When entrepreneurs are new in their business, they may decide to hire Edmonton bookkeeping services to help keep the accuracy of their financial information. However, they may decide to try to save money by doing some of the entries themselves, but if they do not set aside the time to do that on a regular basis, they can end up with a backlog of financial information waiting to be entered into their accounting software, and that forces the entrepreneur to try to enter those statements in last-minute, and in a panic. Entrepreneurs can make it significantly easier on themselves to take care of entering in information into their accounting software in order for their bookkeeper to have better financial interim statements for them. All entrepreneurs have to do is learn how to automate several of the processes, and save significant amounts of time in their business, but more important than that, can ensure the accuracy of the information they enter, which means that their financial statements are better tool for them to use to make decisions in their business with.
When way that entrepreneurs can use automation by entering information into their accounting software, is simply by utilizing a time tracking software for their employees. Not only can this help keep their employees honest by setting up certain parameters so that employees can only sign in and track their time when they are actually at work, but Edmonton bookkeeping says that this also makes it possible for entrepreneurs to generate a file from that software that entrepreneurs can then upload into their accounting software. What this does, is it enters all of the employees times on behalf of the business owner. What normally would have taken several hours is done in a few minutes. Not only does it make it so much easier, but it also ensures the accuracy of the information. Business owners just to a spot check of a few of the entries to verify they are correct.
Another way that entrepreneurs can use automation in their bookkeeping, is to request the statements from their credit card companies in their bank’s electronically. Once entrepreneurs receive those electronic statements, by uploading them into their accounting software, all of the transactions from each of those financial institutions get entered in automatically. Same thing with the employee time, this can take only a few minutes, and can ensure the accuracy of the information. I doing it manually, a business owner was themselves at risk for making an error typing in anything from the date, to the amount, to the account that it should be attributed to.
By learning what can be automated in their business finances, entrepreneurs can ensure that there Edmonton bookkeeping company has the most accurate information possible for them to complete the best interim financial statements that they can for the business owner. By having this accurate information, when business owners need to use that information in order to make financial decisions in their business, they can be more certain that it is accurate, and their decisions will be good ones.
Entrepreneurs often think that they have to hire an Edmonton bookkeeping company because they do not have enough knowledge of bookkeeping processes in order to be able to do it themselves. In fact, into it which is the company that makes QuickBooks did a survey of entrepreneurs on some basic business financial literacy. They asked them questions about what a balance sheet is, how to read income statements and how they can improve the cash flow in their business. 82% of all of the entrepreneurs that responded scored less than 70% on this test. This means that a large portion of entrepreneurs do not have as much financial literacy as may be required to look after some of the more important finances in their business.
The good news is, entrepreneurs do not need to have a huge knowledge of finances in order to use accounting software to put some basic financial information in, in order to help their Edmonton bookkeeping company create interim financial statements for them. While some knowledge of the software is needed for entrepreneurs to make some entries, not more information is needed if entrepreneurs are going to allow their bookkeeping company to do the rest for them.
When way that entrepreneurs can ensure that they are ensuring the accuracy of their finances, is by keeping great communication going with their Edmonton bookkeeping company. One way that they can do this, is instead of having weekly phone calls with their bookkeeper, they use technology like team viewer to allow them to have a comprehensive and in-depth discussion using the computer, so that entrepreneurs can see exactly what their bookkeeper is talking about and allow them to point out different aspects of the financial statements. By doing this, they can fix errors, get clarification and ensure the overall accuracy of the financial statements that they receive. By using technology this way, entrepreneurs can ensure that there keeping as accurate financial records as possible.
Another way that entrepreneurs can ensure the accuracy of the information being entered into their bookkeeping software, is by scanning information and uploading that into QuickBooks online. By doing this, Edmonton bookkeeping says that business owners can refer back to the scans of the receipts in order to verify information. With this can also do for businesses, as allow them to have copies of all of their receipts organized in case they ever get an audit request from Canada revenue agency. Entrepreneurs often think they have to keep original receipts but that is not true, by having copies of the receipts entrepreneurs only need to keep that information for seven years in order to safeguard themselves in case they have an audit request.
Keeping accurate financial information is important, by using technology and allowing Edmonton bookkeeping to help them maintain the accuracy of their books.