Business Discussions

Hello Community! Our QuickBooks blog is filled with great information for business owners and today I have a good one. We talk often about paying employees and cash flow into your business, but what about the bosses? When it’s time to pay yourself, are you paying yourself a salary, or owner’s draw? An article from our blog breaks it all down for you so you can understand your options.Let’s start with the basics: owner’s draw vs salary.     Owner’s Draw: The business owner takes funds out of the business for personal use. Draws can happen at regular intervals, or when needed. Salary: The business owner determines a set wage or amount of money for themselves, and then cuts a paycheck for themselves every pay period.   There are a lot of reasons you may choose one over the other, but the most important factor is how you classify your business. The main types of business entities include: C Corporation (C Corp) S Corporation (S Corp) Sole Propri

Hello everyone! If this is your first time visiting the Business Discussion board, we’re so glad you’re here! You are now part of a growing group of business men and women creating, collaborating, and connecting across the globe via the QuickBooks Community. Today I wanted to take a minute to share an article that was posted on the QuickBooks Resource Center. This particular piece focuses on how to build financial projections for your startup.   There are a few boxes to check when it comes to things to learn about starting a business and how to build financial projections is one of them. This is important for many reasons however the article highlights, "For external funding, financial projections help convince lenders and investors that your business will not only be profitable but also offer them a return on investment. For internal purposes, accurate forecasting enables you to budget for your new business as well as benchmark your milestones."   What Fo

Good afternoon Community! Do you know how realtors often say, "Location, location, location!"? The equivalent to that in the small business realm would be, "Network, network, network!" Today I want to share an article posted on entrpreneur.com that cover several ways to become a better networkers any why it's important to your business.   Always add value firstWhat does it mean to add value to a business relationship? This means connecting with people in a way that provides help or guidance. There are several easy ways to do this, such as: sending a related article, sharing a shortcut or tool to make their work easier, introducing your contact to another who has similar interests.   Make it all about the other personConnecting with others at functions is an excellent way to build your network. Sometimes, more often than not, the person's favorite topic is themselves. Everyone likes to share their business, and that's understandable! The article outlines one way to s

Hello, my Community comrades, and welcome back to our discussion page. This question has been lingering in my mind, and I'm intrigued to know your thought process. How do you know that you are making the right decision? Not only in the business aspect but overall in everything you do.   This week, I had many hard decisions to make that could potentially be life-changing, both business-wise and personally. With these changing environments, I had to lay out all options. Can I juggle working full-time, managing a small business, taking care of my family, helping my siblings with homework, and still have time to focus on myself or my social life? Phew, that was a lot to digest. Anyhow, I figured I could share with you my process of deciding what's best.    The first thing I do is research. I can not stress how important this is. I would take a week or so (depending on the situation, it may be more) and dive in to gain knowledge and understand the various topics and conditio

Happy Friday, and welcome back to the QuickBooks Community! Do you want to take your business to the next level? Well, tune in! Entrepreneur shared three uses of how Artificial Intelligence can change your business. Let's see what they say:   But first, let's define what Al is? According to the writer, this is a "computer system that can perform tasks that are usually considered too complicated for humans." This can solve a lot of problems within the business because these systems are able to pick up patterns and help make decisions. Here are the three best uses of artificial intelligence:   Customer ServiceFor small businesses, this can be instrumental in customer service. Al is able to evaluate what customers need and find solutions. If there are many customer requests, using this can assist with keeping up with the demand.   Predictive analyticsWant to make smarter decisions? Predictive analytics can help with this by assisting in sales and marketing purposes which is

Good afternoon Community! Thanks for joining us once again here in the Business Discussion space. We've spoken a few times about using social media to build your business. More specifically the different platforms available but today I want to share with you how to build your own hashtags to use within each platform to bring even more attention your way.   Small businesses usually use a set of hashtags to maximize views. I like to think of these as building blocks starting with the broadest and narrowing it down to the most specific area. Here's how to build your tags to add to every post:   IndustryThe first block should be your industry. To put it simply, this is your economic activity. One example would be #realestate   NicheNext up is your niche. A niche in this instance being, "a specialized segment of the market for a particular kind of product or service." #luxuryrealestate #commercialrealestate   The SearchGetting even more detailed, this next building block

It’s a new year and the possibilities are endless. Maybe some of you are doing your research before starting a business, or already have your business and are looking for some advice. Kat Boogard has an article in our Resource Center that gives you a list of essential and unnecessary startup expenses. I chose a favorite from each category. Let’s get to it!     Essential:    Business planTypical cost range: $1,000–$20,000   What’s a business plan? It’s a formal document that will make sure you have an outlined plan of your goals for your business, such as:   Description of your company, products, and services Market research to identify your ideal customer and potential opportunities Competitive analysis to understand what similar companies you’re up against Marketing and sales strategies to grow your business Business financials and projections  It sounds like a lot, and it can be. Your business plan will require some time to get the information, r

Is there an update of QBO calculating finance charges?  I understand how we can assess a late fee, I just don't know where to start to manually calculate an interest based finance charge for our receivables.

Good afternoon everyone! I hope this work week has been good to you and not too crazy since returning from a nice holiday break.   So it's 2022 and you're ready to start hiring new team members. There are several traits to consider when choosing the right candidate for a job position within your company. Hardworking, honest, punctual, trustworthy, creative, works well with others, you know the checklist. But what about the legal side of hiring? This article from uschamber.com breaks it down for us.   Apply for an EINFirst things first, before hiring employees you need a payroll system, and to have a payroll system you must have a federal EIN. This is a number, unique to your business, that's used for tax identification purposes. You can apply for an EIN on the IRS website and you'll just need to provide documentation such as a social security number and the basic information regarding the company, including corporation status.   Register with your state’s unemp

Happy Wednesday and Happy New Year, everyone. In the spirit of "new," let's talk about "New Opportunities," especially recognizing new opportunities for your business. I would like to give you a few pointers regarding this. Before we get started, remember this, the key is to understand the type of opportunity you are looking for. To do this, you would need to establish or set goals to determine why that makes it a reasonable possibility. At times, these new opportunities do not have the desired outcomes, but don't be discouraged. Get back on the saddle, and keep trying.   Does the product or service meet customers' needs?This is probably one of the most crucial factors. You need to examine the circumstances, determine if it is worth it, and see if customers' needs are being fulfilled. Could these new services solve difficulties for clients? These are questions you should be thinking about. No one wants to waste time, energy, and money on something that wouldn't reel in profits or

  Before 2022 gets too much older, I wanted to sit down and take a look at 2021 and see how the Community has fared.     Lets start with the numbers:   Overall we continued to grow the community, with increases in almost all metrics.  I narrowed the focus down to the Q&A forums for this year's review since that is where the bulk of activity is, but even so we put up some impressive numbers for 2021, with 37,503,329 views and 12,893,266 unique visitors for the year.     One area that I am particularly excited about is the increase of mobile traffic to our site.  When looking at the breakdown of desktop to mobile views/visits/visitors, we are seeing a steady but dramatic increase every year.  In 2021, we had 2,529,738 unique mobile visitors to the forums, which accounts for just under 20% of our total unique visitors.  This is fantastic because it tells us that not only are people on mobile finding the site, but that t

Hello, everyone, and welcome to the QuickBooks Community! I hope all is well and you are getting through all you have to accomplish. Quick question, want to boost morale in your workplace? Well, I have a few ideas to help with this. Let's dive in!   For holidays and special occasions, since we are in the Christmas season, why not plan a family Christmas Party to foster a family-friendly environment. Possibly go the extra mile and hire a Santa for the children to meet and if you can afford to, give them a little token. You can encourage those who may not have kids to bring another family member or pets.   Another idea could be to host a Potluck! Have employees bring their favorite dishes or desserts, and you can even kick it up a knock and have a themed potluck like Hawaiin Luau, 5 Ingredients or Less, or A Tour of the Mediterranean, to name a few.   For ongoing events, an idea could be to host a weekly "Best of" Contest. For example, create a poll and have co-w

Hello Community! Hope you are feeling accomplished and rested now that we’re at the end of the week. I know it’s been a busy one, but here’s your reminder that you’re doing a great job.   Today I’m discussing this article from Inc.com that talks about understanding your customer’s pain points. I know that phrase gets thrown around a lot in the business world, but every business owner wants their service or product to fulfill their customer’s needs. This is important even for the most experienced people in the biz. So what does this mean and how can you apply it?   Understanding their pain points helps you know where you may need to make changes and how to be more effective in your marketing. Inc.com has 4 tips for how to accomplish this.   1. Be Mindful of the type of problem you’re trying to solve Common problems are pricing, productivity or convenience. It can also be a mix of them as well. Don’t become so focused on one issue that you don’t

Business owners everywhere depend on their local community to be successful. In our QuickBooks Blog, Carla Morla is giving advice on how to market locally during this holiday season. In a recent study done, 72% of U.S. adults have make it more of a priority to support local business as opposed to pre-pandemic times. This is great news for business owners but how do you get your name out there? I’m going to pick my top 3 from Morla’s article and share them here. Let’s do it!     Be easy to find onlineThere are so many different platforms available to us these days . If you already have a website, try creating a social media page or use other directories like Nextdoor, Apple maps, Google, etc. The more places you are, the more customers will find you.   Connect with your local communityHoliday parades? Markets? Fundraisers? Getting out there puts your face and brand right in front of people and also around other business owners. Consider partnering with another local busi

Like many people, many business owners are finding themselves on Zoom or video calls way more in the past two years than ever. Although it can be taxing, it’s a great way to interact with partners and clients, while keeping in touch with your team. I’m here today with some tips on how to make sure you look your best on camera!     Use a ring light or opt for natural lightNatural light will always be your best bet so finding a spot with a nice amount of windows will have you looking refreshed. If you don’t have access to a bright room,  look into getting a ring light. This is what a lot of online/social media influencers use and it helps you look professional and gives the video a great look.   Camera positionIt may feel natural to be really close to your computer, but giving yourself a good arms length is ideal. Laptop cameras tend to be a wider angle so this distance prevents features being distorted. It also puts your face and body in great proportions within the

Hello everyone! Welcome to the Talk About Your Business segment where we talk about......you guessed it...Business! I'm curious as to know how many of you have heard about BNPL, also known as the "buy now, pay later" payment option? Since the pandemic, this has become a prevalent practice for many businesses, as mentioned in this article by Forbes. They shared why this would be a wise business decision in 2021 and beyond.    One reason is that it will work for items that may be on the higher end of the budget. For example, selling luxury goods like jewelry would make it easier for customers to decide to purchase your goods. Not only would it work for high-end products but also cheaper items. With customers having this option, it opens the door for them to increase their order size. For example, instead of purchasing one dress, they may buy three. That way, you are getting more value out of one sale. Also, this could have them coming back more to add goods, building up your cu

Failing in any capacity is hard. Most times, you’ve put a lot of time and energy into something that didn’t work out. But that doesn’t mean it wasn’t worth it. Both unfortunately (and fortunately), failure is a great breeding ground for growth and learning. Here’s why failing is good:     Learn what not to doWe don’t live life in a simulator where we can try a number of different paths and see how things play out. The best lessons are always learned in real time and often are because things didn’t work out the way it’s intended. That hands on experience ensures that the lessons stick moving forward.   Promote adaptation OK so that didn’t work out, now what? One thing failure does is make you rethink and reinvent. Maybe the whole idea needs to go, or maybe it was just your approach. There’s so much insight to be gained by taking the time to look at what went wrong and why. Then you can look to the future and try again.   Not a waste of timeSometimes failure doe

Hello everyone, and welcome to the QuickBooks Community! Today, I have an interesting article for you about increasing your customer base in the restaurant industry. Our Resource Center mentioned are few ways, so let's dive in and see what they said.    Social Media Marketing has become one of the inexpensive means yet effective ways of bringing customers in. Below are some strategies to gain more locals.   Complete Your Profiles with Relevant InformationOnce you are setting up your profile, ensure that you have the most relevant information, such as your menu (with pictures), website, location, number, and hours. Have you ever researched a restaurant and they have no photo of their food? Doesn't it turn you off? For me, it does a little unless the reviews are extremely good.   Include Mouth-Watering PhotosStemming off the first point, sharing pictures food presentations is a huge trend. It may be because of this generation, but I will admit I am one to take photos

Hello Community, the end of the year is on the horizon! It’s been a tough year for a lot of people, especially for business owners who needed to make a significant shift in the way they run their companies. Forbes magazine has published an article about building a strong connection with your online buyers. Having a digital business (or one that recently transitioned to digital) doesn’t mean curating strong connections with your customers isn’t important. This article has 3 fantastic tips to help you out, so let’s get to it!     Create An Aspirational ImageYour online image is important and can bring people to your page if they find something eye-catching or relatable. Sharing your journey, your wins and loses, is a great way to bring customers to you. “Regardless of what your customers aspire to, you can create a powerful connection and an identity that truly resonates with them when you tie your business to these goals and dreams."   Show a human faceBusiness is person

Over Thanksgiving weekend my dad was in town visiting from South Carolina where he is a project manager for his company. We were discussing the latest operations he has been working on and he mentioned a chart the people involved with the job use to stay on task. I thought this would be a great topic to relay here in the Business Discussion space as the holidays are here and there is lots of work to be done.   The plan I'm referring to is known as the RACI Chart. Let's break it down:   R - Responsible Definition: Does the work to complete the task Number of team members to assign: At least one per task A - Accountable Definition: Delegates work and is the last one to review the task or deliverable before it's deemed complete Number of team members to assign: Limit to one per task C - Consulted Definition: Provides input based on either how it will impact their future project work or their domain of expertise on the deliverable itself. Number of team members to assign: No

Hello - We purchased a school with real estate a couple of months back.  For liability protection, the real estate is under an LLC and the Operating business is under an S Corp.  Our total investment was 20%, including down payment and closing costs and the rest was financed.  My questions are as follows:1. I am assuming I set this up as two entities in QB - the LLC and the S corp.  How much of our down payment should I put as owners equity for each?2.  We received cash from the Sellers in this transaction as fees that was collected in advance.  Is that equity or a short term liability as a pre-paid revenue?Thanks in advance for any help

According to their website, Giving Tuesday "is an opportunity for people around the world to come together through generosity in all its forms by sharing acts of kindness and giving their voice, time, money, goods, and advocacy to support communities and causes."  Knowing that everyone has different causes near and dear to their heart, I asked the team to share some of their favorite charities.       ++++++   Morgan: My favorite charity is St. Jude Children's Research Hospital. I chose this charity as my favorite for a couple of reasons. First, because I believe there is life saving work being done there and secondly, I can't imagine how concerning it would be for your child to have to be a patient at St. Jude and the last thing any family that finds themselves in that situation needs to worry about is doctor bills or money for a place to stay. With charitable donations, families never receive a bill from St. Jude for treatment, travel, housing, or food.

There's no denying the pandemic changed our lives in many different areas. One of those would definitely be work, specifically where we work. As we move forward many employers and employees are embracing permanent work from home status. If you fit into this category, I recently read an article shared on the QuickBooks Blog that discusses a few ways to effectively manage remote workers.   Set Weekly GoalsShort-term achievable goals are a great way to keep everyone motivated and oriented. "Setting weekly goals helps employees know what they’ve accomplished, where they’ve exceeded and how they need to step up. Establish metrics they can live by and make sure those results are readily accessible."   Make meetings short and informativeThink about work-life when you were in the office; meetings didn't typically last for hours. There were more quick yet informative conversations that happened more often. Meetings are necessary but keep them short and sweet to all

Hello QuickBooks Community! How is the Thanksgiving prepping going? I am so behind but looking forward to tomorrow! Welcome to the Talk About Your Busines segment!  In this season of thankfulness, it would be a great time to share this joy with your customers, employees, and others. Here are a few Thanksgiving messages that I found would be perfect for the occasion:    As I count my blessings this Thanksgiving Day, know that you are among them. Employees like you have made my business what it is – and for that, I am extremely grateful.   In this season of thanks, I have many things to be grateful for. And one of them is wonderful clients like yourself. Thank you for your friendship and Happy Thanksgiving.   The opportunity to serve clients like you gives me joy and thankfulness every day of the year. I would like to wish you a peaceful Thanksgiving holiday and the time to truly enjoy it with your friends and family.   May the good things of life be

I am a new QBO ProAdvisor and I’m not sure what to charge clients. I live in Texas( not sure if the location affects price).  How do you determine your prices? Does anyone have a pricing/fee sheet that they can share with me?