If you've used QuickBooks Desktop for years, you've probably heard that it's time to move to QuickBooks Online. Intuit has been pushing users to the cloud version, has stopped selling most Desktop versions to new US customers and regularly retires support for older releases.
"How do I pay myself?" is one of the most common questions new business owners ask. The answer depends on how your business is taxed, and getting it wrong can cause tax problems or messy books.
Many first-year business owners get a painful surprise in April: a big tax bill and a penalty for not paying during the year. When you're self-employed, nobody withholds taxes from your income, so it's on you to set money aside and make estimated payments.
"What accounting software should I use?" might be the most asked bookkeeping question online. The honest answer: the best software is the one your bookkeeper and CPA know well and that fits how your business works.
If you take cards through Stripe, Square, PayPal or Shopify, the deposits that hit your bank are smaller than your sales. The processor keeps its fee first.
Ask any bookkeeper the most common mistake they see and you'll hear the same answer: mixing personal and business money. Paying for groceries with the business card, running business sales through a personal account, or using one account for everything.
