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Salt Lake City Bookkeeping Blog

[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

How SLC Bookkeeping Can Help Your Business

Posted by Matt Roberge on Mar 31, 2015 7:30:00 AM

Genuinely helping people in business goes a long way. Business owners often ask us how we can help them. One question we hear regularly is "Exactly what do you do?" We try and help businesses in different ways. Our blogs are intended to teach you how to do bookkeeping, how to grow your business, and how to efficiently run your business. Be honest with yourself; does your business sell or help? The answer is both, right? However, if you genuinely try and help people your business will thrive. Here are four ways SLC Bookkeeping can help your small business.

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

8 Things our Small Business Needs to Succeed

Posted by Matt Roberge on Feb 24, 2015 7:30:00 AM

There are certain things every small businesses needs in order to succeed. I could make this list incredibly long but wanted to keep it to the essential items that have helped us succeed. Please note that in this article I am referencing a small service based business. Here are the 8 critical necessities for our small business to succeed.

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Topics: Business Budgeting, Small Business Growth, Scaling A Service Business, Scaling A Business, Service Business, Business Blogging, Business Vision

How Deep Do You Dive In To Your Budget?

Posted by Joe Mazur on Feb 19, 2015 8:00:00 AM

 

So you and your bookkeeper built your business's budget last year. Now what?  Since Q1 is more than half way over, it's time to start using your budget if you haven't already.  The question is, how deep in your budget do you explore?  Since there are so many different ways to make use of your budget, it makes sense to play with it a lot until you can put your finger on what exactly is relevant to you and what is not.  Some owners may look at variances as a dollar amount, percentages, or both.  Others may look at overall expenses as opposed to the details.   Budgeting is meant to be a helpful tool for dealing with your business's future, it's not meant to be overwhelming or scary.  Make sure you have the time to review or the proper team in place to help you with this.  Using your budget the right way will allow for growth and measured results. 

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Topics: Business Budgeting, Scaling A Business, metrics, Building a budget

How a Small Business Bookkeeper Handles His Own Bookkeeping

Posted by Matt Roberge on Feb 5, 2015 7:00:00 AM

Have you ever wondered how a small business bookkeeper handles the bookkeeping for their own business? Think about it, if you are using an outsourced bookkeeping service they have to handle their own business bookkeeping. Ask them what they do for their own bookkeeping that you currently are not doing. Here are five key things I do with our own small business bookkeeping.

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Topics: Small Business Bookkeeper, Financial Forecasting, Financial Reporting, Business Budgeting, QuickBooks Budget, Small Business Bookkeeping, Reconciling QuickBooks, Bookkeeping Theft, Bookkeeper dishonesty