Monthly Bookkeeping Maintenance

Troy owns a small real estate investment company. He is very good at what he does and maintains a $2 million portfolio of properties.

There are many tax benefits that are available to Troy, but he needs to make sure that his expenses and purchases are booked correctly in order to legally keep as much of his money as possible.

Troy spoke with me about maintaining his books. He wanted all of his expenses entered, income tracked and financial statements prepared each month. He had trouble finding a bookkeeper to take care of this for him because he found that few bookkeepers understand how to maintain his assets properly on the balance sheet and the cost to have his accountant maintain his books was out of his budget.

Monthly, I meet with Troy and he hands me all of his receipts, bills, invoices, bank statements and trust account statements. On a monthly basis, I enter in all of this data and prepare financial statements for Troy.

Additionally, we have the data in the correct place so that Troy knows each month what the proper book value of each of his assets is and how much depreciation he can take each month.

Last year, when his accountant finished up his taxes he found that he had been able to take an additional $85,000 in credits because he had properly maintained books. Furthermore, he doesn’t have to worry about the headache of maintaining his QuickBooks file anymore.

Troy knows that keeping his assets correctly is the foundation to his bookkeeping and…

…Your business THRIVES on a solid FOUNDATION!!!


Consulting and Managerial Accounting

Roger has a concrete business and became frustrated with his bank account balance. He wasn’t sure where his money was going and why he wasn’t making as much money as he thought he was making. He kept replaying things in his mind, but just couldn’t figure it out.

Few people can play a complete chess game beginning to end in his or her mind. Business is so much more elaborate, but the same concept applies.

No matter how simple your business may seem, there are many working parts to keep track of and if you are like most business owners, keeping track of it all just in your mind is nearly impossible.

The daily planner people took this idea to the bank because they knew that something written down is much more easily achieved. The same is true when I begin consulting or preparing a managerial accounting system for a client.

The first thing that I did when Roger called me for help was map out every system and process so that we knew who was doing what and in what order. When this was down on paper, it became so much easier to lay out a plan for improvement and put together the numbers to do it.

We found several spots in Roger’s process that were less efficient and he has put together a plan to make improvements.

We have also put together the numbers for him so that he knows how much work he needs to break-even, how much it costs him to keep his doors open even if he isn’t doing any work and what his minimum mark up has to be in order to cover his costs.

Roger is no longer surprised by the amount in his bank account and knows how much money he can plan on having each month. Using these numbers, I have helped Roger put together a budget that includes getting him completely debt free in 18 months!

As a concrete guy, Roger understands the importance of a solid foundation. He knows that  his accounting is the foundation of his business and that…

…Your business THRIVES on a solid FOUNDATION!!!


QuickBooks Questions Answered by a Certified ProAdvisor

Salt Lake City Quickbooks advisor
J.D. started a new business in the Salt Lake City area and began using QuickBooks. He discovered right away that he had no idea what he was doing on QuickBooks when he pulled his first profit and loss report and it did not look like he expected. He wanted to be able to do everything himself when it came to his financial statements but wasn’t sure how to make it look right.

To help him with his QuickBooks problem J.D. called Foundation Bookkeeping. He knew that Jeremy is a Certified Salt Lake City QuickBooks ProAdvisor. He knew that this means Jeremy had to study and take tests to become certified. Having this certification means that if Jeremy does not have the answers, he has access to a nationwide network of ProAdvisors that have the answer to every question and scenario possible.

Four hours with Jeremy and J.D understood how to properly use QuickBooks. He now sees what he expects when he pulls reports and he knows that he can call Foundation Bookkeeping in the future if he ever gets hung up again.

Call Jeremy today to get your QuickBooks questions answered and build up the foundation for your business whether you are in Sandy, South Jordan, Salt Lake City, or nearby because…

Your business THRIVES on a solid FOUNDATION!!!

Prepare for Tax Season

Joe owns his own insurance brokerage. He knows nothing about accounting and does not want to have to learn or have his office staff learn about accounting or QuickBooks. He just wants to be able to operate throughout the year and not have to worry about tax preparation.

Joe kept a file for all of his receipts and sales. When tax season came around, he called Salt Lake City’s affordable tax preparation service, Foundation Bookkeeping, and brought his proverbial “shoe box” full of receipts over to be entered. It took a couple of days, but Joe did not have to worry at all about getting his books ready to send over to his tax accountant.

His tax return cost less also because the books were all prepared before sending them in.

Joe also knows how much money he made last year and is now working monthly with Foundation Bookkeeping so that he can find out how much money he makes each month.

Call Jeremy today to schedule your time to prepare for tax season!

…Your business THRIVES on a solid FOUNDATION!!!

Reduce Your Debt

Salt Lake City Quickbooks Training
Mitchell owns a barber shop. He was very excited about his new place and was very proud of the remodeling they did before opening at his new place. What he did not like was the debt that he had incurred as a result.

Paying off debt is really not that complicated when times are good and the money is pouring through the door. However, as a new business owner and in a down economy, it is not as simple as it looks.

Mitchell is an honest person who pays all of his debts, but sometimes he had to choose which debts to pay first, and that is not as easy as it looks.

He called Foundation to help. We were able to go through the information in his QuickBooks and prioritize his different bills. Next, we put together a plan based on his needs and paying off his debt as quickly as possible.

Mitchell is now on a plan to be completely free from his $40,000+ debt in just 15 months! There is no more pain going to work each day!

Call Jeremy today to come up with a plan to get out of debt instead of merely paying the vendor that complains the loudest! Getting out of debt is a foundation for your business and…

…Your business THRIVES on a solid FOUNDATION!!!

Where Does Your Profit Come From?

Kelly has a landscape company in the Salt Lake City area and has set aside some money for advertising. He wants to promote the service that makes him the most money, but has no idea where to begin.

He has a gut feeling that he makes his most money on residential landscape install, but that is just based on the numbers he runs through his head and he is not sure if that is accurate.

Kelly called Foundation Bookkeeping to help him out. The answer required some work on his part, but setting up QuickBooks and creating a system to enter the information correctly into QuickBooks didn’t take much time at all.

After a couple of hours working backward through the previous six months, Kelly was finally able to click a couple of buttons to pull up a report that gives him a side by side comparison of how much money each of his services is making him–residential landscape install, residential maintenance, commercial landscape install and commercial maintenance.

Turns out that Kelly was right in his guess to begin with, but now he has no doubts that his advertising will bring the most money to his pocket and it has in fact done just that!

Call Jeremy today to find out how much profit your products and services make you. Know this helps you understand the foundation of your business and…

…Your business THRIVES on a solid FOUNDATION!!!

Which Customers Make You Money

You know it is going to happen. The Yellow Pages guy will call you up to renew your advertising. He is going to quote you endless demographics about who is using the phone book. He may even offer you a separate phone number or some way to track the number of calls you receive from people who found you in the phone book.

But did your ad make you any money? Were the people who called from the phone book profitable. Sure you know how many people called, but when you consider the cost of the ad, was it worth your time and money?

Chris is a business owner that was selling coupons on City Deals. He did not know if it was making him any money and this topic was very contested by those in his office. He just didn’t know if it was worth his while even though he knew how much business came through his door as a result of the coupon sales.

Chris hired Foundation to help. The first step was to adjust his customer list and then work through a new process on how to enter the information in. Chris has a long customer list, but it still only took three hours to set everything up and train him on the new process.

Now with just a couple clicks of the mouse, Chris can pull a report that shows him exactly how much money he is making from City Deals customers and he knows that it is very profitable for him to be selling these coupons.

The argument is settled and Chris will be renewing his agreement with City Deals…by the way, you are very welcome City Deals!

Call Jeremy today to make sure you are making money on your advertisement investments!

…Your business THRIVES on a solid FOUNDATION!!!

Solutions for Your Bank Account

Here is the scenario:

Trent owns a construction company and has to check his account balance online several times a day. He has to do this because he knows that if he doesn’t, he will end up with surprises and these surprises always result in either bounced checks or leave him scrambling to come up with a solution to cover payroll.

He uses QuickBooks, but just cannot understand the reason that the balance in his bank account online does not match the balance shown in QuickBooks. Furthermore, he has several people with debit cards and several outstanding checks that he knows are not entered into QuickBooks so he just doesn’t trust the numbers in QuickBooks.

Trent’s accountant tried to explain things to him, but it doesn’t make much sense. Mostly, his accountant just wants to do his taxes and tax planning, he doesn’t want to do the mundane entry work.

Trent hired Foundation Bookkeeping and was quite cynical about the possibility of a solution, but the cost was reasonable enough that it was worth the small investment to have this cleaned up.

The first step was to reconcile all the bank statements back to the start of the year. Once everything was entered and cleared, then a process was set up and put in place to collect and enter everything accurately and in a timely fashion.

Immediately Trent was able to know how much money he had to spend.

He has not had a bounced check since then and has not had to come up with creative solutions to cover payroll.

He rarely checks his bank account balance online because he knows the numbers in QuickBooks are the most accurate picture of what he has to spend and he reviews what he has weekly and pays his debts weekly.

A bi-product of this whole project is that he has been able to pay down his debts 75%!

Save yourself the pain of not knowing what you have to spend. The process is easy, inexpensive and has been done thousands of times.

Call Jeremy today to start building your company’s foundation because…

Your business THRIVES on a solid FOUNDATION!!!