Edmonton bookkeeping | technology can improve the accuracy of financial statements
By utilizing technology in their business, entrepreneurs can ensure the accuracy of the information so that when they get their Edmonton bookkeeping company to prepare their interim financial statements, the statements are more accurate, and are therefore a much more useful tool for entrepreneurs to use. However, Jim Collins who is the author of six books has said, “thoughtless reliance on technology is a liability. Entrepreneurs need to understand when they can use automation in their business finances to improve the accuracy of the information, as well as save time.
By using automation in their bookkeeping, entrepreneurs cannot only improve the accuracy of the information, but they can also save time and save money. However, many business owners have wanted to hand off the bulk of the bookkeeping to an Edmonton bookkeeping company, because they lack the ability to keep the books themselves. However, entrepreneurs can learn that they do not need to know how bookkeeping software works, or how to do very much in the bookkeeping software in order to upload files to the software in order to save time and save money.
Most Edmonton bookkeeping companies prefer to use QuickBooks online, and many of the automation procedures that business owners can learn how to do our easy using QuickBooks online. Business owners can learn very quickly what they need to get from their financial institutions and from the different software that they use in their business in order to upload information into their bookkeeping software in order to avoid having to manually enter things like financial transactions and employees times. Even if entrepreneurs are not able to get financial statements from their banks or credit cards sent to them electronically, entrepreneurs can even use companies such as HotDocs in order to convert paper statements into the right type of CSV file to enter into their accounting software. By doing this, they can ensure it is easy for Edmonton bookkeeping companies to utilize that information in order to have more accurate financial information to prepare interim financial statements with.
If entrepreneurs are able to get those financial statements electronically, all they have to do is take those statements and upload them into QuickBooks online from wherever they are. Because QuickBooks is a cloud-based software, entrepreneurs can use it whether there at work, at home or somewhere in between. Instead of having to manually enter all the transactions from every bank transaction and credit card, business owners can save significant amounts of time, especially in an extremely busy month where many transactions have come out of their credit cards and bank statements.
By utilizing technology wherever possible, and double checking the accuracy of the information, entrepreneurs can ensure that Edmonton bookkeeping companies have accurate information uploaded in this timely manner as they need in order to provide interim financial statements to entrepreneurs. By verifying the accuracy of their interim financial statements, business owners can be certain that they can make better financial decisions using the information in those statements which can help them avoid running out of money in their business as well as be proactive and growing their company.
One of the ways that business owners can save money on their Edmonton bookkeeping bill, is by doing a lot of the entries themselves. This way, they can avoid paying a bookkeeper hours to enter in information. However, if an entrepreneur does not stay on top of this, it can become an extremely large burden. However, if business owners are aware of all of the different ways they can automate those entries into their accounting software, they will be able to stay more on top of it, and save huge amounts of their time. That time that they save can go into growing their business and achieving the strategic priorities of the Corporation. Not only can they save time and save money, but they can ensure the accuracy of the information. By eliminating the human component of mistakes when entering transactions into their accounting software, entrepreneurs can help have the most accurate information possible for their bookkeeper to prepare interim financial statements with.
When way that entrepreneurs can automate systems to enter into their bookkeeping software, is by utilizing time tracking apps or software for their employees. While it may not be necessary to use that software to verify the truthfulness of their employees, the apps will do that, but more importantly Edmonton bookkeeping says that those apps do is provide a file that entrepreneurs can then upload into QuickBooks online. Instead of manually entering all of the employees times that they have come and gone from the business, this file will do that for business owners. Allowing entrepreneurs to save dozens of hours of time every single month, or ensuring that they do that for their Edmonton bookkeeping company, and they do not have to bill their client additional time to do that. Also, by avoiding entering that information manually, they eliminate human error from the equation and ensure that the employees times are more accurate. Business owners just have to do a quick verification to ensure that the information was uploaded correctly and there are no mistakes.
Business owners often believe that there is a great risk when it comes to entering in information online, or by utilizing an online software like QuickBooks. However, Edmonton bookkeeping says that using cloud-based software has no greater risks associated with it then using software in a business’s own business. The software is encrypted, as is the cloud that it is used on, and business owners can be very certain that there information financial or otherwise is kept incredibly safe.
By utilizing technology in their bookkeeping processes, entrepreneurs can save time, they can save money, and most importantly they can ensure the accuracy of their financial statements in order to use that information to make great business decisions that can help them avoid running out of money in their business, and proactively grow their business.