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Salt Lake City Bookkeeping Blog

How To Take The Headaches Out Of Bookkeeping

Posted by Matt Roberge on Nov 20, 2013 7:00:00 AM

Just mentioning the word bookkeeping to many small business owners causes cringing and an instant headache.  Most small businesses push their bookkeeping to the back burner because they don't get any useful information from their bookkeeping.  Bookkeeping isn't sexy to many small business owners so they categorize it as a non-essential task.  However, at some point in your career you will need your bookkeeping.  You may need updated books to file taxes, apply for a loan or apply for a grant.  Once you go through the feeling of needing your bookkeeping but not being able to satisfy that need you will never neglect it again.  Here are a few ways to take the headaches out of your small business bookkeeping for good.   

Do It Yourself Or Get Help?

As far as I am concerned there are two options to get your bookkeeping done; do it yourself bookkeeping or outsourced bookkeeping.  If you have some sort of accounting education and some relevant experience you may be able to tackle the bookkeeping yourself.  If it has been a long time since Accounting 101 you may want to ask around your network to see how everyone else is handling their bookkeeping.  While handling your own small business bookkeeping can save you money it can also cost you a lot of time.  Additionally, if you don't know what you are doing and make mistakes it can be costly to fix those mistakes.  Depending on your situation it may be more effective to use an outsourced bookkeeping service.  Although an outsourced bookkeeper will cost you money it may actually save you money in the long run.  You will be doing yourself a favor by hiring a bookkeeper to help you set up QuickBooks and your bookkeeping system correctly from the beginning.  Maybe you can find a bookkeeping service that will offer QuickBooks training and support to help you learn to handle your own small business bookkeeping.   

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Topics: Bookkeeping Tips, Bookkeeping Processes, Financial Forecasting, Financial Reporting, Small Business Bookkeeping, Year End Bookkeeping

What A Solid Bookkeeping System Can Do Besides Taxes

Posted by Matt Roberge on Oct 14, 2013 7:00:00 AM

Many small business owners think that bookkeeping has just one role; a means to filing your taxes.  Those business owners that have this mindset are missing out on many benefits that a solid bookkeeping system can offer.  Small business bookkeeping often falls behind because it is so easy to push to the back burner.  If you are not getting any value from your bookkeeping then there is no urgency to update it on a regular basis.  Those businesses that are extracting valuable information from their bookkeeping make it a priority to keep the books updated regularly.  So exactly what can a solid bookkeeping system do besides file taxes? 

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Topics: Bookkeeping Tips, Bookkeeping Processes, Financial Forecasting, Financial Reporting, Small Business Bookkeeping, Bookkeeping Theft

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

What Successful Companies Look Like From A Bookkeeping Perspective

Posted by Matt Roberge on Sep 27, 2013 7:00:00 AM

A large percentage of small businesses don't use their bookkeeping to help them run or grow their business.  In fact many small businesses don't even update their bookkeeping enough to use their bookkeeping as a business tool.  The bookkeeping for a business is one of those items that often gets pushed to the back burner behind more critical tasks.  Many business owners look at their bookkeeping as a means to filing their tax return and that is all.  However, successful companies know that maintaining their bookkeeping and using the information to help the business grow is crucial.  So how do successful businesses use their bookkeeping to grow? 

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Topics: Cash Flow Management, Bookkeeping Tips, Bookkeeping Processes, Financial Reporting, Small Business Bookkeeping, Small Business Growth

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

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?  




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Topics: Bookkeeping Errors, Bookkeeping Processes, Bookkeeping Help

Year-End Bookkeeping Should Not Exist

Posted by Matt Roberge on Sep 17, 2012 8:03:00 AM

Small business owners have a huge misconception when it comes to year-end.  Many businesses associate year-end with the period of January to April when taxes are due.  We associate year-end with the last quarter or month of each tax year.  We don't believe in the term year-end; and here is why.

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Topics: Accounting Services, Bookkeeping Processes, Bookkeeping Help, Year End Accounting, Year End Bookkeeping

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: Bookkeeping Errors, Bookkeeping Processes, Business Efficiency