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Salt Lake City Bookkeeping Blog

Why You Struggle To Understand Bookkeeping And What You Can Do

Posted by Matt Roberge on Jan 19, 2016 8:45:00 AM

I had a really interesting conversation with one of my advisors from the Goldman Sachs 10,000 Small Businesses Program yesterday. He was astounded by how many small businesses don't understand their bookkeeping and dismayed by those who see no value in it. We commiserated over the many successful small businesses who don't have an adequate bookkeeping system in place to understand their current situation. They don't even know the status of their accounts receivable (AR), accounts payable (AP), or cash flow.

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Topics: Cash Flow Management, Small Business Bookkeeping, Grow Your Business, Bookkeeping System, Growth Coach

Why I Handle My Own Bookkeeping

Posted by Matt Roberge on Nov 25, 2015 7:00:00 AM

It probably doesn't come as any surprise that I handle my own bookkeeping. After all, bookkeeping is my profession, so it makes sense that I handle it for our business. A marketing consultant probably doesn't outsource their own marketing. If accounting is not your strength, then I highly recommend that you use an outsourced bookkeeping solution. There are several important reasons why I handle my own bookkeeping.

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Topics: Cash Flow Management, Financial Reporting, Small Business Bookkeeping, Small Business Growth, Growth Coach

4 Benefits Of A POS Generated Sales Report

Posted by Christina Whalen on Sep 8, 2015 7:30:00 AM

If you have a cash register, there is an inherent liability that goes along with it: the cash could disappear. When money is changing hands, there is a higher risk of both theft and mistakes. That is why having a third-party review your bookkeeping is invaluable to business owners.

By having a point of sales (POS) system recording each transaction, you can have peace of mind that, yes, this is how many sales were made and here is the money in the register to prove it. Tracking the sales and comparing your cash deposits is a way to make sure that your employees aren't stealing from you.

Having unbiased sales reports on the back-end is the best way to track what's happening in your store front.

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Topics: Daily Sales Summary, Cash Flow Management

The Power Of Daily Bookkeeping

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

For years I have been preaching the power of daily bookkeeping to friends, colleagues, clients, and blog readers. Daily bookkeeping is exactly what you think it is, updating your books every single day. My daily routine when I wake up is to grab a coffee, open my business QuickBooks on one screen and my online banking on the other. My QuickBooks checking account is always sorted by cleared status so I can reconcile my QuickBooks bank account to my online banking ending daily balance. Aside from being a complete bookkeeping dork this does serve a purpose. Here is the power of daily bookkeeping.

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Topics: Cash Flow Management, Financial Forecasting, Financial Reporting, Grow Your Business

5 Simple Ways To Control Your Accounts Receivable

Posted by Matt Roberge on Sep 29, 2014 7:00:00 AM

Controlling accounts receivable is a challenge for any small business owner. You are so relieved and happy when you make a new sale and you send out an invoice. The problem is sending an invoice is only half the battle; you still need to get paid. I don't consider a new client closed until funds have been received and cleared the bank. Managing cash flow is so important for a small business so you need to stay on top of it. Controlling your accounts receivable is a great way to help maintain a healthy cash flow. Here are five ways to control your accounts receivable. 

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Topics: Cash Flow Management, Accounts Receivable, QuickBooks Invoicing

Turn Your Bookkeeping Into A Kick-Ass Business Tool

Posted by Matt Roberge on Sep 24, 2014 7:00:00 AM

Most business owners do not use bookkeeping as a business tool to make decisions. Most bookkeeping systems are not set up properly to be used as a tool and therefore most business owners don't see value in their bookkeeping system. At SLC Bookkeeping we like to work with small businesses that want to use their bookkeeping to help run their business. Some business owners know that the financial reports of their business are the roadmap to success and others need to be shown why that is. Taking your bookkeeping beyond data entry and filing taxes into a well-oiled machine that is full of information is why we are in business. Here is how to turn your bookkeeping system into a ass kicking business tool.

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Topics: Cash Flow Management, Financial Forecasting, Financial Reporting, Small Business Bookkeeping, Small Business Growth, Grow Your Business

4 Common Misconceptions About Your Small Business Bookkeeping

Posted by Matt Roberge on Sep 19, 2014 7:00:00 AM

Working with lots of different small business owners we see a lot of misconceptions about bookkeeping. Many business owners just don't have the education or background to understand small business financials. Other business owners truly don't care about their bookkeeping. When you are looking at your small business bookkeeping it is important to understand the system and where the numbers come from that create your financial reports. Here are four common misconceptions about small business bookkeeping.

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Topics: Cash Flow Management, Small Business Owner, Financial Reporting, Small Business Bookkeeping

Know Your Burn Rate? Your Bookkeeper Can Tell You

Posted by Marti Major on May 30, 2014 6:18:00 AM

What’s your burn rate? Not calories per hour, we’re talking dollars per month.  Dollars per month you small business goes through to stay functional.  Business owners need to know what it takes to keep the lights on, door open, website up, and phones ringing every month.  Not knowing this is the same are driving at night with the headlights off, you are setting yourself up for an accident.

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Topics: Cash Flow Management, Small Business Consulting

How Good Bookkeeping Increased A Colleagues Cash Flow

Posted by Matt Roberge on Apr 14, 2014 7:00:00 AM

I was having lunch with a business colleague of mine a few weeks ago when he told me how much changing his bookkeeper had helped him.  He had been dealing with incompetent bookkeepers for a while and finally found someone good.  He said something that really stuck with me, "just getting a good bookkeeper doubled my cash flow."  It made perfect sense to me as I use QuickBooks as a tool to manage cash flow.  Cash flow is something that many small businesses struggle with and just by actually handling your bookkeeping the right way cash flow can really be improved.    

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Topics: Cash Flow Management, Accounts Receivable, Small Business Bookkeeping

3 Common Challenges For A Service Business And How To Solve Them

Posted by Matt Roberge on Jan 15, 2014 7:00:00 AM

We work with a lot of small businesses and I have noticed some commonalities in the challenges that they all face.  I particularly can speak to service based businesses as we are one and have faced and still face all of these challenges.  I noticed that although product based businesses face similar challenges their resolutions are different.  Here are three common challenges I see serviced based businesses face and how to overcome them.

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Topics: Cash Flow Management, QuickBooks Cash Flow, Accounts Receivable, Small Business Growth, Scaling A Business, Inbound Marketing