If entrepreneurs do not know that they can use technology to significantly help them keep accurate financial records in order for their Edmonton bookkeeping company to do their job easier, they should learn this right away. Not only can using technology help them save significant amounts of time when there keeping track of all of their financial transactions in their business, but also they can ensure the accuracy of the information that they enter. By doing this, entrepreneurs can ensure that their bookkeeper has the most accurate and up-to-date information that they can in order to be able to do their job well. In addition, entrepreneurs can use the time that they save in order to grow their business as well as achieve all of the strategic priorities in their business that they need to.
One of the most significant ways that entrepreneurs can use technology to increase the accuracy of their finances, is by uploading their financial statements directly into their software. Instead of manually entering all of their transactions that came in and out of their bank account in a month, if entrepreneurs are able to get electronic copies of their statements from their bank, they can import that directly into their accounting software. Edmonton bookkeeping says that this way, what had previously been a job that could take up to several hours, could become only a few minutes to many business owners. Not only is it significantly faster, but because it eliminates human error, they can increase the accuracy of the financial information. Not only can entrepreneurs do this for their bank statements, but they can also request electronic statements from their credit card companies and have all of their credit card transactions automated as well.
Another way that entrepreneurs can use technology to help increase the accuracy of the information they enter into their bookkeeping software, is by using software for their employees to keep track of their own time. Edmonton bookkeeping says that not only can this help entrepreneurs use that file and uploaded into their bookkeeping software, but this can help entrepreneurs ensure the accuracy of their employees time as well. The software programs or apps that are available for entrepreneurs to use to keep track of employees times, can also help them ensure the accuracy of those timesheets. Many have built-in systems to ensure employees are entering their time accurately for example, using a GPS system to ensure when employees clock in to their job, but there actually at the location. By using this software, entrepreneurs can ensure that they are eliminating human error when entering employees timesheets, they can save significant amounts of time by automating it, and ensuring the accuracy of the information from their employees.
Significantly changing the bookkeeping industry, business owners that use technology can eliminate errors, speedup processes and ensure that there Edmonton bookkeeping company has all of the most accurate and up-to-date financial information possible for them to be able to do their job to the best of their ability.
By learning how to utilize technology in their business, entrepreneurs can increase the accuracy of the information they send to their Edmonton bookkeeping company, which can help them get up-to-date and accurate interim financial statements in order to help them make informed decisions in their business. Since 50% of all entrepreneurs fail in business within five years, and 29% of those failed entrepreneurs say the reason why their business failed was because they ran out of money. Having up-to-date interim financial statements can significantly impact that statistic and help business owners succeed.
One of the ways that entrepreneurs can use technology in their business to help increase the accuracy of their interim financial statements, is to move their biweekly meetings with their Edmonton bookkeeping company online. The makers of QuickBooks, Intuit did a survey of entrepreneurs asking them basic business financial literacy questions such as what are accruals, what is the role of the balance sheet. Out of all of the respondents that answered, they found that 82% scored a seventy or less on the survey. Because many entrepreneurs have a limited knowledge of business finances, having more impactful financial reviews with their Edmonton bookkeeping company can sit next get the help them. By being able to see their bookkeeper’s computer, and follow along with them as they explain the financial statements, business owners will be able to gain a deeper understanding not only of what information is on those financial statements, but how they can use them. Software such as team viewer can help entrepreneurs see directly into their bookkeeper’s computer, or they can have a back-and-forth conversation about their interim financial statements.
One objection that entrepreneurs often have when it comes to using technology for keeping, is wondering if there financial information and documents are safe if they are putting more of their bookkeeping information into a online program or into a cloud-based software. Edmonton bookkeeping says that online software like QuickBooks online are all built with safety in mind, having several stages of encryption that can help keep the information extremely safe. They say that information that is entered into QuickBooks online is just as safe if not safer than the information in the business owners own computer. Wondering about the safety this of the information should not keep entrepreneurs from utilizing technology in their business to help them increase the speed and accuracy of their financial information.
By learning how to use technology can help entrepreneurs develop a deeper understanding of their business finances as well as help them save significant amounts of time, and improve the accuracy of their financial information. By doing this, entrepreneurs can be better prepared to use the financial information that they have to guide them towards making great business decisions, that can help them not only avoid running out of money, but also help them be proactive in growing their business, and becoming successful.