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Salt Lake City Bookkeeping Blog

Business Valuation Basics Every Owner Should Know

Posted by Leanne Armstrong on Oct 17, 2018 9:00:00 AM

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.

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Topics: Valuation, Business Valuation, Exit Planning

Accounts Payable Practices That Actually Save Money

Posted by Leanne Armstrong on Oct 10, 2018 9:00:00 AM

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.

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Topics: Accounts Payable, paying bills, Cash Flow

5 Customer Loyalty Tips to Fuel Your Bottom Line

Posted by Leanne Armstrong on Oct 3, 2018 9:00:00 AM

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.

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Topics: Customer Relationship Management, Customer Experience, Customer Success

Talking the Talk: 10 Financial Terms You Need to Know

Posted by Leanne Armstrong on Sep 26, 2018 9:00:00 AM

Entrepreneurs often cringe at the idea of coming to terms with the language of finance. After all, isn’t that what accounting professionals are for? But getting up close and personal with key terminology not only helps keep you agile as a business owner, it can improve your understanding of financial strategy and increase your income potential.

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Topics: Business Accountant, Growth Coach, Accounting Services Provider

Applying for a Loan? Don’t Let These Common Mistakes Get in Your Way

Posted by Leanne Armstrong on Sep 19, 2018 9:00:00 AM

Whether starting or expanding a business, capital is key. If you’re planning to approach a bank or similar institution for funds to back your idea or finance your growth, you’ll need a solid loan application in hand – one that can weather a thorough review.

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Topics: small business loan, Small Business Funding, Growth Coach

How the “Rule of 78” Could Help You Reach Your Revenue Goals

Posted by Leanne Armstrong on Sep 12, 2018 9:00:00 AM

From yoga studios to hospitality services, many small businesses rely on multiple income streams to support their revenue goals. If your business activity lends itself to recurring sales, the Rule of 78 could be just the tool you need to take your company to the next level.  

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Topics: Financial Forecasting, Business Budgeting, Small Business Sales, Sales, revenue streams

Best Bookkeeping Practices for Dealing with Bad Debt

Posted by Leanne Armstrong on Sep 5, 2018 9:00:00 AM

When you extend credit to a customer who fails to make good on their obligation to pay you, that loss of income becomes a bad debt. Most bad debt happens because a client has run into financial trouble. But regardless of the reason for it, a certain amount of loss is to be expected when you run a small business. So let’s take a look at how to deal with bad debt from a bookkeeping perspective.

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Topics: Write off Bad Debt, Bad Debt, QuickBooks Bad Debt

Are You Guilty of Undervaluing Your Time?

Posted by Leanne Armstrong on Aug 29, 2018 9:00:00 AM

How much is your time really worth as an entrepreneur? Getting a business off the ground and growing it to the point where it becomes profitable takes a significant investment of hours. But you can’t realize anything close to a realistic return on that investment if you consistently undervalue your time.

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Topics: Small Business Owner, Growth Coach, non-billable time, Small Business Growth

What Every Business Owner Should Know About Forecasting Revenue

Posted by Leanne Armstrong on Aug 22, 2018 9:00:00 AM

Every business owner needs a budget to help keep their spending on track. Forecasting revenue is the ideal way to get an educated estimate of how much money your company is likely to earn, versus how much you can reasonably expect to spend over the coming year.

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Topics: Financial Forecasting, cash flow forecasting, Business Budgeting, Growth Coach

Thinking About Selling Your Business? Here’s How to Get the Most from Your Exit

Posted by Leanne Armstrong on Aug 15, 2018 9:00:00 AM

As one of the most common exit strategies, there are many reasons why successful business owners sell their companies: to retire, to pursue new opportunities, to avoid burnout – even to dodge tax changes. With a recently booming sales market, if you’ve been thinking about selling, now may be the time to get the most from your exit.

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Topics: Exit Planning, Entrepreneurship, Small Business Sales