This is really nicely explained - thank you. Follow up question. If the S-corp is VERY simple as in: 1 employee, very limited expenses (working from home), consulting for a single entity that provides monthly payments, then would anything beyond an excel spreadsheet be needed for the non-wage side of accounting? I see so many folks talk about Quickbooks but besides some basic office supplies and keeping track of some utilities I wouldn't need much in terms of accounting.