Lee Davis & Company

09/03/2026

QuickBooks training: Is it really necessary?

In Episode 12 of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis tackle an important question for small business owners:

Should you be trained in QuickBooks?

With the right training, you can:

✔️ Save money in the long run
✔️ Reduce frustration
✔️ Understand what your financial reports are telling you
✔️ Keep cleaner books
✔️ Use QuickBooks as a tool to help steer your business

So what does good QuickBooks training look like?

Lee and Erica believe it should be hands-on and practical. Their training uses QuickBooks' test company, Craig's Design and Landscaping, so business owners can learn by actually working through transactions and processes.

Good training should also:

📌 Focus on what you actually need to know
📌 Give you an opportunity to ask questions
📌 Recognize that everyone learns differently
📌 Help you get things right the first time

https://quickbooks-mastery.captivate.fm/episodes/6

Father-daughter team helping small businesses streamline QuickBooks and grow with confidence.

08/20/2026

Tax season doesn't have to be stressful—if you prepare throughout the year.

In Episode 11 of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis share practical steps business owners can take to make tax season smoother, faster, and less overwhelming.

The biggest takeaway? Preparation pays off.

When your financial records are organized, you can:

✔️ Reduce stress
✔️ Help your accountant work more efficiently
✔️ Avoid missing valuable tax deductions
✔️ Improve your overall tax planning

Here is the tax season checklist they recommend:

✅ Keep personal and business expenses separate.
✅ Eliminate uncategorized transactions.
✅ Scan and attach receipts and bills to QuickBooks.
✅ Gather payroll summaries and loan statements.
✅ Export your financial reports.
✅ Review outstanding invoices and unpaid bills.
✅ Document major business purchases.
✅ Track mileage and business-related expenses.
✅ Make sure your accountant has all of your personal tax documents, including W-2s, 1099s, and other sources of income.

https://quickbooks-mastery.captivate.fm/episodes/6

Father-daughter team helping small businesses streamline QuickBooks and grow with confidence.

08/13/2026

Which QuickBooks version is right for your business?

Choosing the right QuickBooks product can save you money, improve efficiency, and ensure you have the tools your business actually needs.

In Episode 10 of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis break down the different QuickBooks products and explain how to choose the best fit for your business.

One of the first questions they address is:

Should I choose QuickBooks Desktop or QuickBooks Online?

Their recommendation is simple:

💻 QuickBooks Desktop is best suited for large enterprises or organizations with complex needs.

☁️ QuickBooks Online is the better choice for most small and growing businesses, offering flexibility, cloud access, and easy integrations.

They also walk through the different QuickBooks Online plans:

🧾 Sole Proprietor
Ideal for solo entrepreneurs with no employees who need basic bookkeeping and Schedule C tax reporting.

📊 Simple Start
A step up from Sole Proprietor, offering additional reports and features for small businesses.

📨 Essentials
Perfect for businesses that regularly send invoices and need more robust accounting features.

📍 Plus
Supports up to five users and includes features like class and location tracking, limited inventory management, and additional built-in reports.

📈 Advanced
Designed for growing businesses with up to 25 users. It includes advanced analytics, workflow approvals, and more sophisticated reporting capabilities.

https://quickbooks-mastery.captivate.fm/episodes/6

Father-daughter team helping small businesses streamline QuickBooks and grow with confidence.

08/06/2026

How should you pay yourself as a business owner?

It's one of the most common questions entrepreneurs ask—and the answer isn't always straightforward.

In Episode 9 of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis discuss the different ways business owners can pay themselves and why choosing the right method can have significant tax and financial implications.

Before deciding how much to pay yourself, start by asking two important questions:

💰 What does my business need to operate successfully?
💰 What do I need personally to meet my financial obligations?

Your business should support both—but finding the right balance is key.

Lee and Erica explain three common ways owners receive compensation:

✔️ Owner's Draw
Typically used by LLC owners, this method allows you to take money from the profits remaining after business expenses. Keep in mind that there are important tax considerations.

✔️ Salary
Many S Corporation owners pay themselves a salary through payroll. This can be the appropriate option depending on your business structure and tax situation.

✔️ Distributions or Dividends
Some owners receive distributions in addition to—or instead of—a salary, depending on how their business is structured and how they earn income.

As a general guideline shared in the episode:
• Businesses with $200,000–$300,000 in revenue are often structured as LLCs, with owners taking draws.

• Businesses generating $1–2 million may benefit from an S Corporation structure, where paying a salary often makes sense.

Every business is different, so it's important to work with your accountant to determine what is best for your situation.

QuickBooks can also help inform these decisions. Reviewing your Profit & Loss Statement gives you a clearer picture of what your business can realistically support.

https://quickbooks-mastery.captivate.fm/episodes/6

07/30/2026

In Episode 8 of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis explain how QuickBooks' built-in reports can help business owners make smarter financial decisions—without creating complicated spreadsheets.

One of the best habits you can develop is closing out each month by running your financial reports. They provide valuable insight into how your business is performing and where adjustments may be needed.

Here are five essential reports every business owner should know:

📊 Profit & Loss Report
See how your business performed during the month by reviewing your income and expenses. You'll find this report under Business Overview.

📋 Balance Sheet
Think of this as a snapshot of your business's financial health. It shows what you own, what you owe, and your equity.

💰 Cash Flow Report
Understand exactly where your cash is coming from and where it's going. This report can be found under My Accountant.

👥 Sales by Customer
Identify your best customers by sorting sales from highest to lowest. This report can help you focus on your most valuable client relationships.

📈 Budget vs. Actual
Compare your budget to your actual results to see if you're on track. You'll find this under Gear > Tools > Budgets.

https://quickbooks-mastery.captivate.fm/episodes/6

Father-daughter team helping small businesses streamline QuickBooks and grow with confidence.

07/23/2026

Is it time to outsource your bookkeeping?

In Episode 7 of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis discuss one of the biggest decisions growing businesses face: knowing when to hire a bookkeeper.

As your business grows, your time becomes more valuable. While many business owners start by managing their own books, there comes a point when outsourcing can save time, reduce stress, and improve accuracy.

Here are a few signs it may be time to bring in a bookkeeping professional:

✔️ Your invoices aren't going out on time.
✔️ Your business is generating $200,000–$500,000 or more in annual revenue.
✔️ Tax season has become overwhelming.
✔️ You don't have the expertise or time to keep your books up to date.

Not everything needs to stay on your plate.
Tasks that can often be outsourced include:

📌 Payroll
📌 Accounts Payable
📌 Collections
📌 Marketing support

But Lee and Erica also shared what business owners should continue to own:

• Customer invoicing
• Reviewing business expenses

One of Erica's best pieces of advice was:
"Delegate, don't abdicate."

Even when you hire a bookkeeper, you should stay involved and understand your business's financial health.

https://quickbooks-mastery.captivate.fm/episodes/6

Father-daughter team helping small businesses streamline QuickBooks and grow with confidence.

07/16/2026

Do you ever wonder where your business's money is really going?

In Episode 6 of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis explain how to use the Budget Report in QuickBooks to better understand your finances and make more informed business decisions.

Many business owners rely only on their Profit & Loss statement, but that's only part of the picture.

To truly understand your financial health, Lee and Erica recommend using three key reports:

📊 Profit & Loss Report
📈 Budget Report
💰 Cash Flow Report

While the Budget Report tracks your income and expenses, it doesn't tell the whole story. Items like equipment purchases and depreciation affect your cash but may not appear as expenses in your budget. That's why reviewing your Cash Flow Report alongside your budget is so important.

A few budgeting tips from the episode:

✔️ Start with your Profit & Loss statement as the foundation for your budget.
✔️ Review your budget every month—not just at year-end.
✔️ Account for seasonal fluctuations in your business.
✔️ Customize your budget using historical data or build one from scratch.
✔️ Remember, your budget is flexible—you can edit it as your business changes.

https://quickbooks-mastery.captivate.fm/episodes/6

Father-daughter team helping small businesses streamline QuickBooks and grow with confidence.

07/09/2026

A business plan isn't just something you create to get a loan—it's a roadmap for building a successful business.

In Episode 5 of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis discuss how to create a business plan that can help secure financing and guide business growth.

Lee and Erica outlined seven key components of an effective business plan:

1️⃣ Business Overview
Clearly explain what you do and who you serve. Be specific. Lee emphasized focusing on the industries and customers you are passionate about serving.

2️⃣ Identify Your Ideal Customer
Develop a clear elevator pitch and define exactly who benefits from your products or services. Businesses that solve real problems create real value.

3️⃣ Set Three to Five SMART Goals
Create simple, measurable goals that align with why you started your business. Include both financial and customer-focused objectives.

4️⃣ List Your Revenue Streams
Understand exactly how your business makes money. Be transparent about pricing and clearly define your products and services.

5️⃣ Outline Key Expenses
Know your costs, your payment process, and your strategy for managing debt and cash flow.

6️⃣ Marketing Snapshot
Marketing has changed dramatically. While there are countless options available today, word-of-mouth remains one of the most powerful tools. Taking care of your customers and maintaining a strong website are essential.

7️⃣ Action Steps
What are you going to accomplish in the next 90 days? Break your plan into manageable actions and start moving forward.

https://quickbooks-mastery.captivate.fm/episodes/6

Father-daughter team helping small businesses streamline QuickBooks and grow with confidence.

07/02/2026

One of the biggest advantages of QuickBooks is that it doesn't have to work alone.

In Episode 4 of QuickBooks Mastery for Small Business Success, Lee Davis and Erica Northrup discuss the many applications that integrate with QuickBooks and how the right technology can save time, reduce manual work, and improve accuracy.

Their key message? If there's a business application you rely on, there's a good chance it can integrate with QuickBooks.

Some of the areas they discussed include:

💳 Payment Processors

Whether you use QuickBooks Payments or another processor, most payment solutions can integrate with QuickBooks. The best choice is often the one that fits your business and your comfort level.

💼 Payroll

QuickBooks offers payroll solutions that work seamlessly within the platform. Lee also shared that he uses and recommends Paychex as another strong payroll option.

⏱️ Time Tracking

QuickBooks and many payroll providers offer time tracking tools that help businesses accurately track employee hours and streamline payroll processing.

🛒 WooCommerce

For businesses selling online, WooCommerce can integrate with QuickBooks while also providing important data security features that may be required in certain states.

📧 Invoicing

Lee and Erica emphasized the value of using QuickBooks' built-in invoicing tools. Not only is invoicing simple, but you can also automate reminders for outstanding invoices, helping improve collections and cash flow.

https://quickbooks-mastery.captivate.fm/episodes/6

Father-daughter team helping small businesses streamline QuickBooks and grow with confidence.

06/25/2026

Want to make more money in your business? Start by understanding your cash flow.

In Episode 3 of QuickBooks Mastery for Small Business Success, Lee Davis and Erica Northrup dive into one of the most important topics for business owners: cash flow.

Many business owners focus on profit, but cash flow tells the real story. If you want to know how much money is actually available in your business, you need to understand where your cash is coming from and where it's going.

One of the simplest ways to start? Look at your bank statement. Cash flow is all about spending, collecting payments, and managing the movement of money throughout your business.
Key takeaways from the episode:

💰 Cash flow is not the same as profit
💰 Expenses play a major role in your cash flow
💰 The #1 reason businesses fail is that they run out of cash
💰 Having a line of credit can provide a valuable safety net

Strong cash flow gives your business flexibility, stability, and room to grow. Understanding it isn't just an accounting exercise—it's a critical part of running a successful business.

https://quickbooks-mastery.captivate.fm/episodes/6

Father-daughter team helping small businesses streamline QuickBooks and grow with confidence.