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Salt Lake City Bookkeeping Blog

How to Manage Your Petty Cash Fund

Posted by Leanne Armstrong on May 23, 2018 9:00:00 AM

There are some business purchases – think coffee runs, staff birthday cards, and one-off postage costs for example – where it’s impractical to pay by credit card or check. As a matter of fact, it was smaller business expenditures like these that first gave rise to the term petty cash! And they’re still the reason why most companies find it useful to keep funds on hand for minor, last-minute, or cash-only expenses.

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Topics: Cash Flow, Outsourced Bookkeeping, Bookkeeping Procedures

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: Small Business Bookkeeper, Outsourced Bookkeeping, Bookkeeping Service

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: Risk Management, Outsourced Bookkeeping, Small Business Growth

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, Outsourced Bookkeeping, Outsourced CFO Services, Small Business Bookkeeping

5 Undervalued Benefits of Outsourcing Your Small Business Bookkeeping

Posted by Austin Walker on Jun 21, 2016 8:30:00 AM

Outsourcing your small business bookkeeping 
has never been easier or more compelling than it is today. The expansion of online technology in general, and of cloud computing in particular, has drastically changed the way we all do business. Finding, contacting, and ultimately working with those services that can help your company run more smoothly—and generate a better bottom line—is just a click away.

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Topics: Outsourced Bookkeeping, Small Business Bookkeeping, Small Business

6 Demands For Your Outsourced Bookkeeping Services Provider

Posted by Matt Roberge on Jun 9, 2016 8:30:00 AM

Making the decision to outsource the bookkeeping for a small business is not an easy one for most owners. Your bookkeeper handles a lot of sensitive financial information, so using an outsourced provider for this business function can make anyone uneasy.

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

Cost vs. Benefits of an Outsourced Bookkeeper

Posted by Austin Walker on Jun 2, 2016 8:30:00 PM

The rise of the virtual community has greatly enhanced the way we do business. This is especially true for business owners when it comes to bookkeeping. It has become increasingly practical to outsource these services.The time saved by outsourcing can be better spent focused on the growth and management of your company.

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Topics: Small Business, Business Coach, Outsourced Bookkeeping

3 Reasons Outsourced Bookkeeping Benefits Your Small Business

Posted by Austin Walker on May 26, 2016 8:30:00 AM

It’s difficult to keep up with both the changes in accounting and in QuickBooks. Every couple years there is a new version. It’s expensive and not a very good use of time to have to catch up in the new QuickBooks version or having to learn the new things in accounting.

You shouldn’t have to waste your time. Instead, you should be able to stay focused on the things you’re really good at. For us, it’s bookkeeping, but the trade is not a very exciting one. We come with the work hard play hard mentality, meaning we put in the full week to serve you, then hit the slopes, go for hikes, or do a little catch and release fly fishing down at the local water hole.

Bookkeeping can be tedious for a small business. The pipeline of projects is long, and there are a lot of other important things that can get in the way of achieving it all. We know that bookkeeping, for some, is not fun. Having to continue to do it over the long run is going to leave the books with mistakes, and the rest of the business can fall apart without adequate time to spend building it.

The financial information that outsourced bookkeeping can produce can also help grow your business. QuickBooks can automatically produce the balance sheet. However, if the journal entries are incorrect within QuickBooks, the whole balance sheet is wrong. The struggle over these small mistakes is not worth the time or the money.

With SLC Bookkeeping, you can get a high quality person that has industry-leading knowledge, and can help consult your business to success. Understand your financials, rather than just hand it over to the CPA at the end of the year. Know where you’re going to be in the next several months with financial forecasting, and stop having to stress. The answers to your questions, along with the high quality work and accuracy down to the penny, you’re only having to pay for the equivalent of several hours a week, rather than a full-time employee.

Get to living your life again. Let us help your business grow

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Topics: Bookkeeping, Small Business, Outsourced Bookkeeping

Take Action if Your Small Business is Cruising for an Audit

Posted by Austin Walker on May 3, 2016 8:30:00 AM

The words “tax audit” can strike fear into evenAUDIT.jpg the most hard-core small business owner. Although an audit by the IRS can be inconvenient, time-consuming, and stressful in many cases, there’s much that you can do to help prepare for the inevitable. 

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Topics: Outsourced Bookkeeping, audit, tax

Why Multitasking Will Never Replace Your Outsourced Bookkeeper

Posted by Austin Walker on Apr 26, 2016 8:30:00 AM

If you consider yourself a high-functioning multitasker, you might want to rethink your approach tohow you run your small business. Studies in psychology have revealed that what many of us refer to as multitasking is simply “task-switching” in disguise, and it’s neither effective nor efficient where business performance is concerned.

The Inefficiencies of Multitasking

The fact is that when you shift your focus back and forth between tasks, there’s a lag time during which your brain must readjust as it makes the switch from one mental activity to another. Not only does this serial tasking lower productivity by up to 40 percent, entrepreneurs and others who frequently engage in task-switching actually end up:

  • Making more mistakes
  • Remembering fewer details
  • Taking longer to complete the wide variety of duties where mental focus is required

Since the brain can’t effectively be in two places at once, experts suggest that business owners are far more likely to improve their productivity and financialachievements by engaging in “singletasking”, or focusing their considerable energies on their main area of expertise. For this reason, one of the key elementsin business success at any level is delegation.

Why You Should Learn to Delegate

It’s common for the small business owner caught up in the frenzy of daily interactions to forget just how valuable their time is. Instead of concentrating on meeting the needs of their clientele, or drumming up new business, busy entrepreneurs tend to get distracted and misuse their time by engaging in tasks that could, and should, be delegated to somebody else.

When a business owner assigns multiple professional roles to their in-house staff, or worse, adopts the wearing of too many hats themselves, it can lead to a number of negative outcomes, including:

  • Burnout
  • A lack of investment in long-term strategizing
  • An undermining of the company's overall financial health and performance

Even the most energetic entrepreneur is inevitably going to reach the point where they can no longer do everything themselves, especially if their business is growing. So the next time you find yourselftrying to micromanageevery detail of your expanding enterprise, remember that many analysts proclaim a lack of delegation to be particularly detrimental where the small business is concerned.

The Upside of Outsourcing

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Topics: Bookkeeping, Outsourced Bookkeeping, Multitasking