<img height="1" width="1" src="https://www.facebook.com/tr?id=1168427849921758&amp;ev=PageView &amp;noscript=1">

Salt Lake City Bookkeeping Blog

Why Your Small Business Bookkeeping Is Useless

Posted by Matt Roberge on Oct 1, 2014 7:00:00 AM

Many small business owners consider their bookkeeping useless. Those types of owners look at their bookkeeping only as a means to file taxes, therefore time and money spent on bookkeeping is a waste. I understand that mentality because I have helped clients break free of it. Bookkeeping is useless if it does nothing, but your small business bookkeeping should add value. Your bookkeeping system should be one of the best business tools in your arsenal. If you think your small business bookkeeping is useless you may be experiencing one of the following issues.

Read More

Topics: Business Bookkeeping, Small Business Bookkeeping, Financial Reporting, Bookkeeping System

Set Up Your Small Business Bookkeeping Correctly The First Time

Posted by Matt Roberge on Mar 31, 2014 7:00:00 AM

Small business owners often call us and inform us that they haven't done any of their bookkeeping; they haven't even set up QuickBooks.  This is the perfect situation because it allows us to set up the small business bookkeeping correctly the first time.  On the flip side of this story is the business that attempted to handle their own bookkeeping but made a complete mess of it and now they need our help.  This is not the ideal situation as it often takes us longer to fix the mistakes than it does to just start over.  What I have found is the most businesses have the time and money to fix their bookkeeping mess, but not to do it right.  Here is a guide on how to set up your bookkeeping correctly right from day one.

Read More

Topics: Bookkeeping mistakes, QuickBooks Tips, Business Bookkeeping, Bookkeeping Help, Small Business Bookkeeping, Bookkeeping Procedures

Keep Your Bookkeeping Investor Ready

Posted by Joe Mazur on Apr 29, 2013 6:57:00 AM

As bookkeepers, we often work with businesses that have goals to grow their book of business and seek investors or someday sell to investors.  This isn't possible unless every
transaction is tracked and handled a certain way.  I'm always amazed at the different mindsets we encounter when talking with business owners.  Some treat their business as a hobby and tend to not take it serious while some treat their business very serious and understand it needs to be 100% accurate at all times in order to scale.  After talking investors and CFO firms, I've learned that it's always better to be in this ready mindset and not be caught off guard by not being ready to show an investor your books.  I've come up with a few areas that all small businesses should focus on if they someday want to present their books to investors. 

Read More

Topics: Business Efficiency, Small Business Accounting, Business Bookkeeping, CEO Advise, Cash Flow Management, Investor Bookkeeping

Three Pros and Cons Of Self-Employment From A Bookkeeper

Posted by Matt Roberge on Dec 7, 2012 7:18:00 AM

Pros and Cons of Self Employment As a small business entrepreneur, you learn the pros and cons of self-employment pretty quickly. It can be a roller coaster ride with huge highs and deep lows. Here are some of my thoughts about the truth of being self-employed.   

Read More

Topics: Business Bookkeeping, Bookkeeping Business, Business Ideas, Self Employment, Salt Lake City Bookkeeping, Small Business Accountant

Everyone Does Bookkeeping So How Do You Stand Out?

Posted by Matt Roberge on Dec 5, 2012 7:22:00 AM

I got put in my place by my CPA a few weeks ago when he said and I quote, “bookkeeping is one of those tough businesses because everyone does it.” When I asked for clarification he simply replied, “Everyone has a friend or a family member that does bookkeeping.” It made me feel small. It made me want to change careers because I felt like there was no hope for success.  So how do you succeed when faced with so much competition?

Read More

Topics: Business Ideas, Business Sales, Business Bookkeeping, Bookkeeping Business, Bookkeeping Companies

Don't Let Bookkeeping Mistakes Result In Overpaid Taxes

Posted by Matt Roberge on Nov 26, 2012 6:35:00 AM

There is not a company anywhere that wants to pay more tax than they legally have to. That is why it is so
important to make sure that bookkeeping mistakes are not resulting in overpaid taxes. Not just income taxes but sales taxes, payroll taxes and any other state or local tax that relies on your financial information can be overpaid if the data is not correct. This can total up to a great deal of money. 

The one deterrent to overpaid taxes is to have a highly trained bookkeeper. Small business can sometimes have a bookkeeper that is not fully trained. There are a number of reasons this happens. When small businesses first get started they may not think they need bookkeeping help. This means that the owner or the office manager may well be doing the accounting along with their other jobs. This puts additional work on someone who already has a full time job. 

Some of the most common problem areas are:

Payroll reporting can be a problem if the bookkeeper does not understand how to enter the data correctly. The gross wages need to be on the income statement not the net paid out. Often this is missed when a non-trained person handles the books.

Fixed assets need to be properly recorded. Depreciation is only correct if the asset has not been expensed in error.  

Balance sheet accounts need to be reconciled monthly. By year end it takes a lot of work to go back through twelve months to find out a double posting was made or that the cash account has not been reconciled. Duplicate entries will throw tax calculations off.

Untrained bookkeepers often do not understand how an entry can cause so much time and trouble. Trained
bookkeepers know that a prior year adjustment is not something to consider lightly. These kinds of changes can cause  major tax problems and are not easy to find and fix.

Bookkeeping mistakes can really bring on the penalties and interest when dealing with sales tax. Knowing who to collect sales tax from and who to pay it to is what a trained bookkeeper can do without generating fines and interest. 

One of the best things a business can do to keep their taxes correct is to have a trained bookkeeper or a bookkeeping service.

 

 

Click me

 


Read More

Topics: Efficient Bookkeeping, Business Bookkeeping, Small Business Bookkeeper, Bookkeeping mistakes, Bookkeeping Help

Outsourced Bookkeeping Should Not Scare You

Posted by Matt Roberge on Nov 16, 2012 7:38:00 AM

There are a lot of positive reasons to consider an outsourced bookkeeping service. The bottom line is that
every business needs to be sure that they have accurate financial records. If they do the work in house the business owner needs to be absolutely sure that the work is done correctly. 

One huge advantage to using an outside service is the cost savings. The time and effort to locate a qualified bookkeeper, hire, pay and provide benefits is a huge cost not only in money but in time. After going through all of that what if the bookkeeper leaves for another job? You are right back to starting over again. Using an outside bookkeeping service allows the business owner to focus on the core business not the bookkeeping.

Another advantage to an outsourced service is you will have access to their expertise. Good bookkeeping services hire and retain the most qualified staff. They know that this is their business and they make sure they have the personnel in place to handle the work you need done.

Because they have a trained staff they have timely turnaround on the work being done. They will file tax reports on time, meet deadlines and make sure your business runs smoothly. An outsourced bookkeeping service will be sure to have the latest technology.

One more reason not to be scared of an outsourced bookkeeping service is that you have no worries about back ups. Your files are secure and safe so no matter what happens to your physical location your records are safe. 

Having an outsourced bookkeeping service can reassure the users of your financial statements that they are
being done in accordance with all accounting principles. These services make sure that they have the necessary information to provide an accurate and unbiased financial picture of your business. This also takes the burden of double-checking that an employee is not stealing from your company out of the question. 

Keeping your financial picture confidential is a really good reason to use an outsourced bookkeeping service. An employee handling this information could let sensitive information slip out. The service will maintain the highest level of confidentiality for your business.

There is no reason to be afraid of an outside service for your bookkeeping needs. These firms can provide you with everything already mentioned and peace of mind that your business is in excellent hands.  

 

Click me

 

 

Read More

Topics: Outsourced Bookkeeping, bookkeeping needs, Business Bookkeeping, Bookkeeping Services, Bookkeeping Business, Outsource Bookkeeping, Bookkeeping Help

Why Does Business Bookkeeping Always Get The Back Burner?

Posted by Matt Roberge on Nov 5, 2012 7:25:00 AM

There are so many reasons why business bookkeeping gets put on the back burner. When you own a small
business you are most likely overworked and buried in things to do. You don't know if you can truly afford to hire additional help or exactly what kind of administrative help you need.

Small business owners go into business to do something they are good at and most likely really enjoy doing. Restaurants owners might love to cook and really appreciate seeing their customers enjoying the food they prepare. An auto mechanic might love to work on cars and can't wait to dive in and try to figure out what is wrong with them.  A boutique owner that loves fashion and all its accessories can't wait to help a customer find the perfect outfit for their big night.

What all these people have in common is that they didn't go into business to do the bookkeeping.  When you have a list of things to do for your business bookkeeping often fall to the bottom. In some cases it has to. For example, the restaurant owner needs a new dish for a special, food needs to be ordered and staff needs to be scheduled. The auto mechanic needs to order parts and estimates to get out. The boutique owner has ordering to do.  

This puts one of the most important parts of their business off until everything else is done and they are exhausted.  When it finally gets to be too much these owners may bring in an office person to help out. Sometimes this is a friend or family member who really has no training or expertise in bookkeeping.

What they really need is a bookkeeper or a bookkeeping service that can take this burden off them and allow them to do what they do best.  The peace of mind this can offer a small business owner is incredible. No more worrying about did I file the right form for sales tax, is my company really making money, can I afford to hire more help and are my taxes filed properly. 

One main reason that bookkeeping gets put on the back burner is that it is not easy. It takes time and knowledge. Business owners need to focus on their core business and get a qualified bookkeeper or bookkeeping service to deal with the rest. It is worth every penny to the owner.   

 

 

 

 

Read More

Topics: bookkeeping needs, Business Bookkeeping, Bookkeeping mistakes, Bookkeeping Services, Bookkeeping Business, Bookkeeping Help

Restaurant Bookkeeping Experts Drive The Bottom Line

Posted by Matt Roberge on Oct 31, 2012 7:35:00 AM

In one way a restaurant is no different than any other business. The owners went into business to not only do
what they love and are passionate about but to also make a profit. With restaurants, however, the owner is dealing with a number of issues that many businesses do not face. 

With some businesses an inventory item might be good for years if you can't move it or if you need more you have the time to order it and get it in before it is needed. In the restaurant business it is necessary to have all the food you need for that night or you may not be able to get it to please your customers. Add to that if you have too much you now have waste. Inventory is all the food, supplies and ingredients that you have on hand. These items need to be counted at regular intervals not just for ordering purposes but also for loss prevention.

Having experienced and expert restaurant bookkeeping can help keep you up on trends and let you know exactly where you stand by managing cash flow, putting controls in place, and helping to manage inventory as well as giving you the financial statements. 

Having controls in place not only makes sure all the sales are accounted for but also to put controls on food inventory so that you know where you stand with your costs as well. Good business bookkeeping records can help you determine when you need more staff and when you can cut back.  

The price you charge can be a factor if the cost of your supplies is rising but your prices are not. A
bookkeeping system that is in place can tell you if what you are charging is covering not just the cost of the food but the overhead as well. Good bookkeeping can calculate what your overhead is for each time you open the door. This is critical information that every restaurant needs to know. 

Restaurants need to know all the bookkeeping is being done correctly and accurately so that the bottom line reflects the true picture. Good bookkeeping cannot guarantee a profit but it will make sure that you know where the problems are and how to address them.  Comprehensive reports that drill down to the information you need can really help the bottom line.   

Restaurant Bookkeeper

Read More

Topics: Restaurant Bookkeeping, Business Bookkeeping, Bookkeeping Help, Bookkeeping Business, Restaurant Bookkeeper

A Part Time Bookkeeper For Long Term Solutions

Posted by Matt Roberge on Oct 19, 2012 6:38:00 AM

For many small businesses a part time bookkeeper can be the solution to your company's accounting
problems. A qualified bookkeeper can make your business run much more smoothly and take the burden off the owner or the office manager trying to do it all.

For many small businesses hiring a full time bookkeeper just does not make sense. There is not enough work to justify the cost and expense of hiring a full time bookkeeper. Yet at the same time someone has to take care of the books. When a small business relies on the business owner it takes time away from time-spent running the business and from time needed to grow the business. Owners of small businesses have other things to worry about and devote their time to than bookkeeping. After all you did not go into business to do accounting.

In many small businesses there is one employee who seems to be handling it all. This is never a good plan for a small business. The person wearing all the hats does not have the time and most likely not the training to handle the bookkeeping efficiently. Bookkeeping is not something to be handled when everything else is taken care of. 

A part time bookkeeper can be the solution to the problem. Most likely neither the owner nor the office manager has the training and expertise to do the bookkeeping correctly. It is crucial to the business that the owner can make decisions based on accurate figures and can have confidence in those numbers when making plans for the future. When you have someone handling the books that is unsure or simply does not
know how to do it you have nothing reliable to base decision-making on. 

Part time employees can be a valuable addition to your business. A small business bookkeeper can take the burden off not only the office manager but the business owner as well. There are many qualified people who are looking for part time work that could be a huge help to your business.  

In the long term many small businesses can continue with a part time bookkeeper for years. A qualified and experienced bookkeeper can handle a lot of work in a part time position. How could a qualified part time bookkeeper help your business grow?   

 

 

Click me

 

 

 

Read More

Topics: Small Business Accounting, Business Bookkeeping, Small Business Bookkeeper, Business Bookkeeper, Part Time Bookkeeper