If business owners can learn how to automate their bookkeeping, they will be able to increase the amount of time that they spend on their business rather than additional time entering transactions so that their Edmonton bookkeeping company can provide interim financial statements. This is an easy way for business owners to ensure that there having the correct information entered into their bookkeeping software, while maximizing the time that they have. Automating their bookkeeping process does not mean that they need to spend a lot of time learning how to keep their books, or even spending a lot of time learning how to utilize the bookkeeping software.
If entrepreneurs can automate as many processes in entering information into their bookkeeping software, not only do they not have to spend additional time entering transactions into their bookkeeping software, they also do not have to pay Edmonton bookkeeping companies on an hourly basis to do it either. Despite what many entrepreneurs might think, it can be very and easy to learn. One of the first things that can be automated is entering all of the various transactions from their bank account. Every purchase, financial disbursements, check, can all be entered automatically and in just a few minutes if entrepreneurs are able to get from their bank a digital statements. Most banks are now offering digital statements for their clients. If entrepreneurs are not already receiving their statements through email or being able to download them from their customer portal on the Internet, they can easily request it from their financial institution. Taking this electronic file and saving it as a CSV file, accounting software will allow an entrepreneur to upload that digital file into the software, where all of the transactions from that account on that statement will automatically get entered.
Not only does this take only a few minutes, but it also enables an entrepreneur to avoid the human error element of entering dozens or more transactions individually. If a Edmonton bookkeeping or the business owner does it manually, there is a chance that they could have an error either on the amount, on the accounts it should be attributed to, or even the dates. Anyone of these errors could cause the interim financial statements to be incorrect. Even though this takes just a few minutes, if entrepreneurs take a few more minutes to look over all of the entries, to ensure that there was no error when an entrepreneur uploaded the statement, they can verify the accuracy of several transactions in just a few minutes.
When entrepreneurs learn how do enter information into their bookkeeping software automatically, not only can they save time in order to spend more of it building their business and achieving their strategic goals of the corporation, they can also eliminate errors in entries, and ensure that they are not paying more money to their bookkeeper than is necessary. This in turn makes the bookkeepers job easier and an entrepreneur is able to get their interim financial statements more quickly.
In an effort to save money on their monthly Edmonton bookkeeping fee, many entrepreneurs decides to do many of the entries of the various transactions into the bookkeeping software themselves. However, if entrepreneurs are too busy, or do not make entering the transactions a priority, they can fall behind, which means they are unable to get up-to-date interim financial statements, or if they do they are inaccurate. Another scenario is if they fall behind, and try to do it all at once in a hurry, they could end up making critical errors that could cause their financial statements to be extremely incorrect. Since entrepreneurs depend on the accuracy of these financial statements, it is extremely important that business owners do not rush through the process so that they can ensure accuracy.
However, if business owners learn how to automate several of the entries into their bookkeeping software, they can free up many hours every month, and also ensure the accuracy of the information that has been entered. There are several ways that business owners can automate entries into their bookkeeping software. For example, entrepreneurs need to enter all of their employees time and if they utilize any apps or software to enable this, there able to take the reports from those programs and upload it directly into QuickBooks online and they can completely eliminate the need to manually enter employees timesheets. If entrepreneurs are not already utilizing time tracking software, they might want to consider utilizing this in an effort to make the entries easy and accurate.
Entrepreneurs sometimes do not feel that their documents are safe if they utilize QuickBooks online, because of all of the sensitive information they are entering over the Internet. However, Edmonton bookkeeping says that the software is encrypted and secure, and the information that is sent should be considered as a safe as the information in an employer’s computer. There are several safeguards not just built into the software, but in the cloud technology that the online server utilizes. Entrepreneurs should feel very secure and using the software.
Another way that using the software can help entrepreneurs is by allowing them to digitize all of the receipts in their business. Since entrepreneurs need to keep all of their financial information for seven years in case they get audited by the Canada revenue agency, digitizing all of that information to upload it into QuickBooks online can help them save that information digitally. Although many people believe that they need to keep the original hard copy receipts, but Edmonton bookkeeping says that this is not necessary, CRA will accept digital scans of receipts as well. Business owners should actually do this to safeguard the information, because hard copy receipts have a tendency to fade over time, scanning them can ensure better record-keeping
Not only can automating their bookkeeping save entrepreneurs time in their business, and can also ensure the accuracy of the information that they enter, and allow them to keep better records in their business. Entrepreneurs who are not already automating their bookkeeping processes should consider doing this immediately.