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Salt Lake City Bookkeeping Blog

Why Should You Back up Your Small-Business Financial Statements?

Posted by Matt Roberge on Mar 31, 2017 9:00:00 AM

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.

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Topics: small business financial statements, Small Business Accounting, Small Business Accounting Services

Make Your Small Business Bookkeeping Work For You

Posted by Matt Roberge on Jul 21, 2014 7:00:00 AM

I meet a lot of business owners that have a small business bookkeeping system that just doesn't work. Quite often when we meet a business that is having bookkeeping issues their system has not been updated in quite some time and is full of errors. A lot of business owners hate bookkeeping and for good reasons; they have never had a bookkeeping system that adds value. Here is a quick guide on how to make your small business bookkeeping system work for you. 

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Topics: Bookkeeping Services, Small Business Accounting Services, Bookkeeping Processes, Small Business Bookkeeping, Financial Reporting, QuickBooks Consultant

Tight Bookkeeping For Small Businesses Will Drive Profits

Posted by Matt Roberge on Sep 28, 2012 7:34:00 AM

With accurate bookkeeping small businesses can maximize profits. It is essential for small businesses to have tight bookkeeping. Bookkeeping is what lets the owner know all the important information about keeping the business profitable and working smoothly. Profits can be increased by keeping accurate records of transactions and having that information timely.

How can bookkeeping help a small business increase profits?

  • Invoicing daily keeps the money coming in

  • Job cost - know what each item produced or each job performed costs

  • flexible payable options to take advantage of discounts offered

  • know what your cash flow situation is

By invoicing daily every job that is done becomes an asset waiting to be collected. This can get money to you faster. Knowing what a job costs is a huge help in price setting and looking at ways to do a great job for less money. With excellent bookkeeping small businesses have the ability know what it is costing so new jobs can be bid profitable and accurately. Having the ability to pay bills and take a discount can really add up over time. The biggest reason to have tight business bookkeeping is to know your cash flow daily. What is coming up that needs to be paid, what should be coming in and of course what is in the bank right now.  With accurate bookkeeping small businesses can know what their overhead costs are. This is important to know so the owner has a good idea of what needs to be sold each month to just cover the basic costs such as: 

  • Rent

  • Payroll

  • Utilities

  • Taxes

  • Insurance

  • Office supplies

  • Telephone

In small business bookkeeping information is only really useful if it is up to date and accurate. An office person who must answer the phone, schedule the work, keep up with the filing and do the bookkeeping could be overloaded. People who have been trained in  bookkeeping and accounting services can help keep a small business running as efficiently as possible.  The bookkeeping for a small business should be a priority and handled accordingly. It is something that can be understood and controlled to help the business grow. Accurate knowledge of the financial state of the business is the information an owner needs to make decisions. Is tight bookkeeping something your business could use?     

 

 

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Topics: bookkeeping needs, Business Bookkeeping, Accounting Services, Bookkeeping Services, Small Business Accounting Services, Bookkeeping Business, Bookkeeping Help

Small Business Accounting Services Customized To Your Needs

Posted by Matt Roberge on Sep 21, 2012 6:53:00 AM

In today's economy small business accounting services have become increasingly essential to the success of most entrepreneurs. Everyday small business owners are putting forth their best efforts to compete in a tough market. As experts and leaders in a chosen field it your job to protect your company at all costs. Therefore, you must be aware that improperly prepared taxes or other accounting problems can be absolutely devastating to any small business.

Increase Your Focus

Outsourcing your small business accounting services can allow your company the ability to stop wasting time and resources on a foreign activity such as bookkeeping and place more resources on areas with earning potential.

Accounting requires great attention to detail. In order to properly manage accounting records many business owners must dedicate at least one full time employee to record keeping alone. Meanwhile, businesses that choose to outsource there record keeping duties gain the freedom to place more attention on their core competency.

Deadlines and guidelines

Let's be honest. Not all entrepreneurs are ready to become part time accountants. Dividing the tasks required for your business to perform at it's best makes running a business fun again.  We've all missed an important deadline. We've probably all made a mistake somewhere along the line because of an unknown or misunderstood guideline as well. Nevertheless, missed deadlines and improperly understood guidelines can derail or even end a business. These mistakes, although very common, can ruin a perfectly good business. Small business accounting services are there to make sure these things don't happen.

Customized Bookkeeping

Small business accounting services are able to provide customized accounting services to fit the needs of your particular business. Accounting services providers know how to give you the objective outlook that your business needs.

The Bottom Line

In the end, you can either spend time increasing your profits while experts prevent you from making costly mistakes or you can handle your accounting in house. As small business owners it's our job to know whether it's time to stand and fight a battle or take the easy out and hire help. Small business accounting services are there to lend you a helping hand. At this point, the only question that remains is, are you able to accept help?

 

 

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Topics: Accounting Services Provider, Accounting Services, Small Business Accounting Services, Business Accounting Services, Business Accounting

Are You Searching For Small Business Accounting Services?

Posted by Matt Roberge on Aug 18, 2012 7:52:00 AM

When you first start a business, there are generally no paid vacations, sick days or holidays off work. There are rarely even half days or long lunches. When you first start a business, you dedicate every waking moment to growing your dream into something tangible. Eventually you reach that point at which your vision has come to fruition, and it is at this point at which you can finally delegate some of the tasks to others. No longer do you have to handle your own customer service, billing, shipping or other similar tasks. Best of all, you can now hand off your accounting to small business accounting services.

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Topics: Accounting Services Provider, Accounting Services, Small Business Accounting Services, Small Business Accountant, Bookkeeping Business, Accounting Reconciliation

We Provide Small Business Accounting Services You Need

Posted by Matt Roberge on Jun 23, 2012 9:07:00 AM

Even though a small business is considered a smaller operation, with only a few people being employed, all of these people play very important roles in the livelihood of the business. Yeah, bigger businesses and huge corporations might be able to afford entire departments dedicated to accounting, financing, bookkeeping, and all of that, but, a small business can still run with the big dogs and thrive doing it. All you have to do as a small business owner is to find the best of the best that specialize in smaller businesses.

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Topics: Bookkeeping Salt Lake City Service, Salt Lake City Bookkeeping, Accounting Services, Bookkeeping Services, Small Business Accounting Services, QuickBooks Consultant