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Salt Lake City Bookkeeping Blog

When and Why Should You Expand Your Small Business

Posted by Thomas Liquori on Dec 2, 2016 9:00:00 AM

Many business owners who launch a new company dream of one day making it big, which usually means growing. Before you decide to take your new venture to the next level and start growing your small business, though, you need to get the timing right. When you time your growth well, the process can run much more smoothly and your chances of success are improved.

How can you know when it is time to start thinking bigger? There are a few indications:

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Topics: Small Business Bookkeeping, Small Business Growth, Small Business

When Is the Right Time to Expand Your Small Business?

Posted by Joe Mazur on Nov 16, 2016 9:00:00 AM

There’s nothing as thrilling as starting a small business and watching your best ideas take flight. But just because you’re busy doesn’t mean you’re ready to expand — or even that you should expand. Here’s what you need to consider before you take the expansion plunge.

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Topics: Small Business Growth, Small Business

Why Hiring Matters To Every Small Business

Posted by Matt Roberge on Oct 3, 2016 9:00:00 AM

As a small business owner, the biggest challenge I underestimated—in terms of both difficulty and importance—was hiring. The reality is that hiring matters to every small business

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Topics: Small Business Growth, Small Business Coach, Hiring, Growth Coach

5 Smart Ways to Reinvest Your Small Business Profits

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

It doesn’t get any better than this: you’ve worked hard – really hard, you’ve made some smart business decisions along the way, and you’re finally beginning to see a profit at the end of your business year. Congratulations! What now?

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Topics: Bookkeeping, Small Business Growth, Small Business Consulting

5 Characteristics Of A Scalable Business

Posted by Matt Roberge on May 19, 2016 8:30:00 AM

When entrepreneurs start a business, all they think about is how to grow it. What are the characteristics of a scalable business?

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Topics: Small Business Growth, Scaling A Service Business, Scaling A Business, Growth Coach

[Infographic] When Does It Make Sense To Stop Making Money

Posted by Austin Walker on Mar 23, 2016 8:30:00 AM

Taxes can be a really great thing. If you're paying taxes, it means you're making money. A CPA would tell you that until you are paying 100% tax, you should never stop trying to make more money. Paying taxes also puts money toward social services, and for some, can even be thought as a way of helping others.

Tax Refunds are Poor Financial Decisions

When you're filling out the W-4 for employment and it asks for the amount of dependants you have, along with whether there is any extra you'd like to contribute, make sure you check none. It may be fun to receive that return at the end of the year, or think of it as an additional way to save some money. However, you're giving the government a 0% interest loan, which they can then bank in order to gain interest on it for themselves! Instead, keep the funds in your own pocket and keep the interest for yourself, or invest the money.

Come into Tax Season Prepared

April is not easy, especially if you're a small business owner. You know what this season means: having to pay last year's taxes plus the expected taxes for the current year. Some may suggest that you delay paying, if possible; but instead, we recommend that you just get them out of the way. There are so many different tax penalties along with the interest that the IRS charges for late payments, it's just not in the best interests of the company. Unless, somehow, the company thinks it can beat the interest investing in the short-term. The IRS keeps the penalties and interest amounts pretty steep, though, to minimize the risk of companies attempting to do just that.

Don't ever file for an extension again. Be prepared.

Have a plan going into this tax year and build a plan for next. Have your financials ready and be open with your CPA about what your goals are now and your projected income for next year. They may help you put together a plan to minimize your company's tax liability for the next year.

Pay your taxes on time.

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Topics: Bookkeeping, Small Business Growth, Small Business, Tax Tips, tax

How To Never File A Tax Extension Again

Posted by Matt Roberge on Mar 15, 2016 8:30:00 AM

Are you going to file a tax extension again this year? Are you pissed about it? If you are in the habit of filing a tax extension each year, you are not alone. According to the IRS, 20 to 25 percent of taxpayers put off their taxes until the final two weeks of the tax season. Additionally, 7% of taxpayers file for an extension each year. However, did you know that a tax extension is an extension on the filing date, but not the due date? That means you may still be subject to penalties and interest even if you file a tax extension. 

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Topics: Small Business Growth, Tax Preparation For Year End, Tax Tips, Outsourced Bookkeeping, Growth Coach

Is Bookkeeping Only For Filing Taxes?

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

We get a lot of new prospects this time of year who think that bookkeeping is only good for filing taxes. To be honest, we get a lot of monthly recurring bookkeeping clients this way. 

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Topics: Small Business Growth, Scaling A Business, Tax Preparation For Year End, Growth Coach

14 Business Lessons They Didn't Teach Me In College

Posted by Matt Roberge on Feb 25, 2016 8:30:00 AM

When you get into the business world, you realize how many things about business you didn't learn in college. College is great for teaching you the fundamentals of the academic side of business, but there are a lot of lessons you learn through real-life experience.

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Topics: Small Business Growth, Scaling A Business, College Grad, Growth Coach

Just Like Player Poker, Running A Business Is A Risk

Posted by Matt Roberge on Feb 18, 2016 8:30:00 AM

I started playing poker right around the start of the craze over the World Series of Poker more than a decade ago. All of a sudden, Texas hold 'em blew up. I played in my first Texas hold 'em tournament in a casino for a $100 buy-in, had 90+ opponents, and took first place, winning over $2,000. 

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Topics: Small Business Growth, Grow Your Business, Scaling A Business, Growth Coach