locations, or custom reports?

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1. Free 3-Part Quick Start Guide – www.leedavisandcompany.com
2. Quickbooks Check list (Questions to ask yourself) - Download Here

00:53.477 – Intro: Which QuickBooks plan fits your business?

01:17.522 – QuickBooks Desktop vs Online (what’s changed)

02:56.495 – QuickBooks Solopreneur (who it’s for + key features)

05:12.044 – QuickBooks Online plans overview (Simple Start → Advanced)

05:51.543 – Simple Start

06:53.382 – Essentials

07:36.673 – Plus

08:28.281 – Advanced

09:20.811 – Pro tips (inventory, projects, users, budgeting)

10:04.530 – 4-question decision framework (how to choose fast)

11:08.430 – Promotions and why not to overbuy

11:35.668 – Checking integrations with your industry software

12:07.517 – Key takeaway: match complexity, not ambition

12:46.299 – Recap + teaser for next episode

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In this episode of QuickBooks Mastery for Small Business Success, father-daughter team Erica Northrup and Lee Davis break down one of the most common small business questions: “How do I pay myself?” They explain why the answer depends on your business structure and financial goals, and they walk through the three main legal methods of paying yourself—owner’s draw, salary, and distributions/dividends.

They also cover how to decide what’s right for you, why your business plan matters, how to avoid common IRS issues, and how QuickBooks can help you track owner pay properly with reports, payroll, and bank rules. This conversation will help business owners avoid tax surprises, protect cash flow, and build a clean system that supports both the business and the owner.

1. The right way to pay yourself depends on your business structure (LLC/sole prop vs S-Corp/corporation).
2. Owner’s draw is not an expense—it shows on the balance sheet (equity), not the P&L.
3. Salary requires proper payroll setup and payroll tax compliance—don’t run payroll for an LLC owner like an employee.
4. Disability insurance taxation depends on who pays the premium (owner vs company).
5. QuickBooks helps track owner pay with reports, bank rules, and payroll tools—keeping everything clean for tax time and lending.

1. Am I paying myself based on what I need, or what the business can actually afford right now?
2. Do I understand which payments are deductible business expenses vs personal spending?
3. Is my QuickBooks set up so owner pay is categorized correctly and easy to explain at tax time?

Free 3-Part Quick Start Guide to Getting Started with QuickBooks

Download at: www.leedavisandcompany.com

Send Us Your Questions:

support@leedavisandcompany.com

Chapters:

01:16.514 - Why paying yourself the right way matters

04:46.009 - Method 1: Owner’s Draw (LLCs, sole props, partnerships)

9:32.848 - Method 2: Salary (S-Corps / corporations)

11:10.325 - Method 3: Distributions / Dividends

12:07.942 - How to choose the best method (income, risk, goals)

15:11.774- How QuickBooks helps (reports, payroll, bank rules)

16:58.036- FAQ: How much should I pay myself?

17:58.784 - FAQ: 401(k) and retirement priorities

18:40.693 - FAQ: Disability insurance—who should pay?

19:49.045 - FAQ: Paying yourself in an LLC (frequency + structure)

21:53.270 - FAQ: Deductions and what you can/can’t write off

22:53.672 - Common mistakes to avoid (payroll errors, mixing accounts)

1. 24:10 - Payroll tax warnings and why payroll services matter

If you enjoyed this episode, hit subscribe and stay connected with us at leedavisandcompany.com.

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In this episode of QuickBooks Mastery for Small Business Success, father-daughter team Erica Northrup and Lee Davis break down the most important QuickBooks reports every business owner should review each month—and why they matter.

Too many business owners rely on their bank balance instead of their financial reports. In this episode, Erica and Lee explain how reports tell the real story of your business, help you spot trends early, and give you confidence when making financial decisions.

They walk through where to find each report in QuickBooks, what to look for, and how to use the information to guide growth, manage cash flow, and avoid costly mistakes.

Listeners will walk away with clarity, confidence, and a simple monthly reporting routine they can start using right away.

1. Why reviewing reports monthly is essential for business growth
2. The 5 core QuickBooks reports every business owner should run
3. How to read Profit & Loss, Balance Sheet, and Cash Flow reports
4. How reports help you make better decisions around spending, hiring, and growth
5. Why reports act as your business “report card”

1. Am I reviewing my financial reports consistently—or just checking my bank balance?
2. Do I understand what my numbers are telling me about my business health?
3. Which report could give me the most clarity right now?

Free 3-Part Quick Start Guide to Getting Started with QuickBooks

Download at: www.leedavisandcompany.com

Send Us Your Questions:

support@leedavisandcompany.com

Youtube Link for Episode Video: https://youtu.be/IMGDXiC_hUY

Timestamp | Chapter Title

00:00.000 | Welcome & Introduction

01:25.558 | Why Reports Matter

04:16.674 | #1 Profit & Loss Report

06:06.738 | #2 Balance Sheet

07:47.920 | #3 Cash Flow Statement

09:17.570 | #4 Sales by Customer Summary

11:09.933 | #5 Budget vs Actual

14:16.513. | Bonus & Advanced Reports

17:08.872 | Using Reports to Make Better Decisions

20:26.454 | Practical Reporting Habits

20:26.454 | Outro & Call to Action

If you enjoyed this episode, hit subscribe and stay connected with us at leedavisandcompany.com.

Download our free 3-Part Quick Start Guide to get started with QuickBooks the right way.

Have a QuickBooks question? Send it to support@leedavisandcompany.com — your question may be featured in a future episode.