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Salt Lake City Bookkeeping Blog

How the “Rule of 78” Could Help You Reach Your Revenue Goals

Posted by Leanne Armstrong on Sep 12, 2018 9:00:00 AM

From yoga studios to hospitality services, many small businesses rely on multiple income streams to support their revenue goals. If your business activity lends itself to recurring sales, the Rule of 78 could be just the tool you need to take your company to the next level.  

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Topics: Financial Forecasting, Business Budgeting, Small Business Sales, Sales, revenue streams

What Every Business Owner Should Know About Forecasting Revenue

Posted by Leanne Armstrong on Aug 22, 2018 9:00:00 AM

Every business owner needs a budget to help keep their spending on track. Forecasting revenue is the ideal way to get an educated estimate of how much money your company is likely to earn, versus how much you can reasonably expect to spend over the coming year.

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Topics: Financial Forecasting, cash flow forecasting, Business Budgeting, Growth Coach

5 Financial Warning Signs to Watch Out For

Posted by Leanne Armstrong on Aug 1, 2018 9:00:00 AM

Your company’s financial reports provide important clues about the monetary health of your business. Some of these clues manifest as financial warning signs. Becoming more familiar with your company’s financial statements not only helps you recognize many red flags, it lets you use them to make decisions that will divert trouble down the road. Here are 5 common financial warning signs to watch out for.

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Topics: Growth Coach, Small Business Growth, Cash Flow, Business Budgeting

Difference Between Budgeting and Forecasting

Posted by Matt Roberge on May 17, 2017 9:00:00 AM

Business and finance are two interdependent fields yet two separate disciplines. Running a business often means focusing on day to day operations and developing a product line or menu of services within your core area of expertise. Larger financial issues like budgeting and forecasting get pushed aside for many reasons.

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Topics: Business Budgeting, Financial Forecasting

[Infographic] Run Your Business like a CFO

Posted by Austin Walker on Feb 3, 2016 8:00:00 AM

Chief financial officers (CFOs) tend to have a lot of different roles within a company. For small businesses, the role is even broader. However, most of the time, a company can't afford a CFO or doesn't need one for a good portion of its start-up cycle. That doesn't mean that the company can't benefit from the different roles that a CFO plays. They implement budgets, create forecasts, and are generally the forward thinkers steering the ship, financially. According to HBR, they are the "financial stewardship of the enterprise."

A good budget generally uses the past like a building block and integrates business goals into the numbers. But by spending too much time looking into the past, an owner will project what has already happened rather than prepare for what is going to be needed for the future. Although a budget should be completely realistic, it's OK to be a little off. Cash flow within the business can increase or decrease by certain accounts due to unforeseen circumstances throughout the year. These circumstances can be scary, but the budget can help you to be prepared for these unforeseen expenses. Entering the budget into QuickBooks month by month will also help you compare the budget to the financial forecast.

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Topics: Financial Forecasting, Business Budgeting

[Infographic] How to be an Integral Part of Budgeting and Forecasting

Posted by Austin Walker on Dec 2, 2015 8:07:06 AM

For some, it may be difficult to determine where you fit in with budgeting and forecasting for your small business.  Maybe you don't quite understand where exactly you fit in, or maybe the business doesn't even put together projections or a budget for the next fiscal year. 

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Topics: Small Business Owner, Small Business Management, Financial Forecasting, Business Budgeting, Entrepreneurship, forecasting

Is Your Small Business Making Expensive Mistakes?

Posted by Matt Roberge on Aug 18, 2015 7:30:00 AM

Have you ever made a big mistake? If not congratulations! You are the first person ever. Big mistakes often equal expensive mistakes. A small business cannot afford to make expensive mistakes. Here are some common small business mistakes and what you can do to avoid making them.

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Topics: Bookkeeping mistakes, Financial Forecasting, Business Budgeting, Small Business Growth, Scaling A Business, Business Failure, Business Pivots

Become The Master Of Your Small Business Bookkeeping

Posted by Matt Roberge on Aug 11, 2015 7:30:00 AM

Many business owners don’t see the value in their bookkeeping, so they tend to ignore it. However, once you have been shown the value of the financial aspects of a business, you will then quickly want to master your small business bookkeeping. The following three steps will turn your bookkeeping system from a hindrance into a valuable tool that you can use to grow your business.

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Topics: Financial Forecasting, Financial Reporting, Business Budgeting, Small Business Bookkeeping, Bookkeeping System, Daily Bookkeeping,

Use Your Bookkeeping To Stop Making Stupid Financial Decisions

Posted by Matt Roberge on Jul 21, 2015 7:30:00 AM

Have you ever made a stupid financial decision? Sure, we all have. Remember that ridiculous impulse buy that you made and regretted just a few days later? Those stupid financial decisions really set you back in life as well as in your small business. Here is how to use your small business bookkeeping as a tool to help you to stop making stupid financial decisions. 

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Topics: Financial Forecasting, Financial Reporting, Business Budgeting, QuickBooks Budget, Small Business Bookkeeping, Financial Advice

A Small Business Owner Needs To Be An Integral Part Of Budgeting And Forecasting

Posted by Matt Roberge on Jun 16, 2015 7:30:00 AM

It is essential for a small business owner to be a part of the forecasting and budgeting process. Many small business owners don't take the time to even build a budget or forecast. Even those that do make a budget quite often don't take the time to analyze their actual performance against it, draw some conclusions, and make any necessary adjustments. Here is why every business owner needs to be a part of the budgeting and forecasting process. 

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Topics: Financial Forecasting, Financial Reporting, Business Budgeting, QuickBooks Budget, Building a budget, forecasting