Entrepreneurs might be told that if they learn how to automate before sending information off to Edmonton bookkeeping, that they could save themselves dozens of hours in their business instead of manually entering all of their financial transactions into the accounting software. And while that is a significant benefit for entrepreneurs, to save hours of time in their business, many entrepreneurs do not even understand that there is additional benefits to automating their bookkeeping more than just saving time. They can save money, they can ensure their information is accurate, which will help them make better financial decisions in their business, and these are all extremely powerful reasons why entrepreneurs should be automating their bookkeeping, whether they do it themselves, or hire someone in their business.
One of the first things that entrepreneurs should keep in mind, is that automating their financial statements can save significant amounts of time. By asking their banks and credit card companies to send them PDF or CSV files of their statements instead of paper copies, entrepreneurs can then use those financial statements and upload them into QuickBooks online. This means that instead of having to enter in all of the details one by one by hand for every single transaction that a business has had, all that is done in one step and in just a few minutes. Depending on how many transaction an entrepreneur has in month, this can save a few hours to a dozen hours. While that is a significant savings, almost more important than that, is the fact that this automation process means that there is no human error to account for in the entries. Because of that, the chances of mistakes happening in the financial statements are much lower, because humans did not enter those transactions. If using Edmonton bookkeeping, business owners can verify that they are saving not just time, but there saving money because their bookkeeper does not have to manually enter all of those transactions by hand, simply by getting the bank to send digital statements as sending those digital statements to their Edmonton bookkeeping company, the bookkeeper does not have to build them out dozens of hours at their normal rate, saving business owners potentially hundreds of dollars every month.
Something else that entrepreneurs can automate in their Edmonton bookkeeping process is employee time tracking. Since accounting software depends on employees times to be entered into the software in order to run payroll, if an entrepreneur does not have that process automated it is keeping track of all of the times that the employees have come and gone manually and then entering them manually. However, by utilizing time tracking software, entrepreneurs can automate that process, turning several hours worth of entries into a few minutes. But more than that, that employee time tracking software allows for business owners to put more controls in to verify employees actually worked the hours that they have said that they worked. Not only does this save an entrepreneur time, but it ensures that their employees stay honest and actually work the hours that they have said they have worked.