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Salt Lake City Bookkeeping Blog

How to Foster More Profitable Vendor Relations

Posted by Leanne Armstrong on Dec 5, 2018 9:00:00 AM

Like many strategic business alliances, the advantages of investing in better vendor relations aren’t always immediately evident from a bottom line point of view. But the reality is that regardless of the business you're in, suppliers and service providers play a key role in keeping your company profitable.

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Topics: Vendor Relationships, Vendor Selection, Growth Coach, Small Business Growth, Scaling A Business

Alternative Financing: Stop-Gap Solutions for Every Business

Posted by Leanne Armstrong on Nov 20, 2018 9:00:00 AM

Alternative financing may be your company’s best option when stop-gap infusions of cash are required. Unlike traditional bank loans - which can sometimes be challenging to qualify for - alternative funding sources like microloans, peer-to-peer financing, and merchant cash advances are relatively easy to come by.

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Topics: small business loan, Growth Coach, Small Business Growth

Don't Wait for Disaster to Strike Before Planning Your Business Recovery

Posted by Leanne Armstrong on Nov 7, 2018 9:00:00 AM

How prepared is your business to recover when disaster strikes? Having a detailed plan in place to resume operations with as little disruption as possible is a must. Yet statistics suggest that 75% of small businesses operate without a tried and tested disaster recovery plan. As a result, almost half of these companies will be forced to close their doors during an unexpected event, and only 25% will ever reopen.

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Topics: Growth Coach, Strategic Planning, small business plan

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: Business Divestment, Exit Planning, Growth Coach, Financial Forecasting, Cash Flow Management

Streamlined QuickBooks Online Bookkeeping

Posted by Matt Roberge on Oct 30, 2018 9:00:00 AM

I was recently approached by a business about setting up an automated bookkeeping system before they had even started the business.

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Topics: Automated Bookkeeping, Accounting Automation, Bookkeeping System, Efficiently Using QuickBooks, Growth Coach

Talking the Talk: 10 Financial Terms You Need to Know

Posted by Leanne Armstrong on Sep 26, 2018 9:00:00 AM

Entrepreneurs often cringe at the idea of coming to terms with the language of finance. After all, isn’t that what accounting professionals are for? But getting up close and personal with key terminology not only helps keep you agile as a business owner, it can improve your understanding of financial strategy and increase your income potential.

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Topics: Business Accountant, Growth Coach, Accounting Services Provider

Applying for a Loan? Don’t Let These Common Mistakes Get in Your Way

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

Whether starting or expanding a business, capital is key. If you’re planning to approach a bank or similar institution for funds to back your idea or finance your growth, you’ll need a solid loan application in hand – one that can weather a thorough review.

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Topics: small business loan, Small Business Funding, Growth Coach

Are You Guilty of Undervaluing Your Time?

Posted by Leanne Armstrong on Aug 29, 2018 9:00:00 AM

How much is your time really worth as an entrepreneur? Getting a business off the ground and growing it to the point where it becomes profitable takes a significant investment of hours. But you can’t realize anything close to a realistic return on that investment if you consistently undervalue your time.

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Topics: Small Business Owner, Growth Coach, non-billable time, Small Business Growth

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

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