Identity theft complaints nearly doubled between 2010 and 2015, according to the Federal Trade Commission. Meanwhile, fraud incidents including those associated with compromised credit cards reached an all-time high in 2016 – an event that led to a whopping $16 billion dollars in individual losses!
Business financial statements and financial documents are essential for any growing business. Financial documents and statements are needed to stay compliant and are necessary if you are audited for any reason. If you face any sort of internal or external investigation, not having required documents can result in severe penalties and fines.
There are other reasons to back up your small-business financial statements, too. These documents provide important clues to help you grow your business. Being able to review past financial data, sales, revenues, expenses, debts and other financial details can help you evaluate how you got to your current status and can help you recreate past wins. Looking at past financial data can also help you avoid the pitfalls you may have already learned from.
Topics: Small Business Accounting
At some point along the lines, you're going to make a mistake. Some mistakes will be larger than others, but for the most part, what's great about mistakes, is you will either learn something beneficial, or the mistake can be fixed.
Topics: QuickBooks Reconciliation, Small Business Accounting
If you are a basketball player you know what it means to pivot. Successful entrepreneurs know how to pivot. The dictionary definition of pivot is: the action of turning around on a point. When a basketball player has already dribbled and picked up the ball he often finds himself pivoting keeping one foot stationary. Why, what is he doing? Well he is looking for help; he is looking for a way to continue to his goal of scoring a basket. He thought he was going the right way and then found an obstacle. He'll now uses his skills to continue on towards his goal of scoring a basket. It's the same concept in business. Often you come across an obstacle when you are on the path to your goal and it becomes necessary to pivot in order to reach your goal.
Topics: Small Business Accounting, Small Business, Entrepreneurship, Business Leadership
With the tax deadline rapidly approaching and it's time to finalize your taxes. I was talking with my CPA a few weeks ago and he had a client ask him: when does it make sense to stop making more money? We both laughed and of course my CPA's answer to his client was spot on... never. He said until the tax rate is 100% you should never stop trying to make more money, which makes sense to me. I signed and mailed my tax payments this past Saturday, it definitely hurt. However, paying taxes is something to be proud of; it means you are doing well. Today, I felt it appropriate to share a few random thoughts about taxes.
Topics: Small Business Accounting, Tax Tips
There are many obstacles when owning your own small business. These obstructions can vary greatly from competition to customer retention, one of the greatest challenges we sometimes see as outsourced bookkeepers is the owner’s mindset of how they think the business should run. They sometimes think they have the best business ideas but blame everyone but themselves for it not working. To me, the mindset of the owner sets the tone for everything else within their business. Are they treating their business as a hobby and not taking it seriously? Or maybe they treat it as a lifestyle business and have modest goals. Or they understand being in business is not easy and want to create the best possible environment for profitability and growth and have the understanding of running an investor ready business.
Topics: Business Ideas, Small Business Accounting, Investor Bookkeeping
Every small business needs a bookkeeper regardless of the number of employees or the amount of revenue they bring in. The old way of doing business was if you had a business you had a bookkeeper; period. I think that business owners just felt they needed a bookkeeper at all times. With the advances of technology and outsourced bookkeeping services most any business can afford a good bookkeeper. Many small businesses would attempt do it yourself bookkeeping or have their CPA handle the books come tax time. The general small business probably doesn't feel like they need a bookkeeper, but they do.
Topics: Financial Reporting, Small Business Bookkeeping, Small Business Accounting, Scaling A Business, Investor Bookkeeping
As bookkeepers, we often work with businesses that have goals to grow their book of business and seek investors or someday sell to investors. This isn't possible unless every
transaction is tracked and handled a certain way. I'm always amazed at the different mindsets we encounter when talking with business owners. Some treat their business as a hobby and tend to not take it serious while some treat their business very serious and understand it needs to be 100% accurate at all times in order to scale. After talking investors and CFO firms, I've learned that it's always better to be in this ready mindset and not be caught off guard by not being ready to show an investor your books. I've come up with a few areas that all small businesses should focus on if they someday want to present their books to investors.
Topics: Cash Flow Management, Business Efficiency, Small Business Accounting, Investor Bookkeeping
When looking for an accountant you trust in Salt Lake City there are a number of factors to
consider. Small businesses need accounting services that can provide services that small businesses need to grow and compete in their markets.
Topics: Accounting Reconciliation, Accounting Services, Small Business Accounting
Finding a Salt Lake City accountant that you can trust and afford is not as hard as it may seem. Being able to trust the accountant that you use is an important part of your decision making process. There are several
factors to consider when looking for affordable accountant services.
The team in the accountant's office is very important. When the staff is knowledgeable, courteous and helpful when you call you have the hallmarks of a well run and managed office. The staff in any accounting office is of critical importance in getting your work done accurately and efficiently. When the team works well together the benefit to you is enormous.
When you have a business it is important to have the accountants you are working with understanding your needs. Are you a small business that needs special help in setting up a workable accounting system for your office? Are you an established business that needs tax advice on changes in your business? Do you have a long term bookkeeper leaving? There are so many times that speaking with an accountant can really get your business rolling in the right direction without a huge surprise down the road.
Communication with an accountant that is clear and easy for you to understand is another very important step. If what you are being told all sounds like gibberish it is of no help to you. You hire an accountant to take care of some complex items for you but you need a basic understanding of what is going on. Communication is key in that regard.
While cost is an important consideration it is also important to consider the other factors listed above. When making the final decision it is great when you can get all the things you need in an accountant with a great and affordable price.
An affordable Salt Lake City Accountant that can give you the service, communication, business expertise and affordability is Salt Lake City Bookkeeping. They can offer an exceptional staff, expertise, communications but also great and timely service. What could Salt Lake City Bookkeeping do for you?
