One of the reasons why entrepreneurs take on entering transactions into their keeping software is to save money on their Edmonton bookkeeping bill. However, they either underestimate how much time this is going to take them in their business, or they do not schedule a time for us, and it does not get done. However, entering this information on a regular basis is an important task in order for business owners to end up with accurate interim financial statements in their business. It is extremely important that business owners have these interim financial statements, because they can help them make better financial decisions while running their business. By learning how to automate this process, entrepreneurs can minimize the amount of time it takes them to do this, so that they can spend more time on activities that will build their business.
Entrepreneurs do not need to learn how to do their own bookkeeping, and they will not have to learn any more about their bookkeeping software, in order to automate as many of the processes as possible. Not only can they automate all of their financial transactions, but they also can automate entering in their employees timesheets. They can also scan and all of their receipts and keep it in the software, so that they can have digital copies of the receipts that will not get lost or fade. There is many ways that entrepreneurs can utilize the software to make the task not only easier, but more accurate.
If entrepreneurs are able to get electronic statements from their banks as well as their credit card companies, they will be able to upload those electronic statements directly to their bookkeeping software. Most financial institutions are already providing electronic copies, and if an entrepreneur is not already receiving them they can easily request them. However, in the instance that they are not able to get these statements electronically for some reason, they can use it software like hub docs that can convert paper statements into electronic ones that they can then enter into their bookkeeping software. edmonton bookkeeping recommends doing this, in order for business owners to avoid having to enter every single financial transaction manually.
Entrepreneurs might be worried that they believe they have to keep their receipts as a hard copy for seven years in case they get audited by Canada revenue agency. However, Edmonton bookkeeping says that while they do need to keep those financial records for that long CRA does not need to see original copies. If entrepreneurs have scanned their receipts to enter in digitally to their bookkeeping software, that information will be adequate in case they are audited and need to provide their financial information. This actually can be a better way for entrepreneurs to keep their information, since the digital copies of their receipts will not fade like the hard copies may.
By learning how to make entries into their bookkeeping software as easy as possible, business owners can save time, and also ensure the accuracy of the information they upload so that their bookkeeping company can do their job as well.
Entrepreneurs believe that they will be able to quickly and easily enter all of their transactions into their bookkeeping software, so that they can help their Edmonton bookkeeping company provide accurate financial statements. However, if they went out time in their business to do this, or think that they can do it very quickly, they may find themselves getting more behind each day. Since they should be having biweekly meetings with their bookkeeper, they may discover that this task is much more time-consuming than they thought. However, if entrepreneurs can learn how do enter transactions automatically, they can eliminate the need for entering it manually, which can increase the speed and accuracy of this task.
One of the big objections to entering information into their bookkeeping software is that entrepreneurs do not want to have to learn any bookkeeping software, or how to do their books. Since many entrepreneurs struggle with basic business financial literacy, as into it, the company that makes QuickBooks found out. Intuit did a survey small business owners in order to test their business financial literacy, asking them questions such as what is the role of the balance sheet, what are accruals and how to improve cash flow. They discovered that 82% of the respondents scored less than 70% on this survey. Entrepreneurs tend to lack the skills to do a lot of their bookkeeping, and feel they will not do it if they have to learn. Fortunately, learning how to automate their bookkeeping processes in order to enter transactions entrepreneurs do not need to know any more bookkeeping than they did before, and they do not have to learn or understand how to run the bookkeeping software.
In fact, in order for business owners to automate the process to make it easier for their Edmonton bookkeeping company, all they have to know how to do is upload electronic files to the software and then the software will do the rest. Whether there entering employee timesheets, financial transactions from their bank accounts, or entering all the purchases they made on their business credit cards, entrepreneurs can simply learn how to upload those electronic statements, and then scanned through the entries to ensure there is no errors in the upload.
By learning this simple upload method, entrepreneurs can automate entering in transactions into the bookkeeping software, so that their bookkeeper could have the most accurate information for producing the interim financial statements for business owners. Not only can this save a business owner significant amounts of time, it also can ensure the accuracy of the information that is uploaded, because it eliminates human error. By having the most accurate information possible, their Edmonton bookkeeping company can create interim financial statements that are even more accurate, so that business owners can be more confident in using that information in order to make financial decisions in their business.