If entrepreneurs are able to learn how to use technology in their business finances, they can save time and also increase the accuracy of the information they send to their Edmonton bookkeeping company in order to ensure the accuracy of their financial statements. While many entrepreneurs lack a basic understanding of business financial literacy, as a study by into it, the maker of QuickBooks showed. They did a survey of small business owners testing their knowledge on business literacy. They asked questions about what the role of the balance sheet is, what are accruals and how to improve their cash flow. They discovered that 82% of the people who took the survey scored less than 70% on the test. Helping entrepreneurs increase the accuracy of the information they give to their bookkeeper, can help them have more accurate financial statements that they can use to help them run their business.
One of the most impactful ways that business owners can use technology in their bookkeeping, is by having a more meaningful meeting with their bookkeeper on a biweekly basis. Instead of having a phone meeting where it is difficult to follow along, they can use software called team viewer to actually see right into the Edmonton bookkeeping company’s computer, and see exactly what financial statements they are looking at, and see them pointing out various aspects of it. In this meeting, is is owners are able to ask questions about statements, find out what the reports mean, and ask advice on how to use that information in their business. Bookkeepers are then able to help fix errors on those statements, and find out if there is any information missing this can be a great tool for entrepreneurs to use to help them understand their business finances so that they can use it to grow their business.
Another way that entrepreneurs can use technology to help increase the accuracy of their financial statements, is by scanning in their receipts into their bookkeeping software. Even though entrepreneurs need to keep their receipts for seven years in case they are audited by Canada revenue agency, since they will allow scans or copies of receipts, this can help entrepreneurs ensure that the have the information in case they do get audited. In fact, it can help keep even better record, because any receipts tend to fade over time, but scanning them can help business owners keep them intact and readable for a longer period of time.
By using technology in their business, entrepreneurs can ensure that there keeping accurate financial records in order for Edmonton bookkeeping companies to create financial statements that business owners can use in their business. By being thoughtful with the technology that they use, and learning how to use it well, entrepreneurs can ensure that they are getting the most use out of it, while ensuring the accuracy of their financial statements. Since many entrepreneurs struggle with understanding business finances, using technology well can help them significantly.
Many entrepreneurs get into business because they are passionate about running their business, and providing the products and services that they sell, and not because they are knowledgeable about operating a business, Edmonton bookkeeping companies say that because many entrepreneurs are less knowledgeable about business finances, using technology can significantly help. One of the biggest objections entrepreneurs often have learning how to use technology for their bookkeeping, is that they will have to know how to be a bookkeeper in order to utilize it. Luckily, that is not the case, the most knowledge a business owner is going to have to learn is how to upload files to certain programs. If entrepreneurs can do that, they can help save themselves large amounts of time in getting accurate financial information to their bookkeeper, but also ensuring the accuracy of that information as well.
One of the most significant time savings that entrepreneurs can have in automating their bookkeeping processes, is in entering their various financial transactions into their bookkeeping software. Edmonton bookkeeping says that entrepreneurs just have to request their bank statements electronically, in order to be able to upload that directly into their accounting software. By doing this, entrepreneurs can save a significant amount of time by turning what was a several hour task into just a few minutes. Because of the amount of time that they have saved doing this, business owners can scan the information that was entered in order to verify the accuracy of the information that was entered and to verify that nothing went wrong during the upload.
Not only can entrepreneurs do this for all of their bank statements, but they can also request electronic statements from their credit card companies as well. This can be extremely helpful timewise if an entrepreneur has had an extremely successful month that had a lot of transactions in and out of their bank account, or many purchases on their credit card. By doing this, entrepreneurs can save time and ensure that Edmonton bookkeeping companies have the most accurate financial information for them to create interim financial statements from.
Another way that entrepreneurs can automate their bookkeeping processes is by using a time tracking software for their employees, that can also be uploaded directly to their accounting software. It saves time, as well as ensures the accuracy of the information, which can help them keep their payroll as accurate as possible. By doing this, Edmonton bookkeeping companies can ensure that they are able to have the most accurate information for payroll possible.
By learning how to use technology, entrepreneurs can increase the accuracy of the financial information they send off to their Edmonton bookkeeping company. They can do that without having to gain any additional bookkeeping knowledge. Doing this can save them lots of time, but also be able to have accurate financial statements so that they can make informed financial decisions in their business that can help them grow their business.