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Salt Lake City Bookkeeping Blog

6 Bookkeeping Pains An Outsourced Bookkeeping Service Can Resolve

Posted by Matt Roberge on Feb 12, 2020 12:00:00 PM

For many businesses, their bookkeeping causes a lot of pain. However, when handled correctly, there are many pains that proper bookkeeping can remedy. Common reasons that bookkeeping causes pain are: it is intimidating, people don't like it, and it's often way behind because it gets pushed to the back burner. 

It is crucial to keep up on your bookkeeping so that you can keep your business on track towards its goals. If you are feeling any of the following bookkeeping pains, you need to make some changes to your current system.

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Topics: Bookkeeping Services, Financial Forecasting, Financial Reporting, Business Budgeting, Small Business Bookkeeping

Bookkeeping Tasks For Every Time Of The Year

Posted by Matt Roberge on Dec 27, 2019 12:00:00 PM

The new year is almost here. It is time for your year-end bookkeeping but also to start planning for the next year.  

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Topics: Bookkeeping Processes, Financial Forecasting, Financial Reporting, Year End Bookkeeping

The Best Tips For a Small Business Owner Managing Their Own Bookkeeping

Posted by Matt Roberge on Dec 11, 2019 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 the key things I do with our own small business bookkeeping.

 

  1. Owner In Control
  2. Updated Often
  3. Always Accurate
  4. Set Goals
  5. Key Metrics and Reporting
  6. The Importance of Checking a Client's History
  7. Collection Success When You're a Small Business Owner

 

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

3 Unexpected Ways Outsourcing Your Bookkeeping Will Grow Your Business

Posted by Matt Roberge on Oct 23, 2019 8:30:00 AM

As a small business owner, you hear this question all the time: "How's business?"

A very typical response is: "Great, but I'm just so busy."

Most business owners are just busy being busy, but I wonder:

How many of them know how their business is actually doing?

Being busy and being profitable don't necessarily go hand-in-hand. Do you know if your business is growing? Do you have a financial plan in place to accommodate for that growth? Do you spend too much time on payroll and balancing your finances each month? Does year end tax planning give you heartburn? I will explain how an outsourced bookkeeping service can actually help you understand how your business is doing, reduce stress, and plan for growth.

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Topics: Financial Forecasting, Grow Your Business, Exit Planning, Strategic Planning

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, Growth Coach

Three Necessities For Small Business Growth

Posted by Matt Roberge on Feb 6, 2019 9:00:00 AM

It seems to me that most small business owners number one priority and goal is growth. Everyone wants to grow their small business.

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Topics: Financial Forecasting, Small Business Consulting, Scaling A Business, 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: Financial Forecasting, Growth Coach

How to Leverage Product and Service Life Cycles to Predict Revenue Growth

Posted by Matt Roberge on Jan 9, 2019 9:00:00 AM

Did you know that almost every business follows a typical life cycle with regard to what it chooses to sell? The life cycles of products and services illustrate their growing or shrinking market positions, and are usually determined by how long they remain in demand.

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Topics: Financial Forecasting, Small Business Growth, Growth Coach

How to Use Divestment to Downsize Business Interests or Assets

Posted by Leanne Armstrong on Oct 31, 2018 9:00:00 AM

The process of reducing business assets or selling off all or part of your company is known as divestment or divestiture. Business divestment effectively downsizes or eliminates your interest in your company and the property it owns.

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

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