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Salt Lake City Bookkeeping Blog

8 Small Business Bookkeeping Blunders During Startup

Posted by Matt Roberge on Jul 24, 2013 7:00:00 AM

Running a bookkeeping consulting firm geared towards small businesses teaches you a lot about business startups. We see all sorts of missteps, whether it is right from the beginning or several years down the road. It is very rare that a business will do everything right during the startup phase. The list of tasks that need to get done to get your business up and running can be overwhelming. No matter how experienced you are in business you can’t be an expert in every facet of launching a business. It is amazing to me how reluctant people are to ask for help during the startup phase of a business. I think many people have the mindset to get their business launched by spending as little money as possible. However, this approach often leads to costly mistakes, which are more expensive in the long-run. It is usually much cheaper to pay someone to do something correctly the first time rather than pay them to fix your mistakes in the future. Here are 8 common bookkeeping mistakes I see new businesses make when starting their business.

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Topics: Bookkeeping Theft, QuickBooks Reconciliation, Bookkeeping Services, Bookkeeping Processes, Accounting Reconciliation, Bookkeeping Help, Accounts Receivable, Financial Reporting, Bookkeeping Errors, Accounts Payable

From A Bookkeeper In Utah, Financial Reporting Pointers

Posted by Joe Mazur on Jul 15, 2013 7:05:00 AM

A small business owner may be so busy working in their business, they may not have the
amount of time to stop and work on their business.  It's always tough seeing a business owner wrapped up in the day to day operations that they start to ignore goals and forecasts.  Maybe from a bookkeeper here in Utah, financial reporting pointers can help both in the short term and long term.  Diving into your small business's financial reporting can be time consuming if it's not utilized on the regular.  Having a few reports that are saved under memorized transactions (usually in QuickBooks) that are easy to pull up can definitely reduce stress and save time if they are checked regularly.  Focusing on Account's Receivable Reports, Labor vs. Revenue Compare, Profit Margins, and Account's Payable Reports will provide a decent amount of relevant data to be used going forward.

Accounts Receivable Report

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Topics: Consulting, Cash Flow Management, Bookkeeping Errors

5 Financial Obsessions That Are Actually Healthy

Posted by Matt Roberge on Dec 14, 2012 8:18:00 AM

Typically in life obsessing about anything is bad.  However, I do believe that there are some financial obsessions that are healthy both for you personally and your small business.  Many individuals, families and small businesses are just plain bad at managing their finances.  Some people just don't understand accounting or bookkeeping so their finances tend to get the back burner.  Avoiding managing your finances is a huge mistake and will always come back to haunt you.  Here are five financial obsessions that you really should keep in mind and try to follow.

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Topics: Year End Bookkeeping, Do It Yourself Bookkeeping, Personal Bookkeeping, Bookkeeping Errors, Outsourced Bookkeeping, QuickBooks Reconciliation, Bookkeeping Services, Bookkeeping Help, Business Bookkeeper, Family Bookkeeping, Financial Forecasting

Evaluating Bookkeeping Companies And Your Needs

Posted by Matt Roberge on Nov 9, 2012 7:57:00 AM

Evaluating the needs of your company is the number one thing that needs to be done before you can begin to
evaluate  bookkeeping companies and the services they provide. Matching what you need to the bookkeeping company that can best give your company all the services it requires. If you know exactly what you need before you start looking you will be able to clearly evaluate services.

Some items to consider when evaluating business bookkeeping companies:

  • Flexibility

  • Expertise

  • Turnaround

  • Technology

  • Reduced Paperwork

  • Confidentiality

When assessing flexibility, think of your business and consider how quickly the bookkeeping service can get you all of the information you may need. Do they have the personnel in place and trained to do your work as well as the work load they all ready have?

The expertise of the staff is very important. Does the bookkeeping service have qualified and dedicated personnel who know what needs to be done for your business? Do they have any similar businesses that they are providing services for now?

Fast and timely turn around is imperative so that your business can meet deadlines and have any forms filed with tax authorities in a timely manner. Providing a quick turn around of your information keeps you informed of where your business stands at all times.
A bookkeeping service that has up to date technology that they are familiar with will best suit your business. If the service does some similar small businesses it is a good indication that they have the necessary software to do yours.

When a business uses a bookkeeping service it should reduce the amount of paperwork your office needs to generate. This can be a saving in cost and in storage space. All businesses need to be able to conduct their business without worrying about confidentiality. This can be a great reason to consider using a service in the first place. You will not have to worry about employees discussing financial matters outside of the office or even having financial matters becoming office gossip.

Before you can evaluate a bookkeeping service for your business an understanding of the needs of your business need to be listed and evaluated. Once that list has all the details of what you expect and require from the bookkeeping service the evaluations can begin. Are you clear in your mind what your business requires from a bookkeeping service?  

cta-outsource-your-bookkeeping-today

 

 

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Topics: bookkeeping challenges, Bookkeeping Errors, bookkeeping needs, bookkeeping products, Bookkeeping Processes, Bookkeeping Help, Bookkeeping Companies

5 Critical Business Bookkeeping Processes

Posted by Matt Roberge on Aug 11, 2012 8:16:00 AM

One of the most important parts of any business – regardless of how large or small – is its finances. Keeping up with all income and expenditures not only provides a company with a quantifiable measure of their success, but it also keeps businesses from making mistakes in their taxes, which can cost you dearly. Business bookkeeping is no easy task, but it’s critical to the existence of your company. Here are 5 of the most important bookkeeping processes:

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Topics: Business Efficiency, bookkeeping challenges, Bookkeeping Errors, bookkeeping needs, Business Bookkeeping, Business Bookkeeping, Bookkeeping Processes

Five Fatal Bookkeeping Mistakes You Can't Afford

Posted by Matt Roberge on May 1, 2012 8:09:00 AM

As a small business there are many bookkeeping mistakes you just can't afford to make.  A small mistake can mean a minor setback in your operations.  However, a big mistake could put you out of business.  Here are five fatal bookkeeping mistakes you flat out can't afford to make:

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Topics: Tax Compliance, Efficient Bookkeeping, Do It Yourself Bookkeeping, Bookkeeping Errors, Outsourced Bookkeeping, Business Bookkeeping, QuickBooks advice

Do You Have a Bad Bookkeeper?

Posted by Matt Roberge on Jan 24, 2012 10:32:00 AM

There are a lot of great bookkeepers out there, but there are also a lot of really bad bookkeepers.  We have a lot of different sources of obtaining new bookkeeping clients.  One of them is through bad bookkeepers.  More often than not when a new prospect contacts us it is because they are not happy with their current bookkeeper or bookkeeping service.  Is your bookkeeper good at what they do?  Here is how to find out.

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Topics: Do It Yourself Bookkeeping, bookkeeping challenges, Bookkeeping Errors, Outsourced Bookkeeping, Business Ideas, Using QuickBooks effectively

Hiring a Bookkeeper or Bookkeeping Service

Posted by Matt Roberge on Jun 1, 2011 9:11:00 AM

Finding and then hiring a good bookkeeper or outsourced bookkeeping service can be a challenging task.  It can be especially difficult to hire a bookkeeper if you don't need or can't afford a full-time person.  If you are a small business chances are that your bookkeeping only takes a few hours a week or even per month.  It is also very possible that you can handle all of the bookkeeping tasks by yourself.  My question is not only do you really want to, but also can you afford to?  Here is a quick guide to figure out if you need to hire a part-time bookkeeper and how to go about it.

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Topics: Efficient Bookkeeping, Business Efficiency, Do It Yourself Bookkeeping, bookkeeping challenges, Bookkeeping Errors, Outsourced Bookkeeping, Entrepreneurship

Common Bookkeeping Mistakes

Posted by Matt Roberge on May 20, 2011 10:23:00 AM

As an outsourced bookkeeping service we see lots of different bookkeeping systems.  We are constantly consulting individuals and businesses on their bookkeeping.  We are also taking over bookkeeping systems from other bookkeepers.  There are always mistakes...always.  Here are the most common bookkeeping mistakes we have seen and how to avoid them or fix them. 

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Topics: Do It Yourself Bookkeeping, bookkeeping challenges, Bookkeeping Errors

Bookkeeping for Intercompany Expenses, and Reimbursements

Posted by Joe Mazur on Mar 4, 2011 11:30:00 AM

It is quite common to see firms add different LLCs throughout the life of their business.  This often makes sense for many different financial benefits, but it often leads to very difficult bookkeeping.  Once the transfer of money between the companies begins, the books need to be checked continuously to make sure the balances always tie.  "The balances of what?" you might ask.  

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Topics: intercompany, bookkeeping challenges, Bookkeeping Errors, online banking, quickbooks online banking