I actually really like gusto, my god this guy pointed out every little flaw, no payroll is perfect, you might as well just talk about how great qb is instead of knit picking gusto 😂
Not 100% positive. But I think they were having issues with turnover of the account manager. I had prob 4 people that were my direct contact so every time someone leaves the new person has to pick up the pieces. So my guess is they switched to a team books accounting where you can plug and play pieces in and out but it resulted in my books being 5-6 months behind this year.
So you use Gusto for your payroll and Quickbooks to keep your books? I have business where I’m there only employee and have paid our expenses but haven’t paid myself. I’ve only made about 4-5k. What would you suggest I get? My business is a freight brokerage. LLC
I’m not a CPA but here’s my understanding. You’re a single owner LLC and when you pay yourself like you’re setup now you’re just moving money from biz bank to personal and you’re taxed at your individual tax rate on your personal return. Once you start earning 40-50k a year you can reclassify your LLC to be taxed as an S-Corp. then put yourself on payroll and pay yourself a reasonable salary. The distributions you take will be taxed less but it’s only worth doing this if you’re making that 40-50k net threshold. Again may want to talk with a CPA but in your situation you can just continue without gusto bc you don’t have to be on payroll just yet. But once you decided to hire an employee or switch to s corp is when a payroll service makes sense.
@@bizbud Thank you. So I don't need any software to simply pay myself from my business to my personal? I was also under the impression that I needed to get a software now to keep my books showing my business transactions such as the money gained and lost through purchases.
I actually really like gusto, my god this guy pointed out every little flaw, no payroll is perfect, you might as well just talk about how great qb is instead of knit picking gusto 😂
I like the service. Been using it for 3 years and have positive reviews. This is just showing the other side of things.
Thumbs up on the waybackmachine tip
what's the difference between individual or team bookkeeping which bench provide now kindly elaborate??
Not 100% positive. But I think they were having issues with turnover of the account manager. I had prob 4 people that were my direct contact so every time someone leaves the new person has to pick up the pieces. So my guess is they switched to a team books accounting where you can plug and play pieces in and out but it resulted in my books being 5-6 months behind this year.
So you use Gusto for your payroll and Quickbooks to keep your books?
I have business where I’m there only employee and have paid our expenses but haven’t paid myself. I’ve only made about 4-5k. What would you suggest I get?
My business is a freight brokerage. LLC
I’m not a CPA but here’s my understanding.
You’re a single owner LLC and when you pay yourself like you’re setup now you’re just moving money from biz bank to personal and you’re taxed at your individual tax rate on your personal return.
Once you start earning 40-50k a year you can reclassify your LLC to be taxed as an S-Corp. then put yourself on payroll and pay yourself a reasonable salary. The distributions you take will be taxed less but it’s only worth doing this if you’re making that 40-50k net threshold.
Again may want to talk with a CPA but in your situation you can just continue without gusto bc you don’t have to be on payroll just yet. But once you decided to hire an employee or switch to s corp is when a payroll service makes sense.
@@bizbud Thank you. So I don't need any software to simply pay myself from my business to my personal?
I was also under the impression that I needed to get a software now to keep my books showing my business transactions such as the money gained and lost through purchases.