QuickBooks Mastery for Small Business Success omslagafbeelding

QuickBooks Mastery for Small Business Success

QuickBooks Mastery for Small Business Success

Van: Erica Northrup & Lee Davis
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 Running a business is hard. QuickBooks shouldn’t make it harder. Welcome to QuickBooks Mastery for Small Business Success—the podcast for growth-minded small business owners who are ready to stop drowning in financial confusion and start making confident, data-driven decisions. Hosted by Lee Davis & Erica Northrup, the father-daughter duo behind Lee Davis & Company, each episode delivers practical advice, proven systems, and real-world strategies to help you clean up your QuickBooks, simplify your bookkeeping, and grow your business with clarity. Whether you’re stuck in a bookkeeping mess, unsure how to read your reports, or ready to finally outsource your financial chaos, this show gives you the tools and insight to move from overwhelm to control—one episode at a time. Because your time should be spent on your craft and building your business—not buried in spreadsheets and reconciliations. ⸻ Perfect for: • Service-based small businesses • Business owners making $750K–$2.5M annually • Entrepreneurs tired of trying to “figure out” QuickBooks on their own • Leaders who want to spend less time managing their books and more time growing Subscribe today and take the guesswork out of your numbers.Copyright 2026 Erica Northrup & Lee Davis Management & Leadership Ökonomie
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  • EPISODE 48: Can You Afford to Grow? Using QuickBooks Before You Hire, Buy, or Expand

    EPISODE 48: Can You Afford to Grow? Using QuickBooks Before You Hire, Buy, or Expand
    3 Nov 2026
    Episode 48: Can You Afford to Grow? Using QuickBooks Before You Hire, Buy, or ExpandWould you hire someone who costs $70,000 a year if they could bring in $100,000 in new sales? In Erica’s example, materials, subcontractors, and other direct costs use up $60,000 of those sales. That leaves $40,000 to cover a $70,000 position. What looked like a $30,000 gain becomes a $30,000 annual shortfall.In this episode of QuickBooks Mastery for Small Business Success, Erica Northrup and her dad, Lee Davis, work through two questions to ask before you sign a contract, make a job offer, or buy equipment. How much would the decision add to profit? And can the business cover the bills between the day the work starts and the day the customer pays?Free Episode 48 Growth Decision WorksheetBring one decision you’re weighing. This four-page fillable worksheet helps you price it, test a slower start, and decide whether to proceed, wait, or start smaller. Get the free Growth Decision WorksheetKey TakeawaysTrace a strong quarter back to the customers and jobs behind it. One unusually large job can make a permanent increase in payroll or rent look affordable.A $55,000 salary is the starting point for a hiring budget. Add employer payroll costs, benefits, tools, and the time it takes to train someone before they can carry a full workload.A $1,000 monthly payment tells you little about what a $50,000 machine will earn. Count the jobs you expect to use it on, the rental or labor costs it could save, and what it will cost to move, store, and maintain.Loan principal reduces cash and the outstanding loan balance. Interest and depreciation can affect the Profit and Loss. A cash forecast helps you see whether you can make the full payment in a slow month.Questions to Reflect OnIf I win the contract I’m bidding on, how many payrolls will I cover before the first customer payment arrives?Lee describes a business that bought a backhoe for one project and had no trailer to move it to the next. What’s the “trailer” I’ve overlooked in my own estimate?What would make me comfortable saying yes: a second signed job, a minimum cash balance, or a trial rental that shows how often we’ll use the machine?Mentioned in This EpisodeProfit and Loss by month. Compare revenue, gross profit, and operating expenses across busy and slow months.Balance Sheet. Check cash, unpaid customer invoices, vendor bills, and existing debt before taking on another obligation.Statement of Cash Flows. See how much cash operations have generated and how borrowing or equipment purchases affected the bank balance.Job costing, the operating budget, and a separate cash forecast. Use the costs of comparable work to estimate the return, then put expected collections and payments on a calendar.Episode Chapters & Timestamps00:00 – Can you afford to grow?02:40 – Cost the contract before you sign09:31 – What three strong months can hide12:24 – What a $55,000 hire really costs16:05 – How $100,000 in new sales can leave you $30,000 short17:43 – Is the $50,000 machine worth buying?20:35 – Where an equipment loan shows up in QuickBooks23:01 – Three QuickBooks reports to open before you grow26:29 – When to wait, rent, or bring in temporary help29:48 – Can a $1 million business afford a $70,000 hire?32:16 – Build a budget and a separate cash forecast37:11 – Your free Growth Decision WorksheetYour Action Step This WeekOn page 3 of the worksheet, write down your lowest expected cash balance and the minimum reserve you want to protect. Now move one major customer payment back a month. If that puts payroll at risk, use page 4 to record what would need to change before you commit.Continue the ConversationEpisode 45 – Where Did the Money Go? Why Profit and Cash Aren’t the Same ThingEpisode 46 – Are You Actually Making Money? What Your P&L Should Be Telling YouEpisode 47 – How Much Can You Pay Yourself? What Your Business Can Actually AffordRecommended ResourcesWant more help using QuickBooks to make decisions like these? Join the QuickBooks Mastery Course WaitlistUnsure whether the numbers in your reports are reliable? Take the free QuickBooks Clarity ScorecardAbout Lee Davis & CompanyErica Northrup and Lee Davis are the father-daughter team behind Lee Davis & Company. Through QuickBooks consulting, training, and this podcast, they help small-business owners understand their reports and use them to make decisions. Visit Lee Davis & CompanyHave a QuickBooks Question?What’s the hire, purchase, or expansion you’re trying to price? We may feature your question in a future episode. Email Erica and LeeFollow & ShareFollow QuickBooks Mastery for Small Business Success in your favorite podcast app. If you know an owner who’s about to make an offer or sign an equipment loan, share Episode 48 with them. Listen and follow the podcast
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    40 min.
  • Episode 47: How Much Can You Pay Yourself? What Your Business Can Actually Afford

    Episode 47: How Much Can You Pay Yourself? What Your Business Can Actually Afford
    27 Oct 2026
    Episode 47: How Much Can You Pay Yourself? What Your Business Can Actually AffordYour business is making money. Your bank account looks healthy. But how much of that money can you actually afford to pay yourself?In this episode of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis tackle one of the most personal financial decisions small business owners face: how to pay yourself consistently without putting your business in a difficult position.Building on Episodes 45 and 46, we connect the dots between profit, cash flow, and owner compensation. Lee explains why money in the bank may already be committed to payroll, taxes, vendor bills, and other obligations—and why one strong month shouldn’t automatically mean a bigger owner payment.We also work through a practical example: a business with $40,000 in the bank that has only $5,000 remaining to consider for owner pay after accounting for upcoming obligations and a cash reserve. Even then, that money isn’t automatically safe to withdraw.Along the way, we discuss seasonal income, the importance of protecting and rebuilding reserves, and why deciding what you can afford is different from deciding how to record the payment in QuickBooks.In This Episode, You’ll LearnWhy profit, bank balance, and available owner pay are different numbers.What to account for before paying yourself, including payroll, taxes, vendor bills, and loan payments.How a simple cash forecast helps you look ahead instead of reacting to today’s bank balance.Why seasonal businesses need reserves and a more consistent approach to owner compensation.How owner’s draws, payroll, and distributions differ depending on business structure and tax treatment.How to build a repeatable owner-pay process and review it regularly.Episode Chapters00:00 – How Much Can You Actually Pay Yourself?04:18 – Why Profit Doesn’t Mean Available Cash09:09 – What to Consider Before Paying Yourself13:27 – The $40,000 Bank Balance Example18:20 – Cash Reserves and Seasonal Income25:38 – Owner’s Draws, LLCs, and Corporations31:21 – Building a Sustainable Owner-Pay Process35:45 – Why Business Owners Deserve to Get Paid36:49 – Your Action Step and Free Owner Pay WorksheetFree Download: Owner Pay Planning WorksheetTake what you’ve learned and apply it to your own business with our free Owner Pay Planning Worksheet.Work through your available cash, upcoming expenses, tax obligations, and the reserves your business needs to maintain. Use the worksheet to start a more deliberate conversation about what you can realistically afford to pay yourself.Download the Free Owner Pay Planning WorksheetYour Action Step This WeekBefore your next owner payment, sit down with your numbers.Look at what’s in the bank, what you reasonably expect to collect, what payments are coming up, and what your business needs to keep in reserve.Then ask yourself: Is my current owner-pay process actually working—for both me and my business?The goal isn’t to take whatever happens to be left over or withdraw money whenever the balance looks healthy. It’s to establish a sustainable process that helps your business meet its obligations while supporting you, too.Continue the ConversationThis episode brings together the lessons from our previous two conversations:Episode 45: Why profit and cash aren’t the same thing.Episode 46: How to understand what your Profit & Loss statement is telling you.Episode 47: How to use that information to make a deliberate owner-pay decision.More Free QuickBooks ResourcesTake the Free QuickBooks Clarity ScorecardIdentify areas of your QuickBooks setup that may need attention.Visit Lee Davis & CompanyExplore more QuickBooks resources and practical guidance for small business owners.Have a QuickBooks Question?Email support@leedavisandcompany.com with your questions or suggestions for future episodes.Follow QuickBooks Mastery for Small Business Success and share this episode with another business owner who’s wondering how much they can afford to pay themselves.You deserve to get paid. Give your business a process that helps make that pay sustainable.This episode provides general educational information. Business-structure examples focus on U.S. tax treatment. Consult your accountant or tax adviser about compensation, payroll, and recording owner payments for your specific business.
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    40 min.
  • Episode 46: Are You Actually Making Money? What Your P&L Should Be Telling You.

    Episode 46: Are You Actually Making Money? What Your P&L Should Be Telling You.
    21 Oct 2026
    Episode 46: Are You Actually Making Money? What Your P&L Should Be Telling YouYour QuickBooks Profit and Loss statement says your business is making money. But are you actually as profitable as you think?Increasing revenue doesn’t always mean increasing profitability. In fact, your business could be bringing in more customers, generating more sales, and working harder than ever—while your profit margins quietly shrink.In this episode of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis walk through how to read a Profit and Loss statement (P&L) in QuickBooks Online and understand what your financial numbers are really telling you.Using real-world business situations and practical examples, Lee explains how to evaluate revenue, direct costs, gross profit margins, overhead expenses, and net profit so you can make smarter decisions about your business.Free Download: Profit & Loss Review WorksheetReady to put what you’ve learned into practice?We’ve created a free, four-page Profit & Loss Review Worksheet to help you analyse your own business numbers, compare reporting periods, calculate gross profit margins, review expenses, and identify opportunities to improve profitability.Download Your Free Profit & Loss Review WorksheetIn This Episode, You’ll LearnWhat your Profit and Loss statement actually measuresWhy higher revenue doesn’t always mean higher profitsHow to calculate and understand gross profit marginWhich expenses could be quietly reducing your profitabilityWhy owner compensation matters when evaluating your bottom lineHow to compare financial reports across different periodsWhere to find your P&L in QuickBooks OnlineWhat to do when you don’t trust the numbers in your financial reportsChapters00:00 — Welcome to QuickBooks Mastery00:56 — Are You Actually Making Money?03:10 — Understanding Your Profit and Loss Statement03:49 — Why You Should Review Your P&L Monthly05:33 — Revenue Growth vs. Profitability06:37 — Labour, Materials, and Rising Direct Costs09:55 — Understanding Gross Profit and Gross Profit Margin12:10 — The $500,000 Business Example13:27 — When Sales Grow but Margins Shrink15:41 — Evaluating Overhead and Operating Expenses17:43 — Subscription Costs and Cost Creep20:08 — Insurance and Unnecessary Expenses21:25 — Understanding Your Bottom-Line Profit24:53 — Owner Compensation and the Next Episode25:22 — What Your P&L Doesn’t Tell You About Cash and Debt26:51 — Running Your P&L in QuickBooks Online28:19 — What to Do When Your Financial Reports Seem Inaccurate29:33 — Using Your P&L to Make Better Decisions30:17 — Your Practical Challenge for This Week32:01 — Coming Next: How Much Should You Pay Yourself?Your Action Step This WeekOpen QuickBooks Online and run your Profit and Loss statement.Compare this year’s numbers with last year’s. Review your revenue, gross profit, major expenses, and net profit.Then ask yourself one question:What is one thing in my financial reports that deserves more attention?You don’t need to solve everything today. Start by identifying one meaningful opportunity to improve your business.Use the free Profit & Loss Review Worksheet to guide you through the process.Resources & LinksFree Episode 46 Profit & Loss Review Worksheet:Dowload HereListen to QuickBooks Mastery:https://quickbooks-mastery.captivate.fm/listenTake the Free QuickBooks Clarity Scorecard:https://lee-davis-and-company.aweb.page/unlock-clarity-free-scorecardEpisode 45 Companion Worksheet — Profit vs. Cash Flow:Download HereLee Davis & Company:Lee Davis and Company WebsiteHave a QuickBooks question?Email support@leedavisandcompany.com.Coming NextHow much should you actually be paying yourself as a business owner?Next week, Erica and Lee discuss owner compensation, business profit, and how to think about paying yourself without putting your company’s finances at risk.Subscribe to QuickBooks Mastery for Small Business Success so you don’t miss it.
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    33 min.
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