Salt Lake City Bookkeeping Blog

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.

Your business’s financial statements are vital for a number of reasons. Not only do they form the basis of accurate tax reporting, they make it possible to get approval for loans, attract business investors, and even sell your company when the time is right. But your financial reports are also an important diagnostic tool that can give you the power to measure and influence your organization’s performance. Isn’t it time you learned how to read them?

Whether you’re budgeting for a new business or you’ve been operating for a while, performing regular expense checkups can help keep costs down and profits up.

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.

I spend a decent amount of time in my truck driving by myself in remote places. I think that has something to do with being a fisherman in Montana.

If you intend to grow a successful business, you will most likely have to hire employees at some point. This is not to say that you can't have a successful business without employees, but you will definitely reach the limit of what you can handle by yourself.

Business and finance are two interdependent fields yet two separate disciplines. Running a business often means focusing on day to day operations and developing a product line or menu of services within your core area of expertise. Larger financial issues like budgeting and forecasting get pushed aside for many reasons.

Does your company have a financial plan to help pave the way to future success? Financial planning for businesses is a key component in understanding your organization from a dollars and cents perspective, both today and down the road.

One of the very best reasons for setting goals, whether in business or in your personal life, may just be the fact that if you don’t know where you’re going, you could end up somewhere you don’t want to be. Mapping out your objectives not only keeps you on track for where you want to get to, it lets you tweak your direction as events and circumstances within your business change and evolve. Goal setting is a powerful process that can help entrepreneurs to navigate their way through brand new territory. And the very process of setting a goal often serves as a highly motivating force that can assist in defining exactly what it is you want to accomplish.

At some point, your small business may become unprofitable. Maybe not overall, but during a month or a small period of time, you will most likely post a loss.

That can be a stressful situation for a small business owner. When your business is unprofitable, you have a decision to make: give up or proceed. Passion and the desire to succeed will push most business owners to proceed, but they often do so with hesitation.

When your business is unprofitable, here is how you can proceed with confidence.