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One of the reasons why business owners have a reluctance to learn to do their own books, is because they do not want to enter all their transactions manually, however, Edmonton bookkeeping says that learning how to automate bookkeeping can not only make keeping books easier, it can ensure that they have up-to-date and correct finances in order to help make better financial decisions in their business. Here are some important tips for entrepreneurs to learn how to automate their bookkeeping.

One of the most important things that entrepreneurs can keep in mind when they are learning how to automate their bookkeeping, is that they can requests digital statements from their banks and their credit card companies. These digital statements are either sent in PDF format or CSV. If they are in PDF format, business owners will need to convert them to CSV files, and once there in that format, entrepreneurs can upload them to their accounting software directly. This way, all of the transactions are automatically entered into the software, ensuring that entrepreneurs can avoid having to enter those transactions manually.

Edmonton bookkeeping recommends that although this automated way of entering information can be easier, it should not replace common sense, therefore entrepreneur should also be checking the information to ensure that it looks accurate. Even with checking the information, by automating their processes, can help entrepreneurs save dozens of hours. The time that they save can be spent building their business instead of manually entering information.

One question that entrepreneurs typically have when they are learning how to automate, is that do they still need to keep the receipts that they have if they are automating everything? And while the answer to that question is entrepreneurs still have to keep everything for seven years, Canada revenue agency does not require originals of receipts To. Therefore, Edmonton bookkeeping says if business owners have digital copies of receipts, that is enough information for Canada revenue agency. In fact, since receipts have a tendency to fade over time, entrepreneurs can safeguard that information by digitizing it. Keeping those files for seven years can allow entrepreneurs to have better record-keeping in their business.

Another question that entrepreneurs often have when it comes to automating their bookkeeping processes, is are there documents safe if they are automated. With all the information going onto the Internet, whether it is sending it to bookkeepers, using online software many entrepreneurs are more aware than ever about how digital files may be compromised. But the good news is, entrepreneurs that use online software can rest easy understanding that there documents are kept safe because there are safeties built into online bookkeeping software to protect the integrity of their information.

Whether entrepreneurs are looking after the bookkeeping themselves, or hiring Edmonton bookkeeping for their business, by learning how to automate their processes can save lots of time for business owners and bookkeepers alike. Allowing them to have the information they need to grow their business, while saving time in order for them to be able to do so.

Whether entrepreneurs decide to outsource to Edmonton bookkeeping, or to do the bookkeeping themselves, automating their processes can make keeping their books easier. The makers of QuickBooks, into it did a survey of small business owners on basic business financial literacy questions. They discovered that 82% of all entrepreneurs scored lower than 70% on this test. Many entrepreneurs do not have a lot of bookkeeping knowledge, which makes either hiring a bookkeeper or automating their processes extremely easy.

There are several things that entrepreneurs should keep in mind when they are making the decision to look after the bookkeeping themselves, or hire Edmonton bookkeeping to do it for them. One of the first questions that entrepreneurs often want to know, is do they need to know how bookkeeping software works? The answer to this question is no, and while it is a good idea for entrepreneurs to have some knowledge of the software, as long as they are hiring a bookkeeper to look after their books, they do not needs to have a complete understanding of the software.

Entrepreneurs often want to know what the best software they should use if they decide to look after their own bookkeeping is, and there so many types of software for bookkeeping, that most of them are great and work well. The recommendation is if entrepreneurs are going to be looking after keeping their own books, they should do their own research and find out what is going to work best for them, and their business. If there using a bookkeeper, they will use the software that they are the most comfortable with, and the Edmonton bookkeeping company always prefer to use QuickBooks online. It is user-friendly, and because it is an online software, they can use it whether there at the office, home or anywhere else.

Another question that entrepreneurs often have when considering if they should do their books themselves or hire a bookkeeper, is how much time should they set aside for bookkeeping in their own business? While it is hard to put an actual figure on how much time they might save, one thing that can help entrepreneurs save significant amounts of time no matter what, is by getting digital statements. Whether there entering the information themselves into their accounting software, or sending it off to their bookkeeper, being able to utilize digital statements can save significant amounts of time. Even if they are not able to get digital copies from banks and credit card companies, using a scanning software like Hub Docs is going to enable entrepreneurs to digitize their statements, so it makes for easy uploading.

There are several things that entrepreneurs need to keep in mind when deciding if they are going to hire Edmonton bookkeeping to look after their books off they are going to do it themselves, and while they may choose to do it themselves, learning how to automate the process can make it easier for themselves and their bookkeeper no matter what.