Salt Lake City Bookkeeping Blog

How Do I Get Accurate Financial Reports For My Small Business Faster?

Posted by Matt Roberge on Feb 4, 2016 8:00:00 AM

From a financial perspective, I would say that the number one issue for small businesses is having access to accurate financial information when they need it. Many new prospects tell us that they don't feel as though their financial reporting is accurate and they don't look at reports often enough. So how do you get accurate financial reports for your small business in a timely manner?

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Topics: Cash Flow Management, Financial Reports, Financial Reporting, Outsourced Bookkeeping, Daily Bookkeeping,

[Infographic] Run Your Business like a CFO

Posted by Austin Walker on Feb 3, 2016 8:00:00 AM

Chief financial officers (CFOs) tend to have a lot of different roles within a company. For small businesses, the role is even broader. However, most of the time, a company can't afford a CFO or doesn't need one for a good portion of its start-up cycle. That doesn't mean that the company can't benefit from the different roles that a CFO plays. They implement budgets, create forecasts, and are generally the forward thinkers steering the ship, financially. According to HBR, they are the "financial stewardship of the enterprise."

A good budget generally uses the past like a building block and integrates business goals into the numbers. But by spending too much time looking into the past, an owner will project what has already happened rather than prepare for what is going to be needed for the future. Although a budget should be completely realistic, it's OK to be a little off. Cash flow within the business can increase or decrease by certain accounts due to unforeseen circumstances throughout the year. These circumstances can be scary, but the budget can help you to be prepared for these unforeseen expenses. Entering the budget into QuickBooks month by month will also help you compare the budget to the financial forecast.

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Topics: Financial Forecasting, Business Budgeting

7 Small Business Realities From The Trenches

Posted by Matt Roberge on Feb 2, 2016 8:00:00 AM

You make a ton of mistakes when you are running a small business, especially if it is your first time doing so. A lot of people end up attempting to run a business without any formal training. These types of owners are usually really passionate about something (or really good at it). While there is plenty of help out there for new entrepreneurs, few seek it out due to a lack of time and money. Egos may also get in the way. Below are 7 small business realities I have learned from the trenches of starting mine.

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Topics: Small Business Growth, Grow Your Business, Scaling A Business, Growth Coach

6 Characteristics Of Amazing Small Business Leaders

Posted by Matt Roberge on Jan 28, 2016 8:45:00 AM

If you want to be an amazing small business leader, you need to develop certain skills. However, there are some characteristics that all great business leaders have. Here is my advice on what six items you should be working on to become a great small business leader.

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Topics: Small Business Growth, Scaling A Business, Business Leadership, CEO Advice, Growth Coach

QuickBooks Account Reconciliation Reduces Gossip

Posted by Austin Walker on Jan 27, 2016 8:30:00 AM

After growing up in a small community where gossip spread like wildfire, I can assure you that there are a lot of accusations that are made without having any source to back up the claims. However, when false claims are made, due to the fact that everyone already believes it, the claim is just believed to be true and people make judgements based on those false accusations.

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Topics: Bookkeeping, Small Business, account reconciliation, accounting

Is Your Business's Financial Forecast Red, Yellow, Or Green?

Posted by Matt Roberge on Jan 26, 2016 8:45:00 AM

Moving your business where you want to go is a lot like driving a car; it can be easy at times and absolutely crazy in other situations. Growing up on the east coast, I'm naturally an excellent driver (at least in my own head). When navigating along the road in your car, you face similar situations as when you are moving your business in the direction you want to go. Getting where you want to go depends upon how you deal with the constantly changing environment and it requires making good decisions.  

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Topics: Financial Forecasting, Financial Reporting, Grow Your Business, Outsourced CFO Services, Growth Coach

Common Struggles For Different Stages Of A Business

Posted by Matt Roberge on Jan 21, 2016 8:45:00 AM

As small businesses grow, they tend to share some common struggles depending upon their stage of growth. No matter how smart and experienced of an entrepreneur you are, you are going to face some challenges as you grow. As I thought about this, I came up with lots of challenges for the various stages, but decided to focus on the most common struggles in each business stage. Here are the common struggles for the different stages of a small business.

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Topics: Small Business Bookkeeping, Small Business Growth, Scaling A Business, Growth Coach

[Infographic] 9 Bookkeeping Tips to Promote Small Business Growth

Posted by Austin Walker on Jan 20, 2016 8:45:00 AM

Is 2016 going to be the year that your business achieves exponential growth? How? Small business bookkeepers produce information for owners that can provide the necessary tools to not only achieve growth, but anticipate it. Here, we've given you 9 ways to grow your business using your bookkeeping.

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Why You Struggle To Understand Bookkeeping And What You Can Do

Posted by Matt Roberge on Jan 19, 2016 8:45:00 AM

I had a really interesting conversation with one of my advisors from the Goldman Sachs 10,000 Small Businesses Program yesterday. He was astounded by how many small businesses don't understand their bookkeeping and dismayed by those who see no value in it. We commiserated over the many successful small businesses who don't have an adequate bookkeeping system in place to understand their current situation. They don't even know the status of their accounts receivable (AR), accounts payable (AP), or cash flow.

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Topics: Cash Flow Management, Small Business Bookkeeping, Grow Your Business, Value-added Bookkeeping, Bookkeeping System, Growth Coach

Will Your Business Suffer If Your Bookkeeper Quits?

Posted by Joe Mazur on Jan 14, 2016 8:45:00 AM

Once in a while, we work with small business owners who dream that each employee will treat the business as if it is their own. They hope the employee will give everything they have to the business in order to see it succeed. These dream employees will work above and beyond, all day, every day. They will work into the foreseeable future and grow old with the business.  Of course, these owners are dreaming and setting themselves up for disasters down the road when a key employee walks out unexpectedly. Nothing brings you screaming back to reality like when an employee, especially the bookkeeper, leaves and the business suffers. The consequences of losing a bookkeeper can have a negative impact on your business in both the short-term and long-term if you aren't prepared for it.

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Topics: Outsource Bookkeeping, Scaling A Business, Part-time CFO Services, CFO Consulting, Outsourced Bookkeeping