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Salt Lake City Bookkeeping Blog

[Infographic] Is Your Bookkeeper Stealing? How to Know...

Posted by Austin Walker on Nov 4, 2015 7:00:00 AM

Accountability for cash flow is normally given to one person: your bookkeeper. In general, that gives them an opportunity to have a hand in different transactions that would make it easy to take cash from a business. However, there are some really simple steps that a small business owner can take to prevent such disaster. Not only that, but it can keep an owner or partner involved in a business on a regular basis, so that they always have a finger on the pulse of the business. This short infographic is a simple guide to how to balance a bookkeeper. If nothing else, it keeps a person away from temptation.

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Topics: Bookkeeping Tips, Small Business, Bookkeeping Theft

Crafting A Chart Of Accounts For A Small Business

Posted by Christina Whalen on Oct 1, 2015 7:00:00 AM

Setting Up QuickBooks Chart Of AccountsThe Chart of Accounts is the initial building block of any accounting system. No matter what kind of business you are a part of, there is always a key group of accounts that encompass all of the financial transactions that happen in a business. 

Customization is the next step to building out a brilliant Chart of Accounts. From there, the Chart of Accounts will get tailored with three key players in mind: the owner, the CPA, and the bookkeeper.

In the words of SLC Bookkeeping's COO Alex Viau, the most important facet to keep in mind is to KISS... "Keep it simple, stupid."

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Topics: QuickBooks Tips, Bookkeeping Tips

5 Stages Of Small Business Bookkeeping Understanding

Posted by Matt Roberge on Aug 29, 2014 7:00:00 AM

Small business owners have many varying degrees of understanding when it comes to their small business bookkeeping. Some business owners are intimidated by their bookkeeping, while others just don't care about it. Many business owners don't understand their bookkeeping or the importance of it until someone shows them. Working with hundreds of small business owners over the years has shown us the varying degrees of understanding that owners go through with their books. Here are five stages of small business bookkeeping understanding that you can use to enhance your understanding of your own business's books.

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Topics: Bookkeeping Tips, Financial Forecasting, Financial Reporting, Small Business Bookkeeping, Bookkeeping System, Outsourced Bookkeeping

What A Value-added Bookkeeping System Looks Like

Posted by Matt Roberge on Mar 24, 2014 7:00:00 AM

Many small business owners that I talk with complain that their bookkeeping system does not add value to their business.  You should be able to use your bookkeeping as a tool to make key business decisions.  Most owners blame their bookkeeper for the shortcomings of their bookkeeping system.  They claim that their bookkeeper isn't good or doesn't care enough, which definitely could be true.  More likely though is that the owner hasn't clearly communicated what they want from their bookkeeping system.  Setting goals and clearly communicating them with your bookkeeper is a crucial part of developing the right system.  Here are four traits of what a bookkeeping system looks like that adds value.       

Accurate and Regularly Updated

A bookkeeping system has to be updated regularly and accurately in order for it to add value to the business.  Business owners often complain to us that their bookkeeping is behind.  Additionally when they do get reports they are inaccurate due to mistakes made by the bookkeeper in coding.  Common mistakes include general coding errors such coding assets as an expense, using the wrong expense accounts, and not booking the correct principal and interest to business loans.  Your bookkeeper may require some QuickBooks and bookkeeping training in order to get the proper system and bookkeeping basics in place.  Getting behind in your bookkeeping leads to you running your business blind causing you to be unaware of how you are actually doing.  The foundation of accurate bookkeeping is to ensure you are reconciling all of your accounts on a regular basis.  Bookkeepers often reconcile the bank accounts but skip other important accounts that need to be reconciled like credit cards, loans, lines of credit and payroll liabilities.        

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Topics: Bookkeeping Salt Lake City, Bookkeeping Tips, Small Business Bookkeeping, Outsourced Bookkeeping

What Do You Want From Your Small Business Bookkeeping?

Posted by Matt Roberge on Mar 5, 2014 7:00:00 AM

One common complaint I hear from small business owners is that they don't get what they want from their bookkeeping system.  There is a laundry list of reasons that small business owners claim their bookkeeping isn't valuable to them.  Common reasons include: they think their bookkeeper sucks, they don't know how to get what they want, and or they don't see the value in bookkeeping.  Some business owners know what they want from their bookkeeping, they just don't know how to get it.  Here is a three step guide on how to obtain value from your small business bookkeeping.

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Topics: Bookkeeping Services, Bookkeeping Tips, Bookkeeping Processes, Financial Reporting, Small Business Bookkeeping, Reconciling QuickBooks

More Benefits Of Outsourced Bookkeeping In SLC

Posted by Matt Roberge on Jan 3, 2014 7:00:00 AM

We have written a lot of articles about outsourced bookkeeping and have compiled an eBook titled 10 Reasons Your Business Should Outsource Its Bookkeeping.  Outsourced bookkeeping is what we do so obviously we talk about it a lot.  When you outsource your bookkeeping you should make more money.  You should delegate and outsource those tasks that are not your strengths and focus on what you are good at.  If you are not good at selling the service or product that you offer then you might be in the wrong business.  As we continue to work with new clients we are always identifying new benefits to outsourcing your bookkeeping.   

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Topics: Efficient Bookkeeping, Bookkeeping Salt Lake City, Bookkeeping Tips, Outsourced Bookkeeping

6 Big Picture Items To Attack Before Business Year-End

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

Many small businesses fail to attack some critical tasks before year-end.  Nothing is more frustrating than maintaining the bookkeeping for a small business only to see it go unused before year-end.  Too many small businesses use their bookkeeping as a means to filing their tax returns and that is all.  The major problem is many small business owners don't know what a solid bookkeeping system can do besides taxes.  Once a business owner is shown how their bookkeeping can be used as a business tool they see a lot more value in keeping it updated.  Don't let a great bookkeeping system go to waste; here are six big picture items to attack before year-end.   

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

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

Small Business Success Tips From A Bookkeeper

Posted by Matt Roberge on Nov 15, 2013 7:00:00 AM

Running your own small business seems so easy until you are actually doing it.  Small business success only comes with a lot of hard work and a willingness to learn from others.  Those that claim they know the best way to do everything in their small business often fail due to their stubbornness.  At SLC Bookkeeping we get to work with hundreds of small businesses.  We have learned a lot about how to run a successful small business through the diversified group of business owners that we work with.  Here are some small business success tips that I have learned through my experience of working with so many different business and owner types. 

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Topics: Bookkeeping Tips, Financial Reporting, Small Business Bookkeeping, Small Business Growth, Small Business Consulting, Scaling A Business

Don't Be The Issue At Year End, Become The Leader

Posted by Alex Viau on Nov 8, 2013 7:00:00 AM

We've stated it before and I'm going to state it again, year-end bookkeeping should not exist.
All of us here at Salt Lake City Bookkeeping treat 12/31/13 simply as another month to close the books for our clients. The critical task at year-end for us is just a review with the owners before we submit the books to the respective CPA for filing taxes. Think about it, you wouldn't submit a paper to your professor without looking it over, we're humans and we all make mistakes. The critical reviewer though happens to be you the business owner. Without your help we won't have the necessary tools to achieve a financial nirvana of sorts to close your books out for an entire year. Here are four roadblocks that we usually run into at year-end.

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Topics: Bookkeeping Tips, Year End Accounting, Year End Bookkeeping