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Salt Lake City Bookkeeping Blog

Will Your Business Suffer If Your Bookkeeper Quits?

Posted by Joe Mazur on Jan 14, 2016 8:45:00 AM

Once in a while, we work with small business owners who dream that each employee will treat the business as if it is their own. They hope the employee will give everything they have to the business in order to see it succeed. These dream employees will work above and beyond, all day, every day. They will work into the foreseeable future and grow old with the business.  Of course, these owners are dreaming and setting themselves up for disasters down the road when a key employee walks out unexpectedly. Nothing brings you screaming back to reality like when an employee, especially the bookkeeper, leaves and the business suffers. The consequences of losing a bookkeeper can have a negative impact on your business in both the short-term and long-term if you aren't prepared for it.

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Topics: Outsource Bookkeeping, Scaling A Business, Part-time CFO Services, CFO Consulting, Outsourced Bookkeeping

5 Things About Outsourced Bookkeeping Your Boss Wants To Know

Posted by Joe Mazur on Apr 18, 2014 7:18:00 AM

At times, the term bookkeeping takes on a vague meaning the makes it seem easier than it really is.  This couldn't be more true for the small business owner that doesn't fully understand what outsourced bookkeeping is all about.  If you are an office manager or administrative assistant you might get work put on you from your boss that "should just take a few minutes" or "shouldn't be too hard to figure out."  The reality is that your boss may not have the right small business mindset and doesn't realize that some bookkeeping tasks can be complicated and time consuming.  If this is the case then maybe you should approach your boss or small business owner and tell them some pointers about outsourced bookkeeping.  It could make your life easier and possibly lead to more revenue for the business, it's a win-win situation for everyone.

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Topics: Bookkeeping Services, Outsource Bookkeeping, Business Financial Troubles, Part Time Bookkeeper

Small Business Software - What's Your Stance?

Posted by Joe Mazur on Nov 11, 2013 7:00:00 AM

Of the many decisions a business owner is faced with when they get their business up and running, a very important one is small business software.  The nature of their industry might dictate they need something more powerful and specific than just a general program such as QuickBooks.  This decision can make or break the business a few years down the road when
they are well established and things are cranking.  Lately, I’ve seen several scenarios unfold within small businesses and I was amazed to realize that a lot of it had to do with their software they picked out years ago.

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Topics: Outsource Bookkeeping, Small Business Software, Small Business Consulting

Personal Bookkeeping - Is It Worth It?

Posted by Joe Mazur on Oct 21, 2013 7:00:00 AM

A recent report put a dollar amount on the costs for American households that use cash instead of electronic forms of cash.  Turns out it's expensive to rely on cash and not plan ahead instead of using debit or credit cards.  Sure, this report on American payments habits paints some broad strokes, but the bottom line is that it costs almost $1,800 a year per household to use cash, which translates to $200 billion for the entire country.  After reading about this, I immediately thought about how personal bookkeeping could help a percentage of these households and hopefully save them some of that $1,800 that is being wasted.

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Topics: QuickBooks, Bookkeeping Procedures, Outsource Bookkeeping, Personal Bookkeeping, Personal Finances

What NOT To Look For With Your Outsourced Bookkeeper

Posted by Joe Mazur on Sep 4, 2013 7:00:00 AM

Hiring an outsourced bookkeeper to help your small business run smoothly is a big step.  There are a handful of qualities that make a bookkeeper a great match for your business. A few that immediately come to mind are a strong work ethic, an education that relates to finance, and having a solid background in small business.  However, there are also a few qualities you don't want in your bookkeeper. When Salt Lake City Bookkeeping is brought in to fix a business's books we usually see people who cut corners, tend to not ask questions, and generally just yes us to death when were either training them or posing questions about the system.

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Topics: Bookkeeping Procedures, Outsource Bookkeeping, Certified QuickBooks ProAdvisor, Discounted Bookkeeping

Utah Financial Reporting And Outsourced Bookkeeping Service

Posted by Joe Mazur on Jun 26, 2013 6:33:00 AM

Outsourcing your bookkeeping has plenty of benefits such as offering financial checks and balances, freeing up valuable time for owners and managers, and keeping the business out of harm's way with the IRS.  But what about the other
important end results of bookkeeping that often get overlooked such as financial reporting management?  There are a decent amount of start-ups in Utah and financial reporting should be a key component to making sure goals are met on a regular basis.   It's always great when both the owner and bookkeeper are keeping a close eye on all margins.  Having an accurate Accounts Receivable and Balance Sheet is a great way to make sure Cash Flow is always accurate and easy to produce.  Getting your bookkeeping system set up is half the battle, making sure to maintain and utilize the system is the other.  

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Topics: QuickBooks Advisor, Outsource Bookkeeping, Bookkeeping Help, Restaurant Accounting

Profits Too Low? Ask Your Bookkeeper Why

Posted by Matt Roberge on Jan 16, 2013 6:46:00 AM

When you are unhappy with the profitability of your small business where do you start to try and fix the problem?  Do you go to sales and ask them why they aren't selling?  Do you go to your management and ask them what the problem is?  Do you look at your most recent financial statements and try and figure the problem out yourself?  Why don't you go to your bookkeeper and ask them why profits are off?  More often than not your bookkeeper may know and understand the financial aspects of your business better than you do.  Asking your bookkeeper why profits are down may be the best decision you ever made, here's why.

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Topics: Cash Flow Management, Bookkeeping, Business Efficiency, Outsource Bookkeeping, Bookkeeping Help, Business Budgeting, Sales, Bookkeeper

Outsourced Bookkeeping Should Not Scare You

Posted by Matt Roberge on Nov 16, 2012 7:38:00 AM

There are a lot of positive reasons to consider an outsourced bookkeeping service. The bottom line is that
every business needs to be sure that they have accurate financial records. If they do the work in house the business owner needs to be absolutely sure that the work is done correctly. 

One huge advantage to using an outside service is the cost savings. The time and effort to locate a qualified bookkeeper, hire, pay and provide benefits is a huge cost not only in money but in time. After going through all of that what if the bookkeeper leaves for another job? You are right back to starting over again. Using an outside bookkeeping service allows the business owner to focus on the core business not the bookkeeping.

Another advantage to an outsourced service is you will have access to their expertise. Good bookkeeping services hire and retain the most qualified staff. They know that this is their business and they make sure they have the personnel in place to handle the work you need done.

Because they have a trained staff they have timely turnaround on the work being done. They will file tax reports on time, meet deadlines and make sure your business runs smoothly. An outsourced bookkeeping service will be sure to have the latest technology.

One more reason not to be scared of an outsourced bookkeeping service is that you have no worries about back ups. Your files are secure and safe so no matter what happens to your physical location your records are safe. 

Having an outsourced bookkeeping service can reassure the users of your financial statements that they are
being done in accordance with all accounting principles. These services make sure that they have the necessary information to provide an accurate and unbiased financial picture of your business. This also takes the burden of double-checking that an employee is not stealing from your company out of the question. 

Keeping your financial picture confidential is a really good reason to use an outsourced bookkeeping service. An employee handling this information could let sensitive information slip out. The service will maintain the highest level of confidentiality for your business.

There is no reason to be afraid of an outside service for your bookkeeping needs. These firms can provide you with everything already mentioned and peace of mind that your business is in excellent hands.  

 

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Topics: Bookkeeping Services, Outsource Bookkeeping, Business Bookkeeping, bookkeeping needs, Bookkeeping Help, Bookkeeping Business, Outsourced Bookkeeping

Why Small Business Bookkeepers Are Invaluable

Posted by Matt Roberge on Oct 22, 2012 7:22:00 AM

Small business bookkeepers are an invaluable asset to small businesses. When you have a qualified
experienced bookkeeper your small business has the ability to grow with your full attention being focused on your business.

A bookkeeper has the training to take all the bookwork off the owner of a small business so that the owner can now focus on the core of the business. Trained bookkeepers have the expertise to handle the accounting work of your business giving you the confidence to base your management decisions on the accounting records. Should you expand or should you go for a big bid that might expand your business? These questions can be answered if you have accurate and up to date information that small business bookkeepers can provide. 

One of the most important things that a good bookkeeper can do is take away the hassle and stress of completing financial tasks. Most small business owners do not have the time or expertise to enter all the necessary documents and process them.  As a business owner you need to delegate those tasks to someone who has knowledge of how the tasks should be done. Bookkeepers are trained so that they can complete these tasks in a lot less time than you can. 

Bookkeepers can perform the following tasks for small businesses. The bookkeeper can make sure that the small business has a very good system in place to capture all of the financial information necessary for the complete financial picture.  Accounts receivable including invoices and collection of payments to collecting
debts if required. Accounts payable including purchase orders, invoices and payments can be handled in a timely manner. The bookkeeper can also help you continually improve the system you use to make-work flow smoothly.

Small business bookkeepers can also provide payroll services, payroll tax payments and cash flow forecasting. The most important thing they can provide is the ability to assist the business owner's decision-making process by providing them with accurate and timely reports. 

When a small business owner is ready to take their business to the next level having an experienced bookkeeper is invaluable. The confidence that you have in a good bookkeeper can help you move forward with your business plan and really grow your business.  How could your business be more efficient with a small business bookkeeper? How much could your business grow with your undivided attention?  

 

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Topics: Small Business Bookkeeper, Outsource Bookkeeping, Small Business Bookkeeping, Small Business Accounting, Outsourced Accounting And Bookkeeping, Outsourced Bookkeeping

Outsource Your Bookkeeping And Still Control Your Business Finances

Posted by Matt Roberge on Oct 1, 2012 7:47:00 AM

I think many business owners are hesitant to outsource their businesses bookkeeping because they are worried about losing control of the financial aspect of their business.  It is a legitimate concern.  All along you have been handling the bookkeeping yourself.  You know what is going on and you are intimately involved with the financial aspect of your business.  However, you have hit the crossroads and you are too busy to continue to put the time into growing your business and still maintain the bookkeeping.  You think outsourcing your bookkeeping might be the solution you are looking for, but you have concerns.  Let me tell you how to outsource your bookkeeping and have it be a positive move instead of a hesitant move.

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Topics: Outsource Bookkeeping, Business Bookkeeping, Outsourced Accounting, Outsourced Accounting And Bookkeeping, outsourcing bookkeeping, Outsourced Bookkeeping