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?

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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)

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

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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?

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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

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Episode Title:

Episode 7: Outsourcing Bookkeeping — When & How to Hand Off QuickBooks

In this episode of QuickBooks Mastery for Small Business Success, father-daughter team Erica Northrup and Lee Davisbreak down one of the biggest growth decisions business owners face: when to stop doing it all themselves and outsource bookkeeping. They explore why entrepreneurs hold onto their books for too long, the hidden costs of DIY bookkeeping, and how outsourcing can free up time, reduce stress, and support smarter financial decisions.

You’ll learn how to recognize the signs that it’s time to delegate, what bookkeeping tasks can be safely outsourced, what should always stay in your control, and how to choose a bookkeeper who fits your business. This episode is designed to help you hand off QuickBooks with confidence — without losing visibility or control.

Key Takeaways

1. Why holding onto bookkeeping too long leads to burnout, errors, and missed opportunities
2. Clear signs it’s time to outsource your books
3. Which bookkeeping tasks you should outsource — and which to keep in-house
4. How to evaluate and choose the right bookkeeper for your business
5. What a smooth QuickBooks hand-off process actually looks like

Questions to Reflect On

1. Is bookkeeping taking time away from revenue-producing work?
2. Do I fully understand my financial reports — or avoid looking at them?
3. What could I do with the time I’d gain by outsourcing bookkeeping?

Mentioned in This Episode

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

Download at: www.leedavisandcompany.com

Send Us Your Questions:

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Chapters:

1. 00:02 - Introduction to QuickBooks Mastery
2. 04:59 - Outsourcing Bookkeeping: Signs and Benefits
3. 09:48 - Outsourcing Bookkeeping: Essential Tasks to Delegate
4. 15:23 - Choosing the Right Bookkeeper
5. 17:40 - Key Questions to Ask Your Bookkeeper
6. 21:44 - Transitioning to Professional Bookkeeping

Call to Action

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In this episode of QuickBooks Mastery for Small Business Success, father-daughter team Erica Northrup and Lee Davis walk listeners through the full process of creating a budget in QuickBooks Online. They explain why budgeting is essential for small business owners, how budgeting improves cash flow, and the biggest mistakes business owners make when trying to manage expenses without a plan.

Listeners learn how to use QuickBooks’ built-in budgeting tools, how to analyze Budget vs. Actual reports, and how budgeting creates confidence, clarity, and better decision-making throughout the year.

This episode provides simple, practical, actionable steps every business owner can follow — whether you’ve never created a budget before or you want to strengthen the structure you already have.

• A budget is a forward-looking plan that helps control expenses, assess profitability, and prepare for seasonal changes.
• QuickBooks Online offers built-in tools to create, edit, and track your budget with actual financial data.
• Monthly budgets provide far more clarity than annual-only budgets, especially for seasonal businesses.
• The Budget vs. Actual report helps identify overspending, revenue gaps, and opportunities to reallocate funds.
• Budgeting doesn’t need to be perfect — it simply needs to be active and reviewed regularly.

• Where is my money actually going each month?
• Which expenses consistently exceed expectations?
• What income patterns or seasonal trends should I prepare for?

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QuickBooks Online Budgeting Tool Overview – https://quickbooks.intuit.com

Chapters:

• 00:02 - Introduction to QuickBooks Mastery
• 00:54 - Creating a Budget: Essentials for Small Businesses
• 09:13 - Introduction to Budgeting with QuickBooks
• 14:04 - Analyzing Budget Reports
• 19:23 - Common Mistakes in Budgeting
• 23:35 - Budgeting Basics: Keeping Personal and Business Finances Separate

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In this episode of QuickBooks Mastery for Small Business Success, father-daughter team Erica Northrup and Lee Davisdig into one of the most overlooked foundations of a healthy business: the business plan.

They start with a real story from Lee’s week—a potential client who reached out before jumping in—and contrast that with the many owners who launch with nothing but an LLC, an EIN, and a handful of credit cards. From there, they unpack why a business plan doesn’t need to be a 30-page document full of jargon—but it does need to be clear, simple, and actionable.

Lee shares how his own business started with an SBA-backed loan, a strong credit score, and a well-thought-out plan that covered structure, legal setup, and an operating agreement. Erica brings in her marketing perspective—especially around defining your ideal customer, niching down, and using both online marketing and old-fashioned word of mouth to build a sustainable client base.

Together, they walk through the 5 core sections every simple business plan should have and a 7-step framework you can use to build or refresh your plan—whether you are just starting or expanding an existing business. The episode closes with a 90-day action challenge and a free one-page business plan template to help you get started right away.

Listeners will gain clarity, encouragement, and practical steps they can put into motion immediately, plus a clear link between business planning now and budgeting in next week’s episode.

• A business plan isn’t busywork—it’s your roadmap so you lead your business instead of just reacting.
• The best business plans are short, specific, and focused on what you do, who you serve, and how you make money.
• Every business plan should cover 5 core areas: business overview, goals, products/services, marketing, and financials.
• Defining your ideal customer and your niche makes marketing easier and helps you say “no” to the wrong clients.
• Listing your revenue streams and key expenses gives you realistic numbers to bring to the bank—and keeps you out of the 14-credit-card trap.
• Word of mouth plus genuine relationship-building is still one of the most effective low-cost marketing strategies.
• Your business plan is a living document—review it at least annually (or quarterly) and adjust as you grow.
• A clear plan today sets you up for a smarter budget tomorrow, which Erica and Lee will walk through in Episode 6.

• Do I have a written business plan—or has most of my planning been in my head?
• If I had to explain my business in 2–3 sentences, who I serve, and how I help them, what would I say?
• What are the three biggest “rocks” that would truly move the needle in my business over the next year?
• Do I clearly understand my main revenue streams, pricing, and top 5–6 expenses?
• When was the last time I revisited my business plan or goals and adjusted them based on what’s actually happening?

• Free Business Plan Template
• Use this simple, guided template to map out your mission, ideal customer, goals, revenue streams, expenses, and marketing snapshot for the next 12 months.
• 👉

In this episode of QuickBooks Mastery for Small Business Success, father-daughter team Erica Northrup and Lee Davis dive into how to integrate QuickBooks with the other systems you use to run your small business.

Instead of entering the same information in three different places, they walk through how to connect QuickBooks to tools like payment processors, payroll and HR systems, ecommerce platforms, time-tracking tools, and CRMs so data flows automatically. They explore why integrations matter, how they reduce manual data entry and errors, and how they give you more accurate, real-time financial information.

Erica and Lee also outline a simple framework for getting started: identify your most time-consuming tasks, find the right QuickBooks apps, implement one integration at a time, and then layer on automation tools to refine your workflow. By the end of the episode, listeners will have a clear picture of which QuickBooks integrations to consider and what steps to take first to streamline their bookkeeping and operations.

• Integrating QuickBooks reduces manual data entry and errors. When your payment, payroll, and ecommerce systems sync with QuickBooks, you spend less time typing and more time running your business.
• Payment integrations speed up cash flow and reconciliation. Connecting tools like Stripe, PayPal, Square, or QuickBooks Payments to QuickBooks helps sales and payments flow directly into your books.
• Payroll and HR integrations keep payroll clean and compliant. Using tools like Gusto, ADP, or QuickBooks Payroll ensures payroll, taxes, and benefits are recorded accurately inside QuickBooks.
• Ecommerce integrations centralize your online sales data. Platforms such as Shopify, WooCommerce, or Amazon can sync orders, sales tax, and fees to QuickBooks so you can see true profitability.
• You do not need to integrate everything at once. Start with the one area where you are doing the most manual work (invoicing, sales, payroll, or time tracking), set up that integration, and test it before adding more.
• The QuickBooks App Store and automation tools like Zapier can extend what QuickBooks does. Used wisely, they help you build a simple, automated workflow that matches the way your business actually runs.

• Where are you currently double-entering information between systems and QuickBooks?
• Which integration (payments, payroll, ecommerce, or CRM) would save you the most time right away?
• How confident are you that the data coming into QuickBooks from other tools is complete and accurate?
• What is one manual process you would love to eliminate in the next 30 days?

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• Payment processors (for faster payments and cleaner reconciliation)
• Payroll and HR systems (for automated payroll and taxes)
• Ecommerce and invoicing platforms (for syncing online sales)
• Automation tools and QuickBooks App Store...

In this episode of QuickBooks Mastery for Small Business Success, father-daughter team Erica Northrup and Lee Davisunpack one of the most critical pieces of small business financial management: cash flow.

Even profitable businesses can fail if they run out of cash. Erica and Lee explain the difference between profit and cash flow, why so many business owners look at their QuickBooks reports and think, “I should have more money in the bank than this,” and how to use QuickBooks as a practical tool to understand where your cash is going.

They walk through cash flow fundamentals, how to think in terms of money in vs. money out, and how to use key QuickBooks tools like the cash flow statement, profit and loss, balance sheet, comparative reports, dashboards, accounts receivable aging, and accounts payable to get a clearer picture of your financial reality.

You’ll also hear real-world examples of overspending, impulse buying, using credit cards, and relying on lines of credit—and how to use cash flow forecasting to make better decisions, set realistic goals, and avoid running your business into a cash crunch.

Listeners will walk away with a better understanding of cash flow, plus simple, actionable steps to track it, improve it, and plan for the future using QuickBooks.

• Cash flow is money in and money out, not just profit on a report. You can show a profit and still run out of money.
• You must look beyond your bank balance and consider loans, credit cards, accounts payable, and upcoming obligations when evaluating cash flow.
• QuickBooks offers powerful tools—cash flow statements, profit and loss, balance sheets, comparative reports, dashboards, and aging reports—to help you understand and monitor cash flow.
• Overspending, impulse buying, and stocking up “because it’s on sale” can quietly destroy cash flow and push you into unnecessary debt.
• A cash flow forecast helps you anticipate slow seasons, plan for lean months, and adjust expenses, staffing, and investments ahead of time.
• A good banking relationship and a well-managed line of credit can be critical tools for navigating ups and downs—but only if used wisely.
• Simple habits—timely invoicing, clear payment expectations, using QuickBooks Payments, following up on overdue invoices, and scheduling regular financial review time—can dramatically improve cash flow.

• Do you know how much cash you truly need each month to cover loan payments, rent, payroll, and your own pay?
• Have you ever looked at your QuickBooks profit and thought, “Where did the money go?”
• Are you making spending decisions based on cash flow, or impulse and convenience?
• When was the last time you looked at your cash flow statement, accounts receivable aging, or cash flow forecastin QuickBooks?
• What is one small habit you could implement this week to better track or improve your cash flow?

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

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