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Salt Lake City Bookkeeping Blog

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

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

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

Cash Flow: The Secret Small Business Killer

Posted by Matt Roberge on May 10, 2016 8:30:00 AM

Properly managing your small business cash flow is critical if you want to succeed. Even if you are just a startup with no revenues, but you have raised money, cash flow is still incredibly important.

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Topics: Cash Flow Management, Accounts Receivable, cash flow forecasting, Financial Forecasting, Cash Flow

3 Ways To Use Your Bookkeeping System As A Tool

Posted by Matt Roberge on Feb 11, 2013 7:17:00 AM

I talk a lot about how to grow your small business.  My passion is watching a small businesses grow and become more successful.  The success or failure of a business always comes back to the leader.  No matter what, the leader of the business is responsible for the end result.  Every leader has a different management technique that I feel is based upon education and experience.  For example, a person with an accounting background may not run a restaurant in the same manner as someone that primarily has a background in restaurant management.  However, completely ignoring the financial aspect of a business is insane, yet I see it happen every day.  I think many business managers and owners avoid the financial aspect of a business because it is intimidating to them.  They find accounting and financial statements confusing and therefore they try and avoid them.  I'm going to show you a few different ways that you can make sense of your bookkeeping and use it as a tool to help run your business.    

Cash Flow Tool

Managing cash flow is a concern for just about every small business.  As a small business owner you need to stop relying on your online bank balance and start using QuickBooks as a cash flow tool.  Simple steps like entering daily sales, posting automatic bill payments and printing checks from QuickBooks will all lead to better cash flow management for your business.  You should also reconcile your QuickBooks checking account to your online banking daily balance.  If you sort your QuickBooks checking account by cleared status you can see two crucial things that allow you to manage cash flow.  You will see your most recently reconciled balance, which should match to the most recent daily ending balance of your online banking checking account.  Additionally you should see your "real' bank balance.  That would be your QuickBooks checking account balance that takes into consideration all deposits that have not cleared you bank account, but also all payments that have not cleared the bank.  By using QuickBooks in this manner you know your actual bank balance at all times and you will have complete control of your cash flow.  

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Topics: Bookkeeping, cash flow forecasting, Small Business Bookkeeping, Cash Flow, Sales, Grow Your Business, Inbound Marketing, Small Business Accountant