From the course: QuickBooks Online: Best Practices to Unlock Business Growth
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Pay yourself the right amount - QuickBooks Online Tutorial
From the course: QuickBooks Online: Best Practices to Unlock Business Growth
Pay yourself the right amount
As a business owner, it is important to pay yourself a market rate salary. I see owners that skip paying themselves and frankly, I've done it myself in order to improve profits. After this lesson, you will understand the importance of paying yourself how much you should get paid, and how to do it to set your business up for success. Don't take too much or too little out of the business. I've seen both situations to the detriment of the organization. Too little. The business is in trouble. If something happens to you too much and you don't have enough funds to grow your business. Many of my clients struggle with what to pay themselves. There are two main things to consider. What is the appropriate wage for the work you do based on the size of your organization? If something happens to you, what would the business have to pay someone else to do your work? Consider your level of expertise. For example, the owner of a barber shop may not make the same as the owner of an engineering firm…
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