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Salt Lake City Bookkeeping Blog

What is a Bookkeeper?

Posted by Thomas Liquori on Dec 16, 2016 9:00:00 AM

In a nutshell, bookkeepers are those who manage the financial records of a company so the company’s bills are paid and the revenue is recorded. The bookkeeper also ensures employees are paid when they should be, and invoices are sent out in a timely fashion.

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Topics: Bookkeeping, Bookkeeper, what is bookkeeping

Bookkeeping Tips for Contractors

Posted by Thomas Liquori on Nov 11, 2016 9:00:00 AM

Independent contractors are an option many people choose for employment when they go into business for themselves. Rather than working as an employee for a business, contractors offer a service under contract. They do not enjoy some of the benefits of employment, such as insurance or employee-sponsored 401k accounts, but they do enjoy independence and generally can command a higher per-hour salary when compared with salaried workers.

Many people dream of the day they become an independent contractor in business for themselves. In reality, while there are many benefits to being a contractor, there are risks as well. You will have less of a safety net and may have fewer legal remedies outside of civil court if professional relationships with clients sour. Your bookkeeping needs may also be complex since you may have multiple clients and potentially even multiple streams of revenue. Here are some tips for contractors on how to keep things straight.

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Topics: Bookkeeping, Small Business Bookkeeping, General Contracting Bookkeeping

Differences Between Bookkeepers, Accountants and CPAs

Posted by Matt Roberge on Sep 22, 2016 9:00:00 AM

If you’re considering bookkeeping services or other financial services, you may eventually see words such as “bookkeeper,” “accountant” and “CPA.” For many people, these words are used interchangeably and refer in general to financial professionals. However, there are important differences between these roles and understanding these variances can help you determine who you need to work with for the best results. If you run a business, knowing which financial professional to call can help you make the right decisions.

The Role of a Bookkeeper

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Topics: Bookkeeping, Small Business, Bookkeeper, CPA, Small Business Accountant

5 Smart Ways to Reinvest Your Small Business Profits

Posted by Austin Walker on Jun 8, 2016 8:30:00 AM

It doesn’t get any better than this: you’ve worked hard – really hard, you’ve made some smart business decisions along the way, and you’re finally beginning to see a profit at the end of your business year. Congratulations! What now?

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Topics: Bookkeeping, Small Business Growth, Small Business Consulting

3 Reasons Outsourced Bookkeeping Benefits Your Small Business

Posted by Austin Walker on May 26, 2016 8:30:00 AM

It’s difficult to keep up with both the changes in accounting and in QuickBooks. Every couple years there is a new version. It’s expensive and not a very good use of time to have to catch up in the new QuickBooks version or having to learn the new things in accounting.



You shouldn’t have to waste your time. Instead, you should be able to stay focused on the things you’re really good at. For us, it’s bookkeeping, but the trade is not a very exciting one. We come with the work hard play hard mentality, meaning we put in the full week to serve you, then hit the slopes, go for hikes, or do a little catch and release fly fishing down at the local water hole.

Bookkeeping can be tedious for a small business. The pipeline of projects is long, and there are a lot of other important things that can get in the way of achieving it all. We know that bookkeeping, for some, is not fun. Having to continue to do it over the long run is going to leave the books with mistakes, and the rest of the business can fall apart without adequate time to spend building it.

The financial information that outsourced bookkeeping can produce can also help grow your business. QuickBooks can automatically produce the balance sheet. However, if the journal entries are incorrect within QuickBooks, the whole balance sheet is wrong. The struggle over these small mistakes is not worth the time or the money.

With SLC Bookkeeping, you can get a high quality person that has industry-leading knowledge, and can help consult your business to success. Understand your financials, rather than just hand it over to the CPA at the end of the year. Know where you’re going to be in the next several months with financial forecasting, and stop having to stress. The answers to your questions, along with the high quality work and accuracy down to the penny, you’re only having to pay for the equivalent of several hours a week, rather than a full-time employee.

Get to living your life again. Let us help your business grow

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Topics: Bookkeeping, Small Business, Outsourced Bookkeeping

[Infographic] How QuickBooks Improves Your Restaurant Bookkeeping

Posted by Austin Walker on Apr 27, 2016 8:30:00 AM

QuickBooks is a pretty popular choice for the restaurant bookkeeping needs of restaurants around the country. However, Intuit does not have a version specific to the restaurant industry, so QuickBooks has to be customized to meet your needs. You can select a restaurant as the type of company you're setting up in the QuickBooks beginning interview, though. Let's list the other modifications that should be made to Quickbooks to make sure that your restaurant is set up correctly.

Task Delegation

First off, who is involved in the decisions and who should have access with what abilities?

Restaurant Owners - owners should be the only people with the ability to sign checks, pay bills, or move money across different accounts. There are a couple reasons for this, but the most important one is that allowing the bookkeeper access to cash is an opportunity for theft. Owners should also approve payroll.

Bookkeeping Team - bookkeepers should be entering transactions, bills, daily sales, and verifying deposits. They should also be doing regular reconciliation of the accounts. They should not be handling any cash.

Restaurant Managers - restaurant managers should handle cash deposits. The bookkeeper will verify the cash deposits versus sales records while doing their tasks. The managers should also be focused on regulating your inventory of food and beverage. Lastly, the managers should be verifying hours and submitting payroll to the owners for review and approval.

QuickBooks Install

The program should be set up on a server that gives multiple employees access to QuickBooks at the same time without interfering one another. This is especially helpful for restaurants in multiple locations so there can be a central location where bills, invoices, and paperwork are stored and shared.

Daily Sales Journal Entries

Like the name says, daily sales must be recorded daily. The simple answer as to why is this: the verification of bank deposits. Even if card transactions are being pulled every couple of days, the actual sales of the day need to be recorded. This is a record that the amount being deposited into the bank on a daily basis matches the amount that has been sold on that day. If there are gaps in the amount sold as to the amount deposited, there's a problem.

 

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Topics: QuickBooks, Restaurant Bookkeeping, Bookkeeping

Why Multitasking Will Never Replace Your Outsourced Bookkeeper

Posted by Austin Walker on Apr 26, 2016 8:30:00 AM

If you consider yourself a high-functioning multitasker, you might want to rethink your approach tohow you run your small business. Studies in psychology have revealed that what many of us refer to as multitasking is simply “task-switching” in disguise, and it’s neither effective nor efficient where business performance is concerned.

The Inefficiencies of Multitasking

The fact is that when you shift your focus back and forth between tasks, there’s a lag time during which your brain must readjust as it makes the switch from one mental activity to another. Not only does this serial tasking lower productivity by up to 40 percent, entrepreneurs and others who frequently engage in task-switching actually end up:

  • Making more mistakes
  • Remembering fewer details
  • Taking longer to complete the wide variety of duties where mental focus is required

Since the brain can’t effectively be in two places at once, experts suggest that business owners are far more likely to improve their productivity and financialachievements by engaging in “singletasking”, or focusing their considerable energies on their main area of expertise. For this reason, one of the key elementsin business success at any level is delegation.

Why You Should Learn to Delegate

It’s common for the small business owner caught up in the frenzy of daily interactions to forget just how valuable their time is. Instead of concentrating on meeting the needs of their clientele, or drumming up new business, busy entrepreneurs tend to get distracted and misuse their time by engaging in tasks that could, and should, be delegated to somebody else.

When a business owner assigns multiple professional roles to their in-house staff, or worse, adopts the wearing of too many hats themselves, it can lead to a number of negative outcomes, including:

  • Burnout
  • A lack of investment in long-term strategizing
  • An undermining of the company's overall financial health and performance

Even the most energetic entrepreneur is inevitably going to reach the point where they can no longer do everything themselves, especially if their business is growing. So the next time you find yourselftrying to micromanageevery detail of your expanding enterprise, remember that many analysts proclaim a lack of delegation to be particularly detrimental where the small business is concerned.

The Upside of Outsourcing

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Topics: Bookkeeping, Outsourced Bookkeeping, Multitasking

The Real Difference Between Expenses and Cost of Goods Sold

Posted by Austin Walker on Apr 14, 2016 8:30:00 AM

As one of the more common bookkeeping questions we hear, the difference between Operating Expenses (OE) and Cost of Goods Sold (COGS) is a fairly straightforward one, but it plays a significant role when it comes to allocating and analyzing the resources you spend to make your business profitable

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Topics: Bookkeeping, expenses, cost of goods sold

Can Outsourced Bookkeeping Predict the Future?

Posted by Austin Walker on Mar 31, 2016 8:30:00 AM

Okay, we’re not actually suggesting that outsourced bookkeeping involves anything quite as spooky as a crystal ball, but it can help enormously in predicting your company’s financial performance down the road. Small businesses have predictable patterns. Once a history of precise bookkeeping has been established, any small business should be able to accurately forecast future results 12 – 18 months out, and have those forecasts be correct.

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Topics: Bookkeeping, Small Business, Outsourced Bookkeeping

Why Taxes Are Just a By-product of a Solid Bookkeeping System

Posted by Austin Walker on Mar 30, 2016 8:30:00 AM

There is a big difference between businesses that have their bookkeeping done so they can hand off stuff to their CPAat the end of the year and businesses that actually use their books to make better financial decisions. The difference is all about which of the businesses is going to win. Having a solid bookkeeping system in place can help run the business, drive profits, fix problems, and stop theft. 

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Topics: Bookkeeping, Small Business, Tax Tips, Outsourced Bookkeeping