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Salt Lake City Bookkeeping Blog

January is not the Time for Bookkeeping

Posted by Matt Roberge on Jan 29, 2015 7:30:00 AM

A bookkeeping service is telling you that January is not the time for bookkeeping. Really? Why would we send this message? The truth is that we really believe that January is not the time to be focusing on your bookkeeping. However, many small business find themselves ensconced and overwhelmed by their bookkeeping and taxes in January, and typically continuing into the spring.

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Topics: Bookkeeping, Financial Forecasting, Financial Reporting, Business Budgeting, Small Business Growth, Grow Your Business, Year End Bookkeeping

Finding the Time for Your Small Business During the Holiday Season

Posted by Matt Roberge on Dec 10, 2014 7:18:00 AM

It can be really difficult to find time for your business during the holiday season. Many people focus on other things during the holiday season; and for good reasons. It is a great time to kick back, relax, and enjoy time with your friends and family. However, ignoring your business in between Thanksgiving and Christmas can be detrimental to the success of your business. There are so many important business tasks you need to accomplish prior to year-end and when they don't get done lack of time is typically to blame. You need to make sufficient time for your business during the holidays and here is what you should be focusing on.

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Topics: Year End Bookkeeping, Financial Forecasting, Business Budgeting, Year End Questions, Year End Planning, Strategic Planning

4 Critical Bookkeeping Tasks for December

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

December is a critical month for every business on a lot of levels, but definitely from a bookkeeping aspect. Many small business owners struggle with finding the time for their business during the holiday season. However, putting your bookkeeping on the backburner in December is a huge mistake. There is too much to be done before year end for your books so you need to stay focused. Small businesses typically focus on hitting their sales goals, assessing the budget, or concentrating on their personal lives in December but your bookkeeping needs attention as well. Here are four critical bookkeeping tasks you need to attend to every December.

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Topics: Year End Accounting, Year End Bookkeeping, Small Business Bookkeeping, Year End Questions, Year End Planning, December Bookkeeping

Do You Make Time for Your Small Business During the Holiday Season?

Posted by Matt Roberge on Nov 26, 2014 7:00:00 AM

Ahh the holidays are upon us. I typically equate the day before thanksgiving as the official start to the holiday season. It can be an overwhelming time of year on a lot of different levels. You need to make time for your family, try and shop without getting trampled, all while continuing to run your small business.

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Topics: Year End Bookkeeping, Tax Preparation For Year End, Grow Your Business, Year End Questions, Year End Planning

End of Year Tax Planning for Your Small Business

Posted by Marti Major on Oct 29, 2014 7:00:00 AM

Be proactive – start planning for taxes now.

Before the holidays hit, before the snow flies, before the busiest time of the year, you want to start your tax planning. Take the time to think about your 2014 taxes. Failure to plan and implement can cost you big time. Your time and your money are at stake. Leaning into the process and meeting it head on will reward you both in terms of less effort and likely less taxes to pay.

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Topics: Year End Accounting, Year End Bookkeeping, Tax Preparation For Year End, Tax Tips, Year End Questions

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

Does Accounting Slow Down After The Tax Deadline?

Posted by Matt Roberge on Jul 28, 2014 7:00:00 AM

This past winter I was taking a class with 29 other small business owners. I was having a conversation before class in early April with a CPA and one of our classmates walked up and said, "I bet you guys are psyched for taxes to be done." We both said yes and kind of laughed. Then we started talking again and mentioned to each other how accounting never really slows down. Just because tax season is over doesn't mean that accountants suddenly have nothing to do.

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Topics: Year End Bookkeeping, Tax Preparation For Year End, Tax Tips, Small Business Bookkeeping, Financial Reporting

Bookkeeping Tasks for Every Part of the Year

Posted by Matt Roberge on Jul 14, 2014 7:00:00 AM

There are bookkeeping tasks that need to be taken care of no matter what time of year it is. Many people only do their bookkeeping once a year for taxes but that is the equivalent of running your business blind. The key is that you need to understand what bookkeeping tasks you should be worried about no matter what time of year. 

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Topics: Year End Bookkeeping, Tax Preparation For Year End, Bookkeeping Processes, Financial Forecasting, Bookkeeping Procedures, Bookkeeping Monthly Closeout, Financial Reporting

Did Last Year's Tax Prep Hurt This Year's Bookkeeping?

Posted by Joe Mazur on Apr 4, 2014 6:30:00 AM

Depending on how your small business's bookkeeping system is set up, you may be extremely stressed as April 15th approaches if your books are a mess or you may not even blink an eye since your bookkeeper handled the books properly throughout the year.  As the old saying goes, nothing can be certain but death and taxes.  Since taxes have to be paid each year, why avoid it until the last minute?  Why push it off and have a negative impact on your business?  If the proper procedures and systems are put in to place then there really is no need to worry or stress as the deadline approaches.  One of our many mantras at Salt Lake City Bookkeeping is that year-end bookkeeping shouldn't exist.

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Topics: Year End Accounting, Year End Bookkeeping, Financial Advice, Year End Questions, Business Culture

Year End Bookkeeping For Law Firms

Posted by Joe Mazur on Nov 29, 2013 7:00:00 AM

Bookkeeping, in general, for law firms can be trickier than it sounds, let alone trying to tackle it all at year end.  Nothing is worse than spending time during the holidays trying to figure out a year's worth of financials in order to get them to your CPA before the filing deadline.  This is true for all small business owners, but especially true for lawyers and attorneys.  Law firms, and ultimately the owners, are held to strict compliance standards by state regulatory boards and if anything is out of order during an audit, the law
firm's license could be revoked and the doors forced closed.  Some small firms may risk it and go this route, but it's not the least bit healthy for many reasons.  Keeping track of the transactions within the Interest On Lawyers Trust Account (IOLTA for short and also called Client Trust Account by some) does require some extra attention since it's not as straight forward as one may think.   The last thing a law firm should be doing this time of year is having one of the partners sitting down and trying to make sense of the bookkeeping system instead of going out there and getting new business.  The costs of this outweigh the reward.

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Topics: Year End Bookkeeping, Efficient Bookkeeping, Business Efficiency, Law Firm Bookkeeping, Attorney Bookkeeping, QuickBooks For Law Firm