How Do I Pay Myself From My Business?

One of the questions asked most often by new business owners is "How do I pay myself from my business?"

After all, among the reasons for starting your own business is to earn income for yourself, so knowing how to get that income out of the business is critical. As a business owner, you are faced with a number of new challenges as you launch and grow your business. This article will help provide guidance for one of the most universal challenges.Sage Technical Support Number

The first item to cover is the type of entity. How has the business been formed? As a Partnership? As a Sub-S Corporation? Or perhaps you have not formed an entity and are doing business as a sole proprietor (whether or not you have registered a DBA name).

We need to start with the form of entity because the answer to the original question varies based on what type of entity you have created. We will follow up with a more detailed discussion of entities, but for now, here is how we answer the question of "How do I pay myself from my business?"

Owners of most types of businesses (other than 'C' corporations) have the ability to write themselves a check from the business, though some entities are more restrictive than others. However, the coding and characterization of the payment must be properly identified.

A sole proprietor can write a check to take funds out of the business at any time. Checks written to the owner should be posted to Owner's Draw or Distributions. Those are simply two different labels that describe money taken from a business by the owner. To pay yourself, print or write a check and post the check to the Distribution account.

Similar to a sole proprietor, partners can write checks to take funds out of the business at any time. However, if you are taking money out of a partnership that is not making profit, be sure to check with your tax professional about whether you have received excess distributions.

Sub-S corporations are companies that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

When corporate officers perform services for the Sub-S corporation, and receive payments for those services, their compensation is generally considered wages. The fact that an officer is also a shareholder does not change this requirement. Once they have been paid an amount equivalent to a reasonable salary, they can then take distributions from profits.

A regular or 'C' corporation reports and pays federal and state income tax on its net income. There is no flow-through to the shareholder's personal tax returns. Therefore, shareholders are not entitled to take funds out of the corporation. Checks written to shareholder-employees must be in the form of salary and are subject to all appropriate payroll taxes.

The purpose of this article was to provide some general information and guidance about this topic. However, there are many tax considerations to any response for the question of how you can pay yourself from your business. Further, do you know how to actually complete the transactions necessary to take money out of your business?

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The Debate Never Ends: Quicken or Quicken?

If you've been a small business owner for any length of time, you'll realize that there has been an ongoing debate over the best software to purchase when setting up your small business. Presumably you are beyond the point where you are deciding IF you need software. Given the low prices and ease of use for many accounting software lines, spending $100 or $200 for finance software really is a no-brainer, even if you're on the tightest of budgets. Accounting software just makes a lot of sense and is affordable enough for everyone. If you doubt that statement, chances are good that you'll have problems and waste a lot of time figuring out accounting the "old way."Quicken Technical Support Phone Number.

Quicken and Quicken are the two dominant software packages on the market right now. Of course there are freebie knockoffs, but my general experience has been that free knockoff are time-consuming to learn and don't save you a lot of time in the long run. Yes, they are free, but what is your time worth? Ironically, those two software applications are from the same company, Intuit, but for slightly different markets. Let me explain.

Quicken is for the sole proprietor small business that doesn't need a lot of forms, customer receipts, purchase orders, invoices, or other accounting documentation printed out. You can print invoices but it's just not as easy to do as it is with Quicken. Also, between the two packages, Quicken has a smaller learning curve, making it easy to install, set up, and begin working. If you merely need an easy to use checkbook balancer, this is the product to get. It can track loans and amortization schedules. It also gives you an option to plan your finances and retirement savings. Again, its strength is its easy usability.

Quicken, on the other hand, is ideal for an LLC, corporation, or limited partnership small business that actually employs individuals. If you need to keep detailed records of cash, inventory, or assets, you need Quicken.

This product includes solid features for automating general bookkeeping tasks such as customer statements, payroll, and finance charges. A great underdiscussed (and underutilized as well) feature that Quicken has going for it is the compartmentalized security features that make it possible to have your bookkeeper or CPA do your books without needing them to peer into every area of your finances. It's a rare feature, it seems.

Both products are good at what they do and are priced accordingly. You might even be able to find coupons on the internet to make the purchase more palatable. Each application is packaged slightly differently with their own versions of Deluxe, Super Deluxe, and "We can't put any more features in this product without taking up massive amounts of hard disk space" Deluxe, so be sure to check out each to see the features that will be important for you and your business.

Davey Miller is a technical writer who loves to support fantastic services such as Quicken Training Chicago.

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How to Track Multi-Year Grant Budgets in QuickBooks

Because Quickbooks budgets only span a single fiscal year, a common problem facing nonprofits using QuickBooks is how to deal with budgeting multi-year grants. Here are step-by-step instructions for how to use jobs and estimates to accomplish this: QuickBooks Support Phone Number

1. Turn on the estimates function at Edit > Preferences > Jobs & Estimates > Company Preferences. You may also want to turn on progress invoicing if you will be invoicing the grant in stages.

2. Create a Customer for each granting agency and a job for each individual grant. Go to the Customer Center and click on New Customer & Job.

3. Create double-sided service items for each expense category of the grant. Go to Lists > Item List, click the Items box and select New. Make sure to map them to both a revenue and expense account by checking the box next to "This service is used in assemblies or is performed by a subcontractor or partner".

4. Create an estimate for each grant. Go to Customers > Create Estimates. Select the Customer: Job you created for the grant. Add a line for each expense category you created and enter your budget expense in the Rate column. You can use the Markup column to add a % for overhead expenses, but most granting agencies like to see this broken out in a separate line.

5. You can send your estimate to your granting agencies as a grant proposal by selecting either print or email. You can customize it--change columns, headers/footers, etc.--by selecting Customize, and then Additional Customization.

6. Once the grant is accepted, you might want to consider turning it into a sales order so you can keep track of grant proposals vs. accepted grants. First, turn on the sales order function at Edit > Preferences > Sales & Customers > Company Preferences. Once you do, you can turn an estimate into a sales order by clicking on the little down arrow next to Create Invoice.

7. Make sure to use the items you created for each expense category on all your purchase transactions. All the purchase forms (Enter Bills, Write Checks, Enter Credit Card Charges) default to the Expenses tab, but there's an Items tab just to the right. Select the Items tab, enter the item for the expense category you're paying and enter the customer:job for the grant. If it is a reimbursement grant, keep the Billable box checked. You may also need to turn on the "Create Invoices from a list of time & expenses" function at Edit > Preferences > Time & Expenses > Company Preferences. Note: You can have both Expenses and Items on the same purchase form if you are making a payment for both grant and non-grant expenses.

8. If you are making purchasing or using subcontractors on behalf of the grant, you might want to consider using purchase orders. First, turn on the purchase order function at Edit > Preferences > Items & Inventory > Company Preferences. Once you do, you can turn an estimate into a purchase order by clicking on the little down arrow next to Create Invoice.

9. You can turn an estimate into an invoice by selecting Create Invoice. However, if you turned an estimate into a sales orders you should create the invoice from the sales order instead. Otherwise, the sales order will always remain open. If it is a reimbursement grant, you should create the invoice at Customers > Invoice for Time & Expenses.

10. Use the Job Estimates vs. Actuals Detail report (Reports > Jobs, Time & Mileage) for your grant budget report. You can change the title of the report by clicking on Modify Report and selecting the Header/Footer tab. Other useful reports (depending on what additional functions you turned on) are Open Purchase Orders by Job and Unbilled Costs by Job, both also found under Jobs, Time & Mileage, and Open Sales Orders by Customer (Reports > Sales).

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Ruth Perryman, MBA, CMA, CFE, CFM

is a Certified Advanced QuickBooks ProAdvisor and an Intuit Solutions Provider. She specializes in customizing QuickBooks Enterprise and POS. She can be reached at +1844 454 7202.

Looking for more QuickBooks Tips & Tricks? Visit our blog or subscribe to our e-zine at 

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Accounting Supplies for Quicken Check Printing

If you use Quicken, check printing is an easy-to-use feature that can make your job easier and your business look more professional. Quicken check printing is a simple matter of going to the File menu, selecting Print Forms, and clicking on Checks. However, before you start using Quicken check printing, you'll need a few accountant's supplies.Quicken Customer Support Phone Number

Obviously, you'll need some blank checks. Quicken supports three styles of blank checks: Wallet, Standard, and Voucher.

Wallet checks are similar to personal checks as far as size and appearance go. They typically come with three letter size sheet and include a small stub for your records. The stub typically includes: number, date, payee, amount, memo field, and bank account. Standard checks are larger and arrive with three letter size sheet. There's usually no area for record keeping with standard paper printing. Voucher checks include one letter size page. It's located either on top, in the middle, or on the bottom of the page. The rest of the page includes room for related information such as payroll data.

When ordering blank checks for Quicken check printing, you will need to provide the vendor with your desired number sequence, your bank's routing number, and your checking account number. Optionally, you can have the vendor print your company's name, address, phone number, logo, and other details. Quicken can print these details for you if you prefer.

Another consideration involves the type of paper your prints will be printed on. Standard blank check paper does not have any anti-fraud features. If you're concerned about check fraud, you might want to upgrade to pre-printed security checks. Security features vary but may include holograms, hidden text, high resolution borders, colored threads, watermarks, or chemical washes.

At the highest level of the spectrum, you could order blank high security check stock that is NOT pre-printed. This gives you the most security and avoids the issue of having to account for all blank checks with your account information. For example, what happens if preprinted checks get stolen while in transit from the vendor to your business?

However, since your account information, including the blocky font that contains your bank's routing number and your checking account number, is not preprinted, you will need a special printer capable of printing the required banking codes in a magnetic ink. Check processing equipment reads this MICR font by scanning the check and reading the magnetic ink. With an MICR-compatible printer, you can print your own MICR characters and ensure that your checks will be accepted.

Finally, in addition to blank check stock and an optional MICR printer, you may want to order a notebook, portfolio, box, or other suitable accountant's supplies to store check stubs and cancelled checks.

With the right supplies such as either pre-printed blank checks or high security blank check stock and an MICR printer, you can use Quicken check printing to quickly print professional-looking checks.

Corey Rogan is IT expect and business consultant for many large companies. Through his experience, he found that his clients are always in need of finding a reliable QuickBook check printing software and he highly recommends Troy Group's accountants supplies. For more information and questions, feel free to connect with Corey over at Google+.

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When Should You Move From QuickBooks to True ERP?

Accounting and financial professionals must begin to think in terms of underlying business management solutions, not just in terms of 'accounting' or 'financial statement' applications."

Source: AICPA Journal of Accountancy Report May 2006

Many small businesses want to grow income while preserving profit margins. But doing so can be difficult without a full view of the entire business - from financials to customer relationships. And when companies are running accounting-only software like QuickBooks, and processes aren't linked together, it can be difficult to determine just where to cut costs or when to expand into new markets.

Small and midsize businesses today are facing challenges that drive technology decisions. Today's technology must:

- Provide fast access to accurate business information

- Be able to accommodate global transactions as our world gets smaller

- Keep up with the speed at which things happen in business today

- Help you be proactive - by helping you look forward

So when should companies make the move from an accounting-only application to a more true ERP? Based on discussions with hundreds of small businesses in the Midwest and having migrated companies from QuickBooks to SAP Business One -- their guideposts for a move can be any combination of the following:

- The business is taking on more employees in roles such as sales, purchasing, inventory control

- The business has disparate sets of data, and is using spreadsheets to manage operational areas.

- The business is set to go public, and needs a system with more financial rigor than QuickBooks

- The business needs more robust inventory management software

- The business is preparing to offer online shopping as another sales channel and realizes the benefits of integrated eCommerce

- The business is expanding to multiple locations

- The business is going global and needs multi-currency capability

SAP Business One is a great next step in technology after low-end accounting only solutions like QuickBooks for many small to midsize companies. It isn't for everybody, but it is a good fit for companies that are:

- Engaged in wholesale distribution, service, retail or light manufacturing

- Company has annual revenues between $5 to $100 million

- Company has employees between 1 and 100

SAP Business One software is a good next step as it helps these companies manage an entire business end-to-end across sales, customers, purchasing, inventory, operations, financials and HR functions in an integrated system. It is offered in on-premise deployment, or as a hosted or SaaS model.

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Top 5 Reasons to Migrate Accounting to the Cloud

It has taken several years for me to convince myself to go to from desktop to the cloud. It has been a process of slowly making the change. The driving force is that is what many of my new clients are looking for; also advances in technology allow me to do a lot more seamlessly.

1. Feel like I am being left in the dust. Large companies like Intuit are making a very big push to move clients to the cloud. These large companies have had to invest in technology; encourage clients, proadvisors and resellers that that is the direction the company is going. Oh they will still support the desktop version but the direction of business technology is definitely changing.

2. You never have to upgrade again! For some on desktop this is not a plus. They are happy to keep the same version for many years and only upgrade when forced to.

But what I am finding, you no longer have to wait for releases or upgrades to get the latest and greatest technology. According to Intuit, changes are being made typically every 4-6 weeks. What I like is when they can make improvements and make the programs more user friendly.

3. Integration: I have clients using Sage POS powered by Revel for their retail needs; all sales, cost of goods, etc. are automatically sent to Sage Online; they also are integrated with their online store. As their accountant the online version works with Intuit Tax Online!

4. Every day new applications are being created to work with the cloud; while applications for the desktop are flourishing, these same programs working with the desktop now have sister applications for the cloud. All of Intuit's cloud programs have mobile versions as well. One thing to remember is that the mobile versions are never quite like the full version.

5. You can work anywhere in the world as long as there is an internet connection. For the accountants, for many years, I had to use remote desktop software to access my clients information; now, a client can invite me as external accountant and I can do client review, reclasses, reconciliations, etc. (with the accountant's version)remotely. And all my clients are all in one place; one signon allows me to access those clients that have given me permission to review their books.

The cloud has opened another niche of business for my bookkeeping/consulting/tax preparation business. It is nice not to have to drive everywhere. Every day, more and more applications will enable us to get off the roads!

where you can view our blog and signup for up to the minute articles addressing your business concerns or contact Margaret Crosby at +1866 725 7104 for further assistance. Pace has been working with Sage Products including Point of Sale and Enterprise Solutions since 2003. Assisted many small to medium sized business in the Northshore of Massachusetts for many years. Have maintained Advanced Ceritified ProAdvisor status since 2007.

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Sage Website hosting support service support - For Accounting Professionals and Little Business

Sage is an effective accounting system that can help organizations and accounting experts keep their cost-effective scenario on the right notice. Many accounting experts and little organization entrepreneurs alike are now becoming conscious of the big benefits that can be seen with a Sage hosting remedy. But just how can your little organization or your accounting clients benefits from an organized Sage application?

There are actually several key outstanding factors using hosting Sage, with the top benefits being the incredible price benefits that is commonly seen with an organized system. A remarkable variety of organizations claim that their overall IT price is by and big the largest operational price that they have. Sage hosting can help the regular organization and accounting professional see as much as a 50% decrease in their IT costs. In an uncertain realm of economic, it is necessary cut as many costs as is possible, from as many reasonable parts of the company.

The opportunity to availability key cost-effective details from anywhere is one benefits that can not be overlooked. Accounting experts no a more time period need to get excessive times driving to their customer's offices. While some aspects of the job should be handled face-to-face, there are an overwhelming wide range of features that can be treated remotely. Website hosting support service support Sage allows accounting experts to match the needs of their client, wherever they tend to be seen. This can also help accounting organizations to expand their reach and repair clientele who may be seen further afield. All you need is a genuine online connection and a laptop computer.

A organized Sage remedy will also typically come with an enhance in system reliability. Failures are bound to happen, not a issue whose web web servers are hosting it. The key distinction between your web web servers crashing and your hosting organization's web web servers crashing is that when your web web servers are down you normally have little to no choice your organization's cost-effective details for given needed to get your machines returning launched and identified. However when your hosting organization's web web servers encounter outages, their back-up methods situated in another details middle will typically kick into gear and allow you the continued availability that will help you to keep your organization functional.

The IT experts your info is not just able to keep factors definitely operational, despite web server outages, but they will be able to help you with any issues or circumstances you have with your availability or with it itself. Having on-call IT experts who can simply cope with your organized Sage issues can only prove to be hugely useful for your organization.

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As a choice maker for your organization, you should take a risk to consider just how benefits your organization can see with incorporating an organized Sage remedy.

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