One of the reasons why entrepreneurs often do not want to take care of the bookkeeping themselves or if they want to hire Edmonton bookkeeping to do it for them, is how much time they perceive it is going to take them. However, if entrepreneurs understand that there are ways that they can speed up the bookkeeping process by learning how to automate, there may be more entrepreneurs who decide to take on bookkeeping themselves, and even if they do not, they can save money by ensuring that they are automating the process for their bookkeeper, in order to save time and money.
One of the first ways that entrepreneurs can automate bookkeeping is by using digital bank and credit card statements to have all of their transactions be automated into the accounting software instead of manually entering all the transactions themselves. All entrepreneurs have to do in order to accomplish this, is request digital statements from their banks and credit card companies. Most banks and credit card companies these days already are sending out digital statements to their clients. If entrepreneurs ask, chances are they will be able to get a PDF file for their statements. All entrepreneurs have to do once they receive that from their bank so their credit card companies, is uploaded to their accounting software. If using QuickBooks online, the have to take the PDF and save it as a CSV file. Although, business owners may also be able to request their banks and credit card companies send them CSV files instead of PDFs. This way, every single transaction that was made at that financial institution or with that credit card company, gets entered into the software. This is owners do not have to enter every single transaction, how much the transaction was for, whether it was incoming or outgoing, the date and what category it should be attributed to, all business owners have to do is uploaded and then verify that the information was entered in correctly.
Another way that entrepreneurs can automate their bookkeeping to keep it quick whether it is themselves who are doing it or having Edmonton bookkeeping look after their statements, is by ensuring that there employee time tracking can be automated into the software as well. If entrepreneurs do not have a software that they use for employee time tracking, the have to enter every employee’s time that they come, go and take breaks manually into their software. If they have more than one or two employees this can actually work out to be several hours every single month that an entrepreneur has to spend doing this. However, there is lots of apps for phones or software that entrepreneurs can use for employee time tracking, that at the end of the month all entrepreneurs have to do is upload the file into their accounting software and then verify that the information was entered correctly.
These are just two ways that entrepreneurs can automate their bookkeeping whether they are looking after it, or Edmonton bookkeeping is helping them with their financial statements, business owners can save dozens of hours of time every single month.
A great way for business owners to save a lot of time every single month, is by utilizing automation in keeping books, so whether they provide their interim financial statements, or they get Edmonton bookkeeping to do it for them, they can save either time doing it themselves, or save money from not having to pay a bookkeeper to enter dozens of entries by hand. By doing this, entrepreneurs can ensure that their spending the time that they save building their business, accomplishing the strategic goals of their corporation, or leaving work and spending time with their family.
There is a lot of different accounting software that entrepreneurs can use, and if they hire Edmonton bookkeeping to take care of it for them, they will have their own preference. However, QuickBooks works with so many different automation technology that entrepreneurs may want to use QuickBooks online, and chances are if they decide they do not have time to do their own books, when they send the files off to Edmonton bookkeeping, they also will probably use QuickBooks online, and will be able to use the file that entrepreneurs started. Whether they are entering in bank statements, credit card statements or scanned receipts, entrepreneurs know that QuickBooks online can manage those tasks very easily. Also, if entrepreneurs are using software for employee time tracking, all the apps and software that is available also are compatible with QuickBooks online so that business owners or Edmonton bookkeeping does not have to manually enter that information.
Another way that entrepreneurs can save time through automation, is by using online software to discuss their finances with their Edmonton bookkeeping company. Rather than having a biweekly phone call that business owners have to look at their own interim financial statements and hope they understand what their bookkeeper means, by utilizing software called team viewer, or software similar to that, they can have a back-and-forth conversation online, where the business owner is looking directly at the bookkeepers computer, as they walk them through what each of the different components of the interim financial statements mean. This can mean for a more interactive experience where an entrepreneur is able to more easily understand the statements and what the Edmonton bookkeeping company is telling them.
By learning how to automate their bookkeeping transactions, business owners can save dozens of hours every single month. They can either use the time that they save by building their business, marketing their company, or accomplishing the strategic goals of their corporation, it is going to help entrepreneurs save precious time that can be better spent something other than endlessly entering transactions into a software when there is a better way to do things. Entrepreneurs should make things easier for themselves wherever it is possible.