Without utilizing technology in entering information into their bookkeeping software, entrepreneurs are increasing the amount of time that it takes, and risking making errors in their entries, Edmonton bookkeeping says that there are many different technologies that are available for entrepreneurs to use in order to help solve those issues. Not only can using this technology be extremely easy, the amount of time it can save entrepreneurs should be considered. Business owners can use the time that they save to grow their business. in addition to saving time, business owners can also improve the accuracy of the information. This can ensure that the financial statements they receive from their Edmonton bookkeeping company can be accurate, which can help them make better financial decisions in their business.
Since 50% of all business owners fail within five years of opening their business in Canada, and 29% of those entrepreneurs say the reason why their business failed is because they ran out of cash in their business. By having more accurate financial information, entrepreneurs are able to make better business decisions, which could have them not only avoiding running out of money in their business, but be proactive in growing their business. How using technology in bookkeeping can help with that, is by ensuring the accuracy of the information they enter. For example, every single transaction that a business owner has in and out of their bank within a month, need to be entered into their accounting software. Depending on how busy an entrepreneur has been in a given month, that can mean hundreds of transactions. By requesting electronic statements from their bank, entrepreneurs are able to import that electronic statement directly into their accounting software. What could have taken them several hours to enter by hand, is able to be uploaded in a matter of minutes. Not only does this save a significant amount of time, but it can also ensure the accuracy of the information that is uploaded.
Another way that using technology in their bookkeeping processes can significantly impact a business owner, is by helping them communicate with their Edmonton bookkeeping company much better. By having their biweekly reviews with their bookkeeper be online through software called team viewer instead of over the phone, business owners are more able to follow along with their bookkeeper by seeing directly into their computer screen what they are looking at. This can allow the entrepreneur and their bookkeeper to fix errors, question all bullies anomalies and for the entrepreneur to be able to ask what reports mean, and how they can use that information to make better business decisions. Many entrepreneurs lack basic business financial literacy, being able to have this open conversation with their bookkeeper about how to use the information can help them use that information to avoid making financial mistakes, and to help them grow their business.
By embracing technology smartly in their business, entrepreneurs can increase the accuracy of their financial information, and save a significant amount of time in doing so.
Entering transactions into bookkeeping software used to take entrepreneurs a significant amount of time, and if they were not able to accomplish it on time, it left their Edmonton bookkeeper without the information they need in order to get accurate interim financial statements for the entrepreneur. Since 50% of all entrepreneurs fail in business before their fifth year, 29% of those entrepreneurs say the reason why they failed is because they ran out of money in their business. Having accurate and up-to-date interim financial statements, business owners can significantly impact that in their business.
One of the ways that business owners can use technology in their business, is by using software in order to track their employees time. Not only can this help ensure the accuracy of the time that their employees are claiming to work, by using administration controls such as using GPS to ensure that an employee is at work before they are allowed to clock in, but also using this software has other benefits says Edmonton bookkeeping. For example, when business owners use computer software for time tracking, there able to upload the reports that those programs generate directly into their QuickBooks online program. This way, all of the time for all of the employees can be entered automatically into their bookkeeping software. This can save a significant amount of time, depending on how many employees a business owner has. In addition to saving money, they can eliminate errors in entering that information. Since errors in putting in employees time into the software can actually trigger payroll errors, business owners are going to want to ensure the absolute accuracy of this information whenever possible. By automating it, they can do just that.
Business owners often wonder about how using technology can compromise their businesses, especially if they are using online programs such as QuickBooks online, or are using cloud-based applications as well. Edmonton bookkeeping says that business owners should be no more concerned about using online software or cloud technology any more than they should be concerned about the safeness of the information in their very own computer. The makers of QuickBooks, Intuit have built in several safeties including several types of encryption to ensure that the safety of the information is at a maximum. A bookkeeping company would not be able to get many customers if they did not have an extremely safe reputation.
By utilizing technology in their business finances, entrepreneurs can ensure not only the accuracy of the information in order for their Edmonton bookkeeping company to provide correct interim financial statements, but entrepreneurs also can save a significant amount of time. Since almost all business owners are extremely pressed for time every single day in their business, finding ways to be more efficient can make a significant difference to entrepreneurs. Technology can help entrepreneurs significantly, and they should embrace it in order to get the best financials they can.