In an effort to save money, entrepreneurs often hire an Edmonton bookkeeping company in order to look after their interim financial statements. However, as new entrepreneurs they also have to be very prudent not to spend too much money in their business. Therefore they strike a compromise by hiring a bookkeeping company, but also looking after doing a lot of the entries themselves. This is not typically a problem until a business owner it is too busy in their business, and they do not take care of the entries into their accounting software regularly, and before they know it they have a meeting with their bookkeeper, and none of the entries have been made into the software. This can cause a huge problem, not only by paying an Edmonton bookkeeping company is not able to do their job, but by forcing themselves or their bookkeeper to have to make all of those entries in a very short amount of time. This can cause information to be entered incorrectly and still does not solve the problem of entrepreneurs not having enough time to make those entries into the software.
Luckily for entrepreneurs, there is a great solution to this dilemma. There are several ways that bookkeeping software has allowed the quick entry of information to be entered into their software to increase the accuracy of the information, and help entrepreneurs and bookkeepers save time. By getting their financial statements from banks and credit cards electronically, entrepreneurs can use those electronic statements and import them into their accounting software. The electronic files have the information in order to allow all of the transactions to be entered into software in just a few minutes. Rather than an entrepreneur having to painstakingly enter that information by hand, which takes a lot of time, and there is a large risk of human error.
Not only can entrepreneurs automate all of the financial transactions that have happened in their business in a month with its credit card, or bank related, entrepreneurs can also enter in their employees times as well. Edmonton bookkeeping company since that this is extremely important, in order to accurately run payroll. Therefore, business owners will not want to be making any mistakes here, and depending on how many employees the business have, this can be a huge time savings.
Not only does this type of automation can help entrepreneurs get things done quickly and error-free, but entrepreneurs can also use technology to increase the communication between them and their Edmonton bookkeeping company. The reason why this is important, is during their biweekly meeting after their Edmonton bookkeeping company has sent entrepreneurs their interim financial statements, they are going to want to discuss those statements. Over the phone is good, however interactively online is better. By utilizing software like team viewer, entrepreneurs can follow along with their bookkeeper as they show them each of the interim financial statements like the income statement and the balance sheet. By going through this information together, business owners can understand the reports, and bookkeepers can minimize errors even further.
One of the big problems that entrepreneurs have in their business, is that they lack the basic business financial literacy that they need in order to take care of their own books, so they hire Edmonton bookkeeping to help them with it. Although because they lack the financial literacy, they still do not make enough time in order to accomplish all of the financial entries that they need to make into the software, and they end up having to postpone their meetings with their bookkeeper because they have not kept up with the entries. Not only is this a problem because it creates a backlog of information that is hard to get through, but by not having up-to-date interim financial statements in their business can cause entrepreneurs to make poor financial decisions. Since 50% of all entrepreneurs fail in business within five years, and 29% of those entrepreneurs say the reason why they fail is because they ran out of money, business owners can significantly impact their business by ensuring the accuracy of their financial statements.
Business owners who learn how to use automation in their business can significantly impact how often there able to enter financial information into the accounting software that there Edmonton bookkeeping company uses to prepare interim financial statements with. The good news for entrepreneurs is they do not need to have bookkeeping knowledge, just a basic understanding of how to open the software and upload information to it. By learning how to do this, entrepreneurs can ensure that there Edmonton bookkeeping company has the most accurate information and that it is updated on a regular basis.
Entrepreneurs should look for in Edmonton bookkeeping company that utilizes QuickBooks online, so that they do not have to waste time sending files back-and-forth to their bookkeeper once they have updated the information. QuickBooks online will allow them to make changes anywhere that they want whether they are at their business, at home or somewhere in between. It also means that there able to update that information and their bookkeeper can have it instantly.
The biggest problem that many entrepreneurs have with using QuickBooks online, is the perception that that their documents are not safe if they are online. Fortunately, not only do cloud-based software’s have encryption on the cloud, there also encrypted right within the software. QuickBooks online has been considered extremely safe to use, and the information stored in the software is as safe as the software in the entrepreneurs own computer.
By utilizing automation in their business when entering financial information into their bookkeeping software, entrepreneurs can ensure that their bookkeeper has the most accurate information possible in order to provide the best and most accurate interim financial statements that they can provide. This up-to-date information will help entrepreneurs make great financial decisions, whether it is deciding if they have enough money to be able to pay their employees, if they can afford to hire new staff or purchase assets to help them grow their business.