Entrepreneurs might think of Edmonton bookkeeping as a service that never changes, and is a necessary way that they need to keep their financial information, but actually there have been so many technological advances in the field of bookkeeping, that entrepreneurs should learn what they can do to automate as many processes as they can in their business to allow for easier bookkeeping. Even if they choose not to do their own bookkeeping and hired Edmonton bookkeeping company, this can significantly help entrepreneurs in their business. In fact, into it which is the company that makes QuickBooks did a business survey of entrepreneurs and asked them basic financial literacy questions such as what is the role of a balance sheets in the business, what are accruals, and how they can improve cash flow. 82% of all entrepreneurs scored less than 70% on the financial literacy test. Entrepreneurs often do not know what they need to know in order to keep good books, but the good news is entrepreneurs do not need to tell learn anything about bookkeeping in order to automate their processes to save them time and save them money in their business.
Business owners do not need to know how bookkeeping software works in order to automate their processes says Edmonton bookkeeping. One of the first and best ways that entrepreneurs can use automation in their business is by requesting their banks and credit card companies send them their statements digitally instead of on paper. Most banks and most credit card companies are doing this anyway, business owners just need to ensure that they are receiving the files. If there is an option between choosing PDF and CSV files, entrepreneurs should choose CS B. If not, they will be able to save their PDF files as CSV’s in order to have the rights file type to upload into QuickBooks online. Business owners only need to have a cursory knowledge of how to enter information into QuickBooks online in order to do this. And if there able to, not only will they be able to save dozens of hours of not having to manually enter transactions themselves into QuickBooks online, which will take a higher understanding of the software, but if they choose to send the information off to their bookkeeper, they will save themselves hundreds of dollars in bookkeeping fees by automating that process for their bookkeeper.
Another way that entrepreneurs can automate their Edmonton bookkeeping processes, is by utilizing software to keep track of all of their staff’s time. If they do not have a software to do this, they are forced to manually enter all of the employees times that they have started work, stopped work and gone on breaks. The reason why this is a problem, is because if an employer has more than just a couple of employees, this can take significant amount of time. By using a time tracking software, business owners cannot only save that time in not having to manually enter transactions, but there also ensuring that their employees have to be honest about the time that they are at work, which can help entrepreneurs ensure the accuracy and honesty of their employees.
If entrepreneurs are using automation whether they are looking after the books themselves, or hiring an Edmonton bookkeeping company, all business owners have to do is ensure that they have a very basic understanding of QuickBooks online, in order to upload automated statements and information into the software, and then review the information at a very basic level to ensure that it was entered in correctly. Not only can entrepreneurs save themselves dozens of hours, they can also ensure that there is eliminating human error in the equation which means they will have more accurate financial statements in the long run.
One way that entrepreneurs can use automation to keep the accuracy of their Edmonton bookkeeping, is by allowing an automated system for entrepreneurs to use with their Edmonton bookkeeping company to review their financial statements. Previously, entrepreneurs would have to drive all the way over to their bookkeeper in order to have a meeting with them, which takes a significant amount of time and that is difficult if a business owner is busy, or if the drive is long. By using team viewer, entrepreneurs can ensure that they are having a very interactive meeting their bookkeeper where they could be pointing out different aspects of their financial statements, and the conversation can be back-and-forth so that entrepreneurs can ask questions about statements, they can fix errors together, question anomalies and entrepreneurs can ask advice of their bookkeeper. This important aspect of the meeting, can ensure that entrepreneurs have the most accurate information in their interim financial statements as possible.
Once entrepreneurs know how easy it is to automate their bookkeeping services, they may not decide to do the books themselves, but they may be able to ensure that there keeping things as simple as they can for Edmonton bookkeeping companies to do their books, and have more accurate information. Since most Edmonton bookkeeping companies utilize the software QuickBooks online, they would be able to share a copy of the software with entrepreneurs, and they can enter in statements themselves, whether it is bank statements, credit card statements and can even upload employees times to the software themselves. This will save dozens of hours for the business owner but also for the bookkeeper that they no longer have to charge out to their clients at their bookkeeping rate, meaning an business owner is able to save hundreds of hours if not every month then definitely every year. Business owners who want to save time and money in their business should look into automating as much of their bookkeeping as they can, so that they can make things easy on themselves and their bookkeeper, and also verify the accuracy of their interim financial statements.