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Salt Lake City Bookkeeping Blog

Financial Statements are Vital. Do You Know How to Read Them?

Posted by Leanne Armstrong on Jun 27, 2018 9:00:00 AM

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?

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Topics: Financial Reporting, Financial Forecasting, metrics, small business financial statements, Growth Coach

The Secret To Improving Customer Retention

Posted by Leanne Armstrong on Feb 17, 2017 9:00:00 AM

Customers are the lifeblood of every business. And in today’s highly connected, review-driven world, your company’s reputation with past and potential clients plays an integral role in its long-term success. With unlimited choice at their disposal, many customers are choosing to forgo the lowest price for the goods and services they want in favor of a more satisfying buying experience. In fact, recent research by American Express indicates that the majority of consumers are willing to spend more money on companies that provide the best customer service. If you’re hoping to see your business grow, it’s well worth taking the time to understand what your customers really want.

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Topics: Customer Success, metrics, Financial Reporting, Growth Coach

Key Business Metrics Available In Your Bookkeeping System

Posted by Matt Roberge on Nov 23, 2015 7:00:00 AM

There are some key business metrics in your bookkeeping system that you may or may not be aware of. Most business owners look at their bookkeeping one of two ways; a means to filing taxes or a tool that they can use to grow their business. Your bookkeeping system should be a machine that you use to make key business decisions. A bookkeeping system that feeds you information on your key business metrics will help you make smart business decisions and scale your business. Below are a few business metrics worth taking a look at in your bookkeeping.

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Topics: Financial Forecasting, Financial Reporting, metrics, Profit Coach, Key Performance Indicators

How Deep Do You Dive In To Your Budget?

Posted by Joe Mazur on Feb 19, 2015 8:00:00 AM

 

So you and your bookkeeper built your business's budget last year. Now what?  Since Q1 is more than half way over, it's time to start using your budget if you haven't already.  The question is, how deep in your budget do you explore?  Since there are so many different ways to make use of your budget, it makes sense to play with it a lot until you can put your finger on what exactly is relevant to you and what is not.  Some owners may look at variances as a dollar amount, percentages, or both.  Others may look at overall expenses as opposed to the details.   Budgeting is meant to be a helpful tool for dealing with your business's future, it's not meant to be overwhelming or scary.  Make sure you have the time to review or the proper team in place to help you with this.  Using your budget the right way will allow for growth and measured results. 

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Topics: Business Budgeting, Scaling A Business, metrics, Building a budget

3 Simple Small Business Metrics

Posted by Joe Mazur on Mar 26, 2014 7:00:00 AM

In recent months, while at networking events both in person and virtually, I've noticed a lot of conversations with successful entrepreneurs and small business owners eventually gravitate towards the importance of their metrics.  The availability of information and data these days is at an all time high, so why not utilize what's out there and help it improve your business.  Most successful small businesses have valuable metrics that help predict their revenue growth, forecast busy times and slow times, understand customer trends, the list just goes on and on.  The reason I say 'most' businesses and not 'all' businesses is that some business owners fly by the seat of their pants and don't have a grasp of what really drives their business.  To me, these business owners are doing a disservice to their business and employees by not harnessing the profitability of their business, but that's a conversation for another time.

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Topics: Efficient Bookkeeping, Service Based Business, QuickBooks Functionality, metrics