Monday, December 14, 2009

Keeping Score is Critical For Your Business' Success

Isn't it true that people play differently when you keep score?  Think back about some kind of competition you have recently been involved in, or anything that you can choose to keep score/track, or choose not to.  A sales push, softball game, work deadlines, goal setting, any athletic event, etc...  You play the game, or perform, differently when records are kept, don't you?  It seems to be human nature.  We all have at least a small amount of competitiveness in us...some of us have boat loads! 

In business, things are no different.  Employees act differently when you measure their performance.  You want to increase productivity, set up measurements that push your employees to perform.  And perform they will! 

A business without an accounting system in place, is like going and playing t-ball with the 5 year olds where no score is kept and everybody is a winner (even if the other team really outscores you by 1,000 runs).  At least you can look forward to the popsickles after the game.  On a side note, I've always wondered how kids would excel if they always played games this way, and never had a reason for better performance. 

Anyway, imagining a business being run like this t-ball team spells DISASTER from the get-go.  Without proper measurements in place, how can a business know how well it is performing (if it is even making a profit) and how long they can realistically stay in business.  Things would have to change, or this business would find itself dropping out of the game.

Start Keeping Score and Play to Win

I am a big fan of Zig Ziglar, a popular self-improvement guru.  He stresses the fact that "we were born to win"...all of us were born to win.  I believe that I was born to win.  I was born to be a successful entrepreneur and a winner of a father and spouse.  The same success belongs to you...if you really want it. 

It takes some work to keep score.  I don't know if you have ever seen what goes into the meticulous job of "statisticians,"  but they are in charge of tracking all sorts of things.  Look at a professional sports league.  They keep stats on all types of performance (field goal percentage, batting average, pass completion percentage, shots on goal, fairways hit, punches landed, etc...).  Almost anything you want to know, they track.  Even some of those "far out" stats, like performance during specific types of weather.  Why?  What is the purpose to such detailed record keeping?

Well, it is simply for two major reasons.  First, to measure success.  How else would we know just how good Tiger Woods is, or Michael Jordan was, if we don't have any way of comparing their performance to other players.  We would just be guessing.  The great teams we think of wouldn't be near as great without some point of reference.  Without keeping score we wouldn't have those crazy sports fanatics who find great pleasure in debating over the shoe size of their favorite athletes. What a shame that would be!

The second major reason is to improve.  I played some basketball in high school.  I loved it!  I think the thing I loved the most was knowing, not guessing, that I was getting better as the season went on, or as time passed.  I had undeniable proof that I had improved! 

These two reasons are major reasons to have a good accounting and accountability system in place for your business.  If we are vague and general in running our business, we will be vague and general in our results.  I'm not promoting that you start asking your clients for their shoe size or body fat percentage.  But, tracking their birthdays, anniversaries from when they became your client, or other important events, wouldn't be a bad idea. 

Be a fanatic for your team...your business.  Start keeping score, and if you already keep score, analyze your scoring system and see if there are ways you can improve.  There are many good "statisticians" out there.  I just feel like my team offers the best value especially for new and growing organizations.

Thursday, May 14, 2009

LogMeIn is a great business tool

LogMeIn Remote Services. We have been using LogMeIn's free remote services with our clients for years and it has been a great tool. Oh yeah, and it is also FREE! It has been helping us be able to do our accounting work here in Utah County from the luxury of our home. If our clients have questions, we can jump right on the computer and get onto their desktop. Go to to set up a free account, or just to check it out! We were using GoToMyPC services before, and have seen little to no difference in service and remote connection abilities.

Cost of A Personal Accountant? Priceless!

If you are a small business owner living in Utah County and need some help getting your accounting organized, and up-to-date, then you need to visit our website at  We have been helping small businesses from a wide variety of industries.  We specifically work with home based businesses and smaller businesses with less than 30 employees.  We know that small business is what drives our economy and have developed a service to help small business owners receive a "big business" accounting system at a small business price!  We usually can do your accounting for less than it is costing you right now.  We look forward to hearing from you!  YOUR PERSONAL ACCOUNTANT, Chris Webb

Thursday, April 23, 2009

Does your company stand out?

I downloaded this free picture from I have seen many similar pictures, but I think they really portray something important in business.

When you look at your competition, do you stand out? What makes you unique? Why would I choose you over the next guy?

Well, I hope that you have responses for these questions, and it is good to reflect on these things regularly. You don’t ever want to lose those core values that make you and your business unique. In this time of recession it is even more important to be creative and unique in your approach to your particular business and target marketing. Ever wonder how some companies just seem to thrive no matter what kind of economy there is?

Monday, April 13, 2009

Benefits of Outsourcing Accounting and Bookkeeping Services

-Improve Business Focus: Get back to doing what you do best. Limit time and resources you spend on admin tasks.

-Free Key Employees: Redirect valuable employees to focus on crucial revenue generating activities.

-Work with Experts: Rest assured that the people handling your accounting are experienced, well trained professionals.

-Reduce Business Risk: Outsourcing payroll and other HR tasks helps limit your company’s risk exposure.

-Lower Your Accounting Costs: Surprisingly, this is one of the rare times where you can actually pay less for more!

Is outsourcing right for your business? Obviously, it is not for everyone. But for most, taking the next step to enhance your business is a logical one to make.

Visit us at to learn more about our services.

Saturday, April 11, 2009

Small business accounting services in Utah

My primary focus with my company is the daily bookkeeping for small businesses.  We are unique in that we specialize in serving individuals and small businesses with their accounting systems (organizing and maintaining them).  We provide all bookkeeping services (daily entries, accounts payables, accounts receivables, payroll, sales tax, reconciliations, financial reporting, etc…).  We recognize that most small businesses don’t have the budget to hire a full time CFO for their business.  In fact, most businesses actually go towards the other side of the spectrum and hire a college student, or try to do the accounting by themselves.  Our services are comparable in price to hiring a college student, but we have the expertise to keep your business organized and to give you professional advisement like a CFO.  We specialize in QuickBooks software, but use other systems as well depending on what our client needs, or is already set up on. 


Thursday, April 9, 2009

Provident living...key to weathering the storms

In the past, most of us have been able to get by through borrowing money and leveraging our lives through mortgages and credit cards.  As a result, most of us are feeling the backlash of enslavement to such debt.  Interest never sleeps!  Hopefully, we are taking advantage of the lessons that can be learned from these difficult times.  The economy is hurting worldwide.  Almost everyone believes that it will get worse before it gets better.

It is so important that we make changes to the way we do things financially.  The first step is attacking our debt and working on becoming debt-free.  For some, that is a very long term goal.  For others, it is something that can be done by applying simple principals and showing self-discipline.  We all need to learn to live more providently.

Friday, April 3, 2009

Paying off credit card debt, or building savings?

The other day my wife told me about some financial guru who was on the Oprah show. My wife really thought the advice this woman gave was good advice. I thought so as well. What do you think?

The advice that she gave was that instead of paying off your credit card debt, you should build up your “savings” or “emergency funds” to cover 8 months of income. The reason being that once you pay off that credit card debt most credit card companies are going to decrease your limit drastically as a result of the current economic condition we are in. It doesn’t matter if you are never late.

So, if you decide to pay off your credit card debt first and you have something come up, some kind of emergency, you can’t rely on putting it on a credit card…instead you need to have funds available that you can access immediately. I have seen some of my clients who pay off their credit cards every month receive a notice that their limits are being drastically reduced. My wife and I also had that same experience with one of our personal cards. We went from a limit of well over $12,000 to a limit of $1,000 in a matter of months.

Don’t find yourself breaking the piggy bank!

Thursday, April 2, 2009

QuickBooks is a fantastic business tool

QuickBooks is a great tool for small businesses to organize their accounting in a way to generate the kind of information that owners need to make crucial decisions. Here at Your Personal Accountant, Inc. we specialize in QuickBooks software and understand just how powerful a tool it can be for your business. We have been helping small businesses in Utah (from start-ups, home-based businesses to small businesses who have been around over 60 years).

Visit our website at to learn more about how we can help you and your business. Remember, "It is impossible to control or manage anything that you do not or cannot properly and accurately measure." A lot of small businesses live or die by their accounting...we can help breathe life into the way you look at your business.

(c) 2009 Your Personal Accountant, Inc.

Orem, UT Bookkeeping Experts