Salt Lake City Bookkeeping Blog

Do you consider yourself an introvert? More importantly, have you fallen into the trap of believing that your introverted tendencies are interfering with your business success? If so, prepare to have your confidence boosted. Because the reality is that succeeding as an entrepreneur is no less doable as an introvert than it is as an extrovert. In fact, most studies show that introverts make better leaders.

Did you know that not all small business expenses are created equal when it comes to your annual tax return? Most entrepreneurs understand that deductible expenses help to offset many of the costs of running a business. But not every expenditure is fully tax deductible. Understanding which expenses can effectively reduce your taxable income will not only help you estimate your tax obligation for the coming year, it will improve your business planning.

The press release has been around in one form or another for decades. But because these announcements have traditionally been associated with radio and television news broadcasts, newspapers, and other print publications, many small businesses overlook their marketing potential. Are press releases still a worthwhile way of connecting with your audience? The short answer, according to many publicity professionals, is yes.

Soft skills like time management, creativity, and adaptability play an enormous role in business success. But there’s one important and highly profitable soft skill that continues to suffer from a bad reputation: the art of persuasion.

Scaling a small company can be challenging. But despite current politics and worker shortages, a record level of small U.S. businesses are reportedly growing their profits. Is yours one of them? If not, it may be because you’ve yet to structure your business to optimize growth.

Because it can be applied to both pricing and negotiations, the anchoring bias has the potential to boost your company’s revenue and help you cut costs. Identify how anchoring works and you’ll be better positioned to charge more for your product or service, while paying less for your business expenses.

As far as your clients are concerned, you are your company. So doesn’t it make sense to capitalize on whatever it is you bring to the table? Making use of personal branding to promote your business is a great way to take a more active role in its direction and growth.

From open to close, the accounting cycle is a series of steps that lets you collect and organize bookkeeping data in a way that clearly shows your company’s changing financial position. As a small business owner, you can benefit from a basic understanding of how the accounting cycle works, even if you don’t perform your own bookkeeping duties.

There’s an epidemic sweeping our nation, and its name is perfectionism. The last few decades, says social psychologist and perfectionism expert Thomas Curran, have seen a disturbing increase in our drive to be perfect in body, mind, and career. But the reality is that perfection is an impossible objective by definition – the compulsive pursuit of which can, among other things, compromise your health, your goals, and your company’s bottom line.

Maintaining a complete and organized set of records for tax purposes is one of the most important aspects of your small business bookkeeping. Not only does it let you optimize tax deductions, it helps streamline the audit process and prevent costly tax penalties. Simplifying your business tax record keeping comes down to one fundamental task: gathering, documenting, filing, and reporting the right paperwork.