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Salt Lake City Bookkeeping Blog

Is Your Bookkeeping Holding You Back?

Posted by Leanne Armstrong on Jun 5, 2019 9:00:00 AM

Following best practices for bookkeeping is critical for your company’s long-term success. But with many newer ventures choosing to handle their own record-keeping activities, business owners who find themselves increasingly caught up in the day-to-day needs of their organizations often fail to recognize when they’ve outgrown their accounting approach.

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Topics: Financial Forecasting, Small Business Bookkeeping, Cash Flow, Growth Coach

Break Even and Beyond – Why You Need a Cash Flow Forecast

Posted by Leanne Armstrong on Jan 30, 2019 9:00:00 AM

Young and growing businesses rarely turn a profit – let alone manage to break even – right out of the gate. In fact, when we look beyond the estimated 50% failure rate for small businesses in their first five years, we find that it can still take the average surviving business several years to become profitable.

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Topics: cash flow forecasting, Financial Forecasting, Cash Flow, Growth Coach

The Factoring Process: What You Need to Know About Selling Your Receivables

Posted by Leanne Armstrong on Dec 19, 2018 9:00:00 AM

We’ve said it before, but it’s well worth repeating: cash flow is the lifeblood of every successful business. It’s often a lack of liquidity, in fact – rather than a shortage of sales – that prevents newer companies from growing. One way to keep your business afloat during a cash flow shortfall is to sell your accounts receivable invoices to a factoring company. Factoring doesn’t come free, however. So here’s what you need to know before exploring it further.

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Topics: Accounts Receivable, Cash Flow, Factoring, Factoring Invoices

Accounts Payable Practices That Actually Save Money

Posted by Leanne Armstrong on Oct 10, 2018 9:00:00 AM

Money moves in and out of every small business, so managing cash flow is essential. You may not be able to avoid the expense side of the cash flow equation, but following a solid accounts payable process will keep business costs under control and may even save you some money. Let’s look at a few proven ways to plug potential holes in your accounts payable practices.

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Topics: Accounts Payable, Cash Flow, paying bills

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

How to Manage Your Petty Cash Fund

Posted by Leanne Armstrong on May 23, 2018 9:00:00 AM

There are some business purchases – think coffee runs, staff birthday cards, and one-off postage costs for example – where it’s impractical to pay by credit card or check. As a matter of fact, it was smaller business expenditures like these that first gave rise to the term petty cash! And they’re still the reason why most companies find it useful to keep funds on hand for minor, last-minute, or cash-only expenses.

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Topics: Bookkeeping Procedures, Cash Flow, Outsourced Bookkeeping

5 Tips to Ramp Up Your Short-Term Cash Flow

Posted by Leanne Armstrong on Mar 21, 2018 9:00:00 AM

Maintaining a positive short-term cash flow position – one where the revenues from selling your product or service are greater than your expenses for things like rent, salaries, and supplies - is critical if you want your company to succeed.

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Topics: Cash Flow Management, QuickBooks Cash Flow, cash flow forecasting, Cash Flow

How Liquidity Ratios Help You Understand Your Cash Position

Posted by Leanne Armstrong on Jan 17, 2018 9:00:00 AM

Carrying out a liquidity analysis of your business will help you to better understand your cash position. And that’s important. Because the more favorable a cash position you maintain, the better your outlook for continued success.

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Topics: Cash Flow Management, Financial Forecasting, Cash Flow, Growth Coach

Need Cash? How to Choose Between a Small Business Loan and a Line of Credit

Posted by Leanne Armstrong on Oct 25, 2017 9:00:00 AM

Business loans and lines of credit (LOCs) are valuable sources of capital for your small business. Both offer access to funds that can help your company get going, or get bigger. Either may do away with the need to approach independent investors.

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Topics: Cash Flow, Grow Your Business, Growth Coach, business credit

How to Track Cash Flow from Business Operations

Posted by Joe Mazur on Feb 3, 2017 9:00:00 AM

Determining operating business cash flow helps you distinguish how much money your business makes from customers and operating activities, such as selling products and services, from money made from financing or investing. Calculating your operating business cash flow helps you manage your money and ensures you have enough funds from customers to cover operating expenses and costs.

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Topics: Cash Flow Management, Cash Flow, cash flow from operations