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Salt Lake City Bookkeeping Blog

7 Common Myths About Outsourced Bookkeeping Services

Posted by Austin Walker on Jan 14, 2020 10:00:00 AM

Outsourced bookkeeping, and other professional services, has been gaining a substantial foothold among today's small business owners. But whether you have been thinking about outsourcing for a while now or are considering it for the very first time, you may find you're reluctant to take the step, especially where your finances are concerned.

Often regarded with indifference, confusion, or even outright fear by many entrepreneurs, the misunderstandings and misconceptions surrounding outsourced services abound. 

In this post, we will highlight seven of the most common myths about outsourced bookkeeping services.  

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Topics: Small Business, Outsourced Bookkeeping

10 Undervalued Benefits Of Outsourcing Your Bookkeeping

Posted by Austin Walker on Jan 3, 2020 12:00:00 PM

Outsourcing your small business bookkeeping has never been more accessible or more compelling than it is today. 

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Topics: Small Business Bookkeeping, Outsourced Bookkeeping

Bookkeeping Tasks For Every Time Of The Year

Posted by Matt Roberge on Dec 27, 2019 12:00:00 PM

The new year is almost here. It is time for your year-end bookkeeping but also to start planning for the next year.  

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Topics: Bookkeeping Processes, Financial Forecasting, Financial Reporting, Year End Bookkeeping

6 Qualities Of Restaurant Bookkeeping Experts (& How To Ask About Them In Your Interviews)

Posted by Matt Roberge on Dec 18, 2019 12:00:00 PM

Restaurant bookkeeping is a fairly unique process, and through our experience, we have learned that the front of the house operations has an effect on the bookkeeping, and understanding the ins and outs is extremely important. 

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Topics: Restaurant Bookkeeping, Restaurant Accounting

The Best Tips For a Small Business Owner Managing Their Own Bookkeeping

Posted by Matt Roberge on Dec 11, 2019 7:00:00 AM

Have you ever wondered how a small business bookkeeper handles the bookkeeping for their own business? Think about it, if you are using an outsourced bookkeeping service they have to handle their own business bookkeeping.

Ask them what they do for their own bookkeeping that you currently are not doing. Here are the key things I do with our own small business bookkeeping.

 

  1. Owner In Control
  2. Updated Often
  3. Always Accurate
  4. Set Goals
  5. Key Metrics and Reporting
  6. The Importance of Checking a Client's History
  7. Collection Success When You're a Small Business Owner

 

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Topics: Financial Forecasting, Financial Reporting, Business Budgeting, Small Business Bookkeeping, Reconciling QuickBooks, Bookkeeping Theft

How to Open a Yoga Studio: Advice from a Bookkeeper

Posted by Matt Roberge on Dec 5, 2019 6:51:00 PM

 

We have helped plenty of small business owners with opening a yoga studio but mostly from a business perspective.  Yoga studio bookkeeping is one of our industry specialties due to how many yoga studios we have done bookkeeping and business consulting for.  

The one thing I have noticed about all the yoga studio owners we have worked with is the passion they have for yoga.  I'm sure you don't want to get into yoga for business management; you just want to run a studio because you love what you do.  

No matter what business you are in having a true passion and love for what you do is what leads to running a successful business.  If you are wondering how to open a yoga studio I have plenty of advice from a business perspective based upon my past experience.

Here we will discuss my top tips for those wanting to open their own yoga studio. 

  1. Find a CPA and Lawyer
  2. Choose an Entity Type
  3. Yoga Studio POS System
  4. Bookkeeping For A Yoga Studio
  5. Payroll and Independent Contractors
  6. Financial Reporting
  7. Filing Taxes
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Topics: Yoga Studio Bookkeeping, Mindbody Bookkeeping

Bookkeeping Advice Before You Grow Your Small Yoga Studio or Gym

Posted by Matt Roberge on Nov 28, 2019 6:18:00 PM

It seems like the #1 concern for every business, whether it's a small yoga studio or a large gym is how to grow. But growth doesn't always equal higher profits, nor does it mean that your business is prepared for responsibility of growth such as hiring, expanding space, budgeting, and more. Every small business or gym seems to want to grow; the question is, are they ready? Check this quick assessment to get an idea if your yoga studio or gym is ready for growth.

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Topics: Sales Advice, Small Business Growth, Grow Your Business

How Succesful Businesses Handle Cash Flow & Petty Cash

Posted by Matt Roberge on Nov 21, 2019 6:45:00 PM

Cash is king, but without proper bookkeeping procedures in place, mishandling cash can cause business failure.

Weak bookkeeping systems that do not use the correct procedures for handling cash are vulnerable to internal theft and IRS audit failures.

Managing your small business cash flow properly can ensure that your bookkeeper is not stealing from you. Implementing a bookkeeping process for handling cash payments from customers and cash disbursements out of the business (petty cash), is essential to ensuring your small business is successful and profitable.

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Topics: Cash Flow Management, Outsourced Bookkeeping

5 Crucial Steps for Small Business Growth in 2020

Posted by Matt Roberge on Nov 14, 2019 12:46:00 PM

As the saying goes, "failing to plan is planning to fail". This is never more true than in the world of small businesses. Looking back on the year, there may be many obvious mistakes that have prevented your company from seeing its full potential. In the coming year, there are several crucial steps that will ensure manageable and profitable growth for your small business.

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Topics: Small Business Bookkeeping, Bookkeeping System, Outsourced Bookkeeping

Your All-Inclusive End of Year Bookkeeping Checklist

Posted by Matt Roberge on Nov 4, 2019 9:51:27 PM

As we get closer and closer to year-end most businesses will begin thinking about taxes. One of the most hated words in the business world... taxes. By the time year-end passes and you actually start to think about your bookkeeping and taxes you are too late.

You need to attend to your bookkeeping before year-end and do some tax planning. Updating your bookkeeping and reviewing it prior to year-end is very important as you can actually do something about your tax situation before the turn of the calendar. Here is a must do now checklist for your year-end bookkeeping.

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Topics: Year End Accounting, Small Business Bookkeeping, Tax Tips, Year End Bookkeeping