Time saving tips for your business bookkeeping
I recently shared a summary version of this on my business page but want to go into a bit more detail here. The 3 tips I shared are as follows:
1) Utilize accounting software and applications to maximize efficiency and accuracy.
2) Eliminate personal and cash transactions.
3) Know when to hire a professional.
There is a lot of information to unpack in just those 3 tips !
1) Accounting software such as Quickbooks Online or Xero (to only name a couple) are really just the start. There are pros and cons to each individual software but they all aim to gather, categorize, store and facilitate in producing financial statements that a business owner can use to make business decisions. Of course each system has to be monitored to ensure expenses are categorized in the right place and invoices are created and paid but with the right setup these activists can go from time consuming and frustrating to accurate and easy. The use of apps that can synchronize to the software and just add another layer of efficiency.
2) I know most people like to have a bit of cash on hand but the use of cash can be tricky for bookkeepers to record and track. By using the bank card itself or a credit card it eliminates the chance that a cash receipt is lost. The same can be said for personal transactions using the business, you want to avoid this as much as possible.
3) Knowing when to seek a professional can be a game changer. This allows you to focus more time on growing and expanding your business and less time worrying about the bookkeeping activities. A bookkeeper should work closely with their clients to provide the information that a business owner needs to make business decisions to move them forward.
The above explanations are still just really scratching the surface. Each bookkeeper can give more tips than just the 3 mentioned and provide more detail on each. There is a lot that goes into the operation of a successful business and each piece of pie is as important as the other. Including the bookkeeping.
