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Salt Lake City Bookkeeping Blog

7 Common Myths About Outsourced Bookkeeping Services

Posted by Austin Walker on Jan 14, 2020 10:00:00 AM

Outsourced bookkeeping, and other professional services, has been gaining a substantial foothold among today's small business owners. But whether you have been thinking about outsourcing for a while now or are considering it for the very first time, you may find you're reluctant to take the step, especially where your finances are concerned.

Often regarded with indifference, confusion, or even outright fear by many entrepreneurs, the misunderstandings and misconceptions surrounding outsourced services abound. 

In this post, we will highlight seven of the most common myths about outsourced bookkeeping services.  

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Topics: Small Business, Outsourced Bookkeeping

10 Undervalued Benefits Of Outsourcing Your Bookkeeping

Posted by Austin Walker on Jan 3, 2020 12:00:00 PM

Outsourcing your small business bookkeeping has never been more accessible or more compelling than it is today. 

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Topics: Small Business Bookkeeping, Outsourced Bookkeeping

How Succesful Businesses Handle Cash Flow & Petty Cash

Posted by Matt Roberge on Nov 21, 2019 6:45:00 PM

Cash is king, but without proper bookkeeping procedures in place, mishandling cash can cause business failure.

Weak bookkeeping systems that do not use the correct procedures for handling cash are vulnerable to internal theft and IRS audit failures.

Managing your small business cash flow properly can ensure that your bookkeeper is not stealing from you. Implementing a bookkeeping process for handling cash payments from customers and cash disbursements out of the business (petty cash), is essential to ensuring your small business is successful and profitable.

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Topics: Cash Flow Management, Outsourced Bookkeeping

5 Crucial Steps for Small Business Growth in 2020

Posted by Matt Roberge on Nov 14, 2019 12:46:00 PM

As the saying goes, "failing to plan is planning to fail". This is never more true than in the world of small businesses. Looking back on the year, there may be many obvious mistakes that have prevented your company from seeing its full potential. In the coming year, there are several crucial steps that will ensure manageable and profitable growth for your small business.

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Topics: Small Business Bookkeeping, Bookkeeping System, Outsourced Bookkeeping

Bookkeeping for Multi-Location Restaurants

Posted by Austin Walker on Oct 17, 2019 8:30:00 AM

Bookkeeping for a restaurant group that has different locations and different restaurants under it can be tricky. There are tight margins to maintain.

In addition, spoilage, theft, and inventory must be controlled to maintain profitability. In order to do this, the books must work like a well-oiled machine.

There can't be any flukes or the whole machine is compromised and margins decrease. Follow this guide to monitor profits and grow your restaurant locations.

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Topics: Small Business Management, Outsourced Bookkeeping, Restaurant Accounting

Top Reasons to Stop Using a Personal Bank Account to Run Your Business

Posted by Leanne Armstrong on Mar 6, 2019 9:00:00 AM

Regardless of the size of your company, deciding to open a business bank account shouldn’t be a question of if, but a matter of when. In an ideal bookkeeping world, every company would open a business account before conducting their first commercial transaction. But if you’ve yet to separate your company’s payables and receivables from your personal bank account, it’s never too late to make that happen.

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Topics: Personal Bookkeeping, Outsourced Bookkeeping

Year-End Bookkeeping Caught You Off Guard? Here’s How to Streamline the Process

Posted by Leanne Armstrong on Jan 23, 2019 11:25:00 AM

If you’ve been so preoccupied with running your business that year-end bookkeeping tasks have caught you off guard, don’t panic. Take a deep, calming breath and get ready to tackle those accounts with a plan for streamlining the process.

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Topics: Year End Accounting, Outsourced Bookkeeping, Year End Bookkeeping

8 Qualities to Look for When Choosing Your Small Business Bookkeeper

Posted by Leanne Armstrong on Jun 13, 2017 9:15:00 AM

Choosing a professional bookkeeping service is one of the easiest ways to help your small business grow! Every company, regardless of size, must accurately track and report the money flowing in and out of its accounts by way of sales, expenses, and salaries, but many entrepreneurs lack the knowledge and experience necessary to make this happen.

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Topics: Outsourced Bookkeeping

Why Bookkeeping Services Are Essential for Risk Management

Posted by Leanne Armstrong on Jun 8, 2017 8:00:00 AM

It’s in the nature of the game that you’ll be forced to deal with some level of risk in operating your small business. While some commercial pitfalls can be avoided, many are inescapable and require careful management to keep them at bay.

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Topics: Small Business Growth, Outsourced Bookkeeping

6 Savvy Ways to Keep Bookkeeping Services Affordable

Posted by Leanne Armstrong on Mar 1, 2017 9:00:00 AM

Today’s data-driven marketplace has made it easier than ever to start a business. But low-cost digital exposure hasn’t done away with the need for consistent and adequate funding, particularly in the early stages of establishing a new enterprise. The average startup tends to be overwhelmed with expenses, and often struggles to keep costs from outpacing revenues.

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Topics: Bookkeeping Services, Small Business Bookkeeping, Outsourced CFO Services, Outsourced Bookkeeping