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Salt Lake City Bookkeeping Blog

Keep Your Business Safe: The Warning Signs of a B2B Scam

Posted by Thomas Liquori on Dec 30, 2016 9:00:00 AM

B2B scams target businesses in an effort to draw money into fraudsters’ pockets. Fraudsters rely on the fact that companies and nonprofit organizations are busy, have multiple staff members and often order many products and services. Common B2B scams include sending invoices for products a company did not order or delivering products a business did not order, along with an invoice.

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Topics: Small Business Management, Small Business Consulting, Small Business Mentor, business scams, small businesses

24 Hours To Improving Your Leadership Skills

Posted by Matt Roberge on Nov 23, 2016 9:00:00 AM

For the small business owner, leadership skills are not just a nice-to-have, they’re an integral part of running a successful company - whether you’re responsible for one employee or one hundred. Managing others and actually leading them however, while often confused for the same thing, are two very different talents. We can’t all be natural born leaders, but we can learn to develop the skill set that defines one.

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Topics: Small Business Management, Business Leadership, Business Management, Delegating, Growth Coach

5 Surprising Items Required To Run A Small Business

Posted by Matt Roberge on Nov 18, 2016 9:00:00 AM

Do you ever wonder what tips and tricks other successful business owners are using? What are they doing differently?

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Topics: Business Efficiency, Small Business Management, CEO Advice, Growth Coach

Bookkeeping for Multi-Location Restaurants [Infographic]

Posted by Austin Walker on Apr 20, 2016 8:30:00 AM

Bookkeeping for a restaurant group that has different locations and different restaurants under it can be tricky. There are tight margins to maintain. In addition, spoilage, theft, and inventory must be controlled to maintain profitability. In order to do this, the books must work like a well-oiled machine. There can't be any flukes or the whole machine is compromised and margins decrease. Here is a set of guidelines you can follow to make sure that every restaurant under a restaurant group is controlled in a way that improves its chances of success.

Chart of Accounts, First

The chart of accounts is very important. This is what's going to generate categories for expenses and income; it will also determine how reports look. It's important to avoid over-complicating the chart of accounts. If it's complicated, generally the reports will not be understandable, and an owner may have difficulty figuring out what all the numbers mean. Here are our recommendations for a restaurant:

Food and beverage - separate income and cost of goods sold into food, alcoholic beverages, and non-alcoholic beverages. This means that food and beverage ratios can be computed a little bit easier.

Labor costs - this is one of a restaurant's highest expenses. Keeping close track can help cut labor costs and manage how it's affecting the bottom line.

Using the POS System as a Tool

Proper set-up of the POS system takes a long time. However, the amount of time that it takes to set up is completely worth it. Knowing the ins and outs of the system means that the reports produced all outline key metrics that the business has deemed important. Having the right information is worth more than having a lot of information.

Many restaurants experience theft. Having a system that is reporting correctly can help keep track of daily deposits from the register to the bank. If the cash reports don't match, something is wrong. The daily sales summary report can be a good report to check every day to make sure theft has not become a problem in a restaurant.

What Is a Daily Sales Summary?

The daily sales summary report tells you everything that happened in your restaurant on a given day. This includes not only sales, but payments and comps as well. More importantly, it's also a reflection of how you are being paid. Payments come in as cash, check, credit cards, and comps. The daily sales summary needs to be in balance every day, or reconciling the books and getting accurate information from QuickBooks will prove to be very difficult or even be unsuccessful. Without the proper information from QuickBooks, your company may be losing money without even knowing it.

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Topics: Small Business Management, Outsourced Bookkeeping, Restaurant Accounting

[Infographic] How to be an Integral Part of Budgeting and Forecasting

Posted by Austin Walker on Dec 2, 2015 8:07:06 AM

For some, it may be difficult to determine where you fit in with budgeting and forecasting for your small business.  Maybe you don't quite understand where exactly you fit in, or maybe the business doesn't even put together projections or a budget for the next fiscal year. 

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Topics: Small Business Owner, Small Business Management, Financial Forecasting, Business Budgeting, Entrepreneurship, forecasting

How to Source the Best Employees [Slideshare]

Posted by Austin Walker on Sep 23, 2015 7:30:00 AM

According to the Bureau of Labor Statistics, unemployment in the US in August was a low 5.1%.  Given the fact that at its peak, it was just over 10%, it's difficult to determine where the bottom might be.  As the need for demand for skilled labor increases, but the size of the workforce decreases, it's important for small businesses to attract, interact, and retain great employees.

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Topics: Small Business Management, Small Business Growth, employee, sourcing employees

Stop Marketing And Selling? Say It Ain't So

Posted by Matt Roberge on May 21, 2015 7:30:00 AM

As a CEO inevitably you mess up and boy did I ever. In fact I messed up so much that we had to stop selling and marketing (I know the horror!). Our last blog post was almost six weeks ago, but there is a reason for that. Bad CEO's get down on themselves when they screw up or play the blame game. Good CEO's reflect, analyze, pivot and execute. This blog has nothing to do with SEO or attracting new customers; it's simply a business lesson that I hope saves someone some time.

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Topics: Small Business Management, Small Business Growth, Sales, Scaling A Service Business, Marketing Small Business, Inbound Marketing

How to be an Amazing Small Business Employee

Posted by Matt Roberge on Apr 2, 2015 7:30:00 AM

I often joke with my operations manager that I would be an amazing small business employee. We do the books for over a hundred small businesses, so we have to perform at a pretty high level and stay incredibly organized. My team and I joke with one another about how dialed in the bookkeeping system would be if we only had one job or one client. I would have the most amazing filing system you have ever seen both in hard copy and digital and both would be triple backed up.  

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Topics: Small Business Management, Small Business Growth, Small Business, Mission Statement

Year-end Checklist for the Small Business Owner

Posted by Matt Roberge on Oct 20, 2014 7:00:00 AM

It's that time of year again. Can you sense it? Year-end is just around the corner. The rivers are getting cold, the smell of fall is in the air, snow is starting to show in the mountains and everyone is getting excited for winter (at least our office is). However, there is a lot to do before year-end for the small business owner. Too many small business owners tend to kick back and relax as the year wraps up. For many business owners Thanksgiving through Christmas is a time to take a laid back approach to their business. Taking that approach leaves you behind in your business and that is no way to start a new business year. Here is a year-end checklist for the small business owner.

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Topics: Small Business Management, Year End Accounting, Small Business Growth, Year End Questions, Year End Bookkeeping

Small Business Owners: Don't Let Your Monday Ruin Your Sunday

Posted by Matt Roberge on Aug 25, 2014 7:00:00 AM

I was coming home from one of many amazing fishing trips of this summer with my wife and my friend Kyle. Kyle is a great friend of mine and a partner in Harvest Solar MT out of Bozeman, Montana. I respect Kyle for many reasons. By choice he lives off the grid, he is an incredibly hard worker, and one funny guy. So we are driving home on a Sunday evening from a four day float out of the wilderness just outside of Glacier Park in northwest Montana. It was getting late in the evening and all three of us had to work on Monday morning. We were all starving but I didn't really want to delay our drive home. I kept asking Kyle if he cared if we stopped or if he wanted to get home. Kyle responded, "Don't let your Monday ruin your Sunday bro." Kyle's statement has stuck with me for the past several weeks and I have found that taking this advice to heart really helps.

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Topics: Small Business Owner, Small Business Management, Small Business Growth, Life Work Balance