Entrepreneurs know that the accuracy of the financial statements sent to them by their Edmonton bookkeeping company is important. Since entrepreneurs use the financial statements that they receive on an interim basis in order to guide their financial decisions, the more accurate these interim financial statements are, mean the better tool they are for ensuring the decisions that entrepreneurs make in their business for sound financial decisions. There are some great ways that entrepreneurs can ensure that the information in their interim financial statements is more accurate. And that is by automating several of the processes. Entrepreneurs can eliminate human error from many aspects of entering information into their accounting software, that mean that when it comes time to get the interim financial statements, the fewer errors they have, means the more accurate those financial statements will be.
One of the most popular ways for entrepreneurs to automate certain aspects of their Edmonton bookkeeping is by using electronic statements from their banks and from their credit card companies to upload into their accounting software directly. Most financial institutions have already gotten into the habit of sending electronic statements out to their clients. However, many entrepreneurs do not realize the significance of these digital statements. If they are digital statements that are sent as PDFs, entrepreneurs only have to convert that to a CSV file and then upload that directly into their accounting software. Instead of then having to manually enter every single transaction from that financial institution in that time period, this happens automatically. Entrepreneurs need only review the entries to ensure that there was no obvious errors that happened when that upload happened.
The reason why this is so significant, is because instead of a business owner having to take the time out of their business to enter in all of those transactions one by one themselves, and avoid sending it off to their bookkeeping company to do and then charge them back an hourly rate for. They can save time themselves, that they can then spend building their business. Or, they can save money by not receiving that bill from the Edmonton bookkeeping company. That money that they can save is money that they can use in their business for other purposes. Either way, business owners can use automation to save time and money in their business.
It is extremely beneficial for entrepreneurs to learn how to use automation in their business in order to improve not only the accuracy of their financial information, but save significant amounts of time in their business, that they can use achieving the strategic priorities of their business. By doing this, there Edmonton bookkeeping company will be able to provide interim financial statements on a regular basis that are more accurate, because they do not have the element of human error on the entries made into the accounts. When entrepreneurs do this, they will be able to be more confident in using their interim financial statements as a tool to help them make better financial decisions in their business to grow their company as well as avoid financial problems.
One problem that frequently pops up with entrepreneurs who have hired Edmonton bookkeeping companies, is that there biweekly meeting with their bookkeeper is coming up the next day, but entrepreneurs have not yet entered all of the transactions from the past two weeks into their accounting software. Therefore, they are frantically trying to enter in the information, meaning the information is not entered carefully, and there is chances that there is errors. Entrepreneurs can save themselves that time and that panic by learning how to use automation and keeping their bookkeeping information.
When way that entrepreneurs can save significant amounts of time in the keeping record in their bookkeeping software, is by utilizing time tracking apps for their employees. Entrepreneurs need to keep accurate time records of the their employees start and finish times, and unless are using a time tracking app that has to be entered into their accounting software manually. Edmonton bookkeeping recommends that entrepreneurs start using software that is available that are designed for employees to use to track their time. All of these software or apps have a file that entrepreneurs can then upload into QuickBooks online that can ensure all of the employees have all of their times entered incorrectly into the software. Not only can this ensure that all of the information that is being added is correct, but it can also help entrepreneurs save dozens of hours every month from having to enter that all manually.
It is extremely important that entrepreneurs ensure the accuracy of the information that is being uploaded to their accounting software. There also able to enter in receipts that they have digitized. Although many entrepreneurs worry that if they digitized their receipts, that they will get in trouble if Canada revenue agency sends them an audit letter. However, Edmonton bookkeeping says that as long as they have the files on hand somewhere, CRA does not need to see the original receipts. Therefore, they can use technology to automate the receipts, and business owners can use those files in case they ever get audited. In fact, this might even be a safeguard because receipts can fade over time, but if they are scanned right away in a business, that can often be a much better record than the original feed proceeds could be.
By automating as much of their bookkeeping processes is much as possible, entrepreneurs can ensure that they are saving time, but it is more important than that could be ensuring the accuracy of the information that is entered. The reason why that is more important says Edmonton bookkeeping, is because since entrepreneurs use that it financial information to make significant decisions in their business, the accuracy of those interim financial statements is vitally important. By ensuring they enter information accurately and on a regular basis, entrepreneurs can be confident that their financial statements are accurate whenever they need to make a decision based on them.