<img height="1" width="1" src="https://www.facebook.com/tr?id=1168427849921758&amp;ev=PageView &amp;noscript=1">

Salt Lake City Bookkeeping Blog

[Infographic] Creating a Killer Bookkeeping System

Posted by Austin Walker on Feb 24, 2016 8:30:00 AM

There are many entrepreneurs who do not see value in bookkeeping systems, or aren't sure about what they can get from accurate and timely financial reporting. There are a couple reasons why this might be, one of which is that the current bookkeeping system hasn't been set up properly, so it is not providing good information. Bad decisions are made when looking at poor information. Some business owners know that financial statements are the roadmap and key to their company's success, and having a solid system will reward them down the road. Taking bookkeeping beyond data entry and filing taxes into a well-oiled machine is what bookkeeping needs to be for today's entrepreneur.

Taking the Current System to a New Level

Fixing the existing bookkeeping system and increasing its accuracy can take a long time. It involves correcting data entries and making sure that transactions have been coded correctly. The reconciliation is one of the most important parts of having clean books, but it's also one of the most time-consuming. It's generaly easiest to outsource this type of accounting work, even if the business would like to continue doing the books themselves afterwards. Generally, the value proposition comes down to a cost-benefit analysis. The amount that an owner's time is worth is far more than the cost of hiring someone else to take the time to complete the reconciliation. After the books are fixed and current, we can begin the next step of finding meaning in the books.

Define Meaning

In order to find meaning within the books, there are some minor adjustments that need to be made first.

  • Chart of Accounts - Keep the chart of accounts as simple as possible. They should still be reporting things that are meaningful to the owner. Without meaning, the chart is almost useless. Sometimes, we've seen people tailoring charts to their tax return rather than their business needs. The CPA shouldn't have a problem filing the taxes as long as the charts are just kept simple
  • Business Mindset - Focus on the needs of the consumers you're attempting to attract, and the customers you already have. Focusing too much on the books can be distracting and when comparing how much it may cost an owner in just the opportunity cost alone can make an outsourced bookkeeper worth the money.
  • Reports - The chart of accounts has a purpose when you've created goals for the books. There are different reporting methods that can be helpful, and is ultimately what turns your bookkeeping system into a tool. The information provided from the books is reported, then you're able to make smart financial decisions based from the reporting.
Read More

Topics: Salt Lake City Bookkeeping

Small Businesses: Use Your Bookkeeper to Grow

Posted by Matt Roberge on Nov 3, 2015 7:00:00 AM

Grow A Business In SLCDue to continuous software improvements, bookkeeping has become fairly automated, but it can be frustrating to navigate the software.  Both our clients and those of various bookkeeping software products find that it's easier to leave the liability for their books to trusted professionals, rather than risk penalties, or worse, running out of cash and driving their business into the ground. But what does that mean for the average business owner?

Read More

Topics: Small Business Bookkeeper, Bookkeeping Salt Lake City, Salt Lake City Bookkeeping

Who Makes a Great Client for Our Bookkeeping Services

Posted by Matt Roberge on Nov 17, 2014 7:00:00 AM

Let's face it some clients are just better than others. We have so many great clients for our bookkeeping service and they have a lot of common traits. Not all clients though are a great fit for your service and sometimes it becomes necessary to fire bad clients. It's typically not the fault of the client or the service provider; sometimes it's just not a good fit. Good clients on the other hand are the perfect fit. They produce good revenue in an efficient manner and both sides win. You know when you have a home run fit for your service and you should know how to define your perfect client and then target them. So, who makes a great client for our bookkeeping services?

Read More

Topics: Bookkeeping Salt Lake City, Bookkeeping Services, Small Business Bookkeeping, Grow Your Business, Salt Lake City Bookkeeping

Does Your Small Business Sell or Help?

Posted by Matt Roberge on Oct 24, 2014 7:00:00 AM

As a small business owner do you think that your business sells or helps? The old sales saying goes "ABC...always be closing." But haven't we seen a shift in that with inbound marketing and sales? Now selling is all about helping. My brother Mark Roberge the Chief Revenue Officer of Hubspot has a great interview where he discusses Inbound Sales. He is totally right, it is all about helping your prospects now. Instead of selling prospects on your services you need to sell them on how your services can help them. You need to give real life examples of how you can help and you need to do it all for free. Think about it nobody wants to be sold to, they just want your help. So how can adopting this mentality actually convert new sales and help grow your business?

Read More

Topics: Bookkeeping Help, Sales Advice, Inbound Marketing, Small Business Sales, Salt Lake City Bookkeeping

Does Your Small Business Bookkeeper Have Your Back?

Posted by Matt Roberge on Sep 3, 2014 7:00:00 AM

Does your bookkeeper actually care about your small business? I mean, do they truly care about you and your business and do they prove that to you with their service? If your bookkeeper doesn't show you that they care about your business then you need to find one that really does care. We often get new clients because they previously had a bad bookkeeper. Business owners' fire bookkeepers because they get sick of errors, get tired of excuses, and won't tolerate negligence with their business bookkeeping. I can't blame people for firing their bookkeeper's for legitimate reasons. It's not like they are asking the world, it's not rocket science; it's just bookkeeping. Here are five examples of simple ways that your bookkeeper can have your back.

Read More

Topics: Small Business Bookkeeper, Small Business Bookkeeping, Small Business Consulting, Scaling A Business, Outsourced CFO Services, Outsourced Bookkeeping, Salt Lake City Bookkeeping

3 FAQs Outsourced Bookkeepers Hear All The Time

Posted by Joe Mazur on Feb 10, 2014 6:30:00 AM

We, as outsourced bookkeepers, get a lot of questions thrown at us given the amount of networking, selling, blog commenting, training, etc. that we do.  Though each answer varies depending on the situation at hand there is always a certain set of frequently asked questions we hear time and time again.  

Read More

Topics: QuickBooks Accounts Receivable, Salt Lake City Bookkeeping

More Benefits Of Outsourced Bookkeeping In SLC

Posted by Matt Roberge on Jan 3, 2014 7:00:00 AM

We have written a lot of articles about outsourced bookkeeping and have compiled an eBook titled 10 Reasons Your Business Should Outsource Its Bookkeeping.  Outsourced bookkeeping is what we do so obviously we talk about it a lot.  When you outsource your bookkeeping you should make more money.  You should delegate and outsource those tasks that are not your strengths and focus on what you are good at.  If you are not good at selling the service or product that you offer then you might be in the wrong business.  As we continue to work with new clients we are always identifying new benefits to outsourcing your bookkeeping.   

Read More

Topics: Efficient Bookkeeping, Bookkeeping Salt Lake City, Bookkeeping Tips, Outsourced Bookkeeping, Salt Lake City Bookkeeping

Could SLC Bookkeeping Be The Best Thing To Happen To Your Business?

Posted by Matt Roberge on Dec 30, 2013 7:00:00 AM

Is it possible that SLC Bookkeeping could be the best thing to happen to your business in 2014? A few weeks ago I was talking with a client about a situation. I had recently referred them a service provider for something they had needed help with. Neither I nor the client was happy with the performance or service provided by said provider. I sent a follow up email to the client asking if things had been resolved to their satisfaction. When they told me things still were not going well I apologized for making the introduction. You never want a referral to go poorly. I apologized and told them that I understood that this might reflect poorly on us. The client then informed me that the performance of the person we referred did not reflect poorly on us. In fact the client said “SLC Bookkeeping is the best thing that has happened to us this year. We are particularly impressed and happy with your responsiveness and willingness to help.” It made me think about what we had done for this client to receive such praise.

Read More

Topics: Bookkeeping Salt Lake City, Bookkeeping Help, Financial Reporting, Scaling A Business, Outsourced Bookkeeping, Salt Lake City Bookkeeping

Merry Christmas! Want Some Free Bookkeeping Help?

Posted by Matt Roberge on Dec 25, 2013 7:00:00 AM

Merry Christmas 2013! This year I am giving away a free gift to selected small business owners.  January is going to be crazier than ever for me this year and I'm still going to give something to entrepreneurs that I love so much.  In January I will obviously be busy with year-end bookkeeping for our current clients.  Additionally I start a graduate class that I consider better than an MBA.  Lastly, we already have five new clients that will be coming on board as of January 1st.  Luckily I'm still going to make some time to give something back to entrepreneurship.

Read More

Topics: QuickBooks Training, QuickBooks Help, Bookkeeping Help, Salt Lake City Bookkeeping

How Does Outsourced Bookkeeping At SLC Bookkeeping Work?

Posted by Matt Roberge on May 1, 2013 7:30:00 AM

New clients of our outsourced bookkeeping services typically have two main questions: how does it work and how much does it cost? The answer to both questions is not simple, nor predetermined.  Every client's needs are different as is their bookkeeping system.  Therefore, the way our outsourced bookkeeping services work and the price fluctuates with each client.  In order to tell a new client how our bookkeeping services work and how much it will cost them depends on a series of questions and answers.  Here are the highlights of how our outsourced bookkeeping services work.

Read More

Topics: Bookkeeping Salt Lake City, Bookkeeping Tips, Outsourced Accounting And Bookkeeping, Part Time Bookkeeper, Outsourced Bookkeeping, Salt Lake City Bookkeeping