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Salt Lake City Bookkeeping Blog

What History Can Teach Us About Small Business Bookkeeping

Posted by Leanne Armstrong on Jul 19, 2017 9:00:00 AM

Did you know that the bookkeeping methodology your small business uses every day is based on a practice that was centuries in the making? In fact, it’s probably safe to say that the concepts behind double-entry bookkeeping were a work in progress for thousands of years!

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Topics: Accounting Services, Small Business Bookkeeping, Growth Coach

The Power of a Good Small Business Consultant

Posted by Matt Frisbie on Oct 6, 2014 7:00:00 AM

As a consultant myself I understand the level of expertise you can bring to those who are in need of your services. We perform marketing services and strategy for many small businesses and what I see in almost every situation is the enormous weight we lift off of the shoulders of our clients. At our agency, Chief MO, we market for the brave. Essentially, we market for those who are ready to make significant change in their business. We build short and long term marketing strategies and then execute upon them. We create insane focus for our clients which not only keeps their eye on the ball, it makes them great at it. 

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Topics: Accounting Services, Bookkeeping Business, Small Business Bookkeeping, Bookkeeping Pains, bookkeeping challenges, B2B

Partnering With Your Business

Posted by Joe Mazur on Jan 24, 2014 7:00:00 AM

Craig Cooper is a leading financial and wealth advisor with The Cambridge Financial Center. He specializes in business planning, estate plans, retirement planning, and wealth accumulation. A guest writer in the past, here another article that Craig has written for us at Salt Lake Bookkeeping that relates to individual and small business owners.

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Topics: Accounting Services, Small Business Insurance, Business Process

The Real Reasons Your Small Business Bookkeeping Is Behind

Posted by Matt Roberge on Oct 7, 2013 7:00:00 AM

Most small businesses are great at procrastinating their bookkeeping until they really need something from it.  Let's face it bookkeeping is pretty unattractive to most business owners.  Bookkeeping is not sexy, it can be intimidating and for most people it is boring.  Many business owners don't make bookkeeping a priority because they have not been shown how to use their small business bookkeeping as a tool to help them make better business decisions.  Every once in a while a business will need something from their bookkeeping and it can be eye opening.  Examples of when you might need an updated and accurate bookkeeping system are: applying for a business loan, trying to raise money, an investor meeting or filing your taxes.

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Topics: Year End Accounting, Year End Bookkeeping, Outsourced Bookkeeping, Bookkeeping Salt Lake City, Accounting Services, Bookkeeping Processes, Small Business Bookkeeping

When Is It Time For Bookkeeping Help?

Posted by Joe Mazur on May 20, 2013 7:05:00 AM

As businesses grow this question will eventually get asked; when is it time for bookkeeping help?  What specific events triggered this question and how long the business has been operating prior to asking always results in several long answers.  I'll try and summarize a few of these answers from recent inquiries Salt Lake City Bookkeeping has received.  Ideally, all small business owners would realize that bookkeeping is the first thing you do when you make the decision to be in business and work for yourself.  I once thought bookkeeping would be started once the business bank account gets opened.  However, I've shifted my thought process on this because it should happen even sooner than that since the owner usually is using personal funds to get things started.  Anyways, only a small percentage of our clients have reached out prior to starting their business, so we rarely see this proactive approach.  A majority of small business owners don't realize the importance of bookkeeping until a certain event has happened or they realize wearing too many hats is negatively affecting their business.

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Topics: Bookkeeper dishonesty, 1099's, 1099s, Accounting Services, Hire A Bookkeeper, Small Business Bookkeeping

Holding Everyone Accountable In Your Small Business

Posted by Joe Mazur on Nov 30, 2012 8:21:00 AM

Being a manager for a small business can sometimes feel like you are sitting in the captain's chair.  Holding everyone accountable in your small business can have some adverse results if handled incorrectly.  Will your ship crash if you take your hands off the controls?  Being bookkeepers, we get to see a lot of different businesses practices from working on such a wide variety of industries.  The reoccurring theme we usually see from both our clients and from our own books is holding everyone accountable.  I'm talking yourself, employees, vendors, and sometimes your customers.  With these areas held to the highest standards, you are really setting yourself up for success.  You are able to accurately grow, obtain short term and long term goals, and predict the future for your business.

Holding Vendors Accountable

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Topics: Sales Advice, Accounting Services, outsourcing bookkeeping, Bookkeeping Help, Small Business Growth, CEO Advise, Consulting

Finding Accounting Services That Are A Good Fit

Posted by Matt Roberge on Nov 19, 2012 6:45:00 AM

Finding the right accounting service that really fits with your business is of paramount importance.  The right fit is a firm that offers your business accounting services that can give you individualized services. This service allows you to manage your business for expansion and growth with all the accounting information you need available when you need it.

When looking for an accounting service it is important to really understand what you need from them. Good accounting services can do as little or as much as you need. They can handle the every day accounting to taxes. 

Once you decide what you need from an accounting service it is a good idea to set up a meeting where you can meet not just the accountant but the staff that will be doing the work. Business owners need to feel comfortable with the credentials of the people doing the work. But it is not just their experience and degrees but the whole atmosphere of the office. The question is do you feel like you can work with this group of people. A business owner should never feel uncomfortable calling the accountant doing work for him or her.  

Another thing to check out is the other clients that use the accounting service. If they have a lot of small business clients it is a good indication that they know exactly what needs to be done for your business and already have the trained people in place to do it.

The comfort level that a business owner has with an accountant or service will directly effect business decisions. Based on the information that the accountant provides the owner knows of potential problems that are developing or even a market niche the business might need to take advantage.

When you have a great fit with your accounting service you do not need to worry or fret about the payroll taxes, sales taxes or income taxes. This is a huge relief to anyone who is trying to run a business. No one wants to be faced with penalties and interest due to late filing or incorrect calculations. Accounting services make sure that is done so the business owner never has to worry about it.

There are exceptional accounting services available for your small business. The benefit to your company in using an accountant that understands your business is invaluable.  

 

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Topics: Bookkeeping Services in Utah, Accounting Services Provider, Accounting Services, Bookkeeping Services, Business Accounting Services, Bookkeeping Help

Accountants In Salt Lake City You Can Trust

Posted by Matt Roberge on Nov 12, 2012 6:41:00 AM

When looking for an accountant you trust in Salt Lake City there are a number of factors to
consider. Small businesses need accounting services that can provide services that small businesses need to grow and compete in their markets.

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Topics: Small Business Accounting, Accounting Services Provider, Accounting Services, Small Business Accountant, Accounting Reconciliation, Salt Lake City Accountant

A Salt Lake City Accountant You Can Afford

Posted by Matt Roberge on Oct 26, 2012 6:57:00 AM

Finding a Salt Lake City accountant that you can trust and afford is not as hard as it may seem. Being able to trust the accountant that you use is an important part of your decision making process. There are several
factors to consider when looking for affordable accountant services.

The team in the accountant's office is very important. When the staff is knowledgeable, courteous and helpful when you call you have the hallmarks of a well run and managed office. The staff in any accounting office is of critical importance in getting your work done accurately and efficiently. When the team works well together the benefit to you is enormous.

When you have a business it is important to have the accountants you are working with understanding your needs. Are you a small business that needs special help in setting up a workable accounting system for your office? Are you an established business that needs tax advice on changes in your business? Do you have a long term bookkeeper leaving? There are so many times that speaking with an accountant can really get your business rolling in the right direction without a huge surprise down the road.

Communication with an accountant that is clear and easy for you to understand is another very important step. If what you are being told all sounds like gibberish it is of no help to you. You hire an accountant to take care of some complex items for you but you need a basic understanding of what is going on. Communication is key in that regard.

While cost is an important consideration it is also important to consider the other factors listed above. When making the final decision it is great when you can get all the things you need in an accountant with a great and affordable price.

An affordable Salt Lake City Accountant that can give you the service, communication, business expertise and affordability is Salt Lake City Bookkeeping. They can offer an exceptional staff, expertise, communications but also great and timely service. What could Salt Lake City Bookkeeping do for you?  

 

 

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Topics: Small Business Accounting, Accounting Services, Small Business Accountant, Bookkeeping Business, Salt Lake City Accountant

Tight Bookkeeping For Small Businesses Will Drive Profits

Posted by Matt Roberge on Sep 28, 2012 7:34:00 AM

With accurate bookkeeping small businesses can maximize profits. It is essential for small businesses to have tight bookkeeping. Bookkeeping is what lets the owner know all the important information about keeping the business profitable and working smoothly. Profits can be increased by keeping accurate records of transactions and having that information timely.

How can bookkeeping help a small business increase profits?

  • Invoicing daily keeps the money coming in

  • Job cost - know what each item produced or each job performed costs

  • flexible payable options to take advantage of discounts offered

  • know what your cash flow situation is

By invoicing daily every job that is done becomes an asset waiting to be collected. This can get money to you faster. Knowing what a job costs is a huge help in price setting and looking at ways to do a great job for less money. With excellent bookkeeping small businesses have the ability know what it is costing so new jobs can be bid profitable and accurately. Having the ability to pay bills and take a discount can really add up over time. The biggest reason to have tight business bookkeeping is to know your cash flow daily. What is coming up that needs to be paid, what should be coming in and of course what is in the bank right now.  With accurate bookkeeping small businesses can know what their overhead costs are. This is important to know so the owner has a good idea of what needs to be sold each month to just cover the basic costs such as: 

  • Rent

  • Payroll

  • Utilities

  • Taxes

  • Insurance

  • Office supplies

  • Telephone

In small business bookkeeping information is only really useful if it is up to date and accurate. An office person who must answer the phone, schedule the work, keep up with the filing and do the bookkeeping could be overloaded. People who have been trained in  bookkeeping and accounting services can help keep a small business running as efficiently as possible.  The bookkeeping for a small business should be a priority and handled accordingly. It is something that can be understood and controlled to help the business grow. Accurate knowledge of the financial state of the business is the information an owner needs to make decisions. Is tight bookkeeping something your business could use?     

 

 

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Topics: bookkeeping needs, Business Bookkeeping, Accounting Services, Bookkeeping Services, Small Business Accounting Services, Bookkeeping Business, Bookkeeping Help