Salt Lake City Bookkeeping Blog

Like many strategic business alliances, the advantages of investing in better vendor relations aren’t always immediately evident from a bottom line point of view. But the reality is that regardless of the business you're in, suppliers and service providers play a key role in keeping your company profitable.

An efficient and accurate bookkeeping system - one that’s managed with the help of bookkeeping software - is essential for business success. Cloud-based accounting programs like QuickBooks Online (QBO) are ideal because they let you track financial transactions and collaborate with your accounting professional in real-time, while supporting a number of time-saving third-party apps. 

Alternative financing may be your company’s best option when stop-gap infusions of cash are required. Unlike traditional bank loans - which can sometimes be challenging to qualify for - alternative funding sources like microloans, peer-to-peer financing, and merchant cash advances are relatively easy to come by.

While there’s an ongoing debate over whether emails or phone calls are more effective in business, two things are clear: email is the appropriate communication choice in many situations – and poor email etiquette can impact your professional image.

How prepared is your business to recover when disaster strikes? Having a detailed plan in place to resume operations with as little disruption as possible is a must. Yet statistics suggest that 75% of small businesses operate without a tried and tested disaster recovery plan. As a result, almost half of these companies will be forced to close their doors during an unexpected event, and only 25% will ever reopen.

The process of reducing business assets or selling off all or part of your company is known as divestment or divestiture. Business divestment effectively downsizes or eliminates your interest in your company and the property it owns.

Has your business reached the point where hiring an employee or two seems like the right move? Working with a regular team means you’ll always have someone on hand to perform key business tasks when they’re needed. But personnel doesn’t come cheap. Before making the decision to hire, take some time to explore what employees really cost – above and beyond the wages you pay them.

As a business owner, your company is probably one of - if not the - most valuable assets you own. But figuring out its true worth can be tricky. Whatever your reason for wanting to assess your company’s financial value, a formal business valuation is the best way to go. Let’s take a look at some valuation basics.

Money moves in and out of every small business, so managing cash flow is essential. You may not be able to avoid the expense side of the cash flow equation, but following a solid accounts payable process will keep business costs under control and may even save you some money. Let’s look at a few proven ways to plug potential holes in your accounts payable practices.

Nothing fuels a bottom line better than a revenue stream that’s solid and growing. But to hang onto existing customers, you need to inspire their loyalty. Consumers are always on the lookout for better value. And research suggests that, regardless of the industry, passive or indifferent clients will often switch product or service providers - even when they’re relatively satisfied.