There are several reasons why entrepreneurs may want to start to use technology in their business in order to help their Edmonton bookkeeping company have up-to-date and accurate financial information. While thoughtless reliance on technology is all liability which is a quote from Jim Collins who is the author of six books, business owners can use technology in their bookkeeping processes, in order to increase the accuracy of the information as well as save time. By being careful how they implement this in their business, business owners can significantly impact their business.
One of the biggest objections that business owners have when they are Edmonton bookkeeping company recommends using technology, is thinking that they have to understand more bookkeeping than they already do, or learning how to use their bookkeeping software. Into it, the makers of QuickBooks surveyed small business owners and asked them basic business financial literacy questions. Out of all of the respondents, 82% scored less than 70%. Many entrepreneurs do not understand enough of their business finances, and that makes them hesitant to try to use technology.
Edmonton bookkeeping says that business owners do not need to have a deeper understanding of their books in order to use technology, and in fact using this technology can help them gain a deeper understanding, increase the accuracy of the information, and end up with better financial information that they can learn how to use in their business to make better financial decisions.
One of the ways that entrepreneurs can use technology to help them understand their interim financial statements, is by using it to have interactive reviews with their Edmonton bookkeeping company. Using a program called team viewer, entrepreneurs can see directly into their bookkeeper’s computer, and follow along with them as they explain the interim financial statements. There able to explain what various reports mean and business owners can use this time to ask questions, get clarification and have a meaningful back-and-forth discussion using the financial statements that they see. This way, entrepreneurs can gain different insight into their financial statements, and be better equipped to use this information to help their business grow.
Another way that entrepreneurs can use technology to help them have more accurate financial statements in their business, is by using time tracking software for their employees timesheets. That only can this help improve the accuracy of those timesheets, but no matter what software they use, they can all sink up with QuickBooks online so entrepreneurs do not have to manually enter each employee’s timesheets. Not only can this save a significant amount of time, but by eliminating the need to do it manually, business owners can increase the accuracy of the information.
Not all technology can significantly help business owners, but using it this way, entrepreneurs can increase the accuracy of the information for their Edmonton bookkeeping company in order to get more accurate interim financial statements, but they can also save time in their business so that they can spend more time on growing it.
Business owners are often worried about having to learn software when there Edmonton bookkeeping company recommends that they learn how to use technology to help them. Since many entrepreneurs lack a complete understanding of financial literacy in their business, they may think that using technology will force them to have to know more information. However, burning how to use technology can be quick, and help business owners ensure the accuracy of their bookkeeping information, as well as help them save significant amounts of time in their business.
One great Way that entrepreneurs can use technology in entering information into their bookkeeping software, is by entering all of the financial transactions from their bank and credit card companies automatically. The way an entrepreneur can do this, is by getting a electronic statement from their bank and their credit card company, converting it to a CSV file and then directly loading it onto their bookkeeping software. Entrepreneurs can have all the information entered into their software within a few minutes instead of having to manually enter all that information by hand. Not only can it save a significant amount of time, it can also ensure that business owners are eliminating human error from this process as well. By ensuring the accuracy of this information, entrepreneurs can be more confident that the interim financial statements they receive from their Edmonton bookkeeping company will be more accurate.
Although technology can significantly help entrepreneurs in ensuring their financial information is accurate, many business owners are concerned that using online software and sending large amounts of financial data over the Internet can be unsafe. Edmonton bookkeeping says that online software such as QuickBooks online is encrypted to ensure the safety of people’s financial information. Especially because into it, the company who makes QuickBooks is a company that deals primarily with sensitive financial information, they have ensured that all the systems that they use are extremely safe. Business owners should be very confident that the information that they have in their online accounting software is just as safe as the information they have in their own computer.
By utilizing technology in their business, and in their bookkeeping, entrepreneurs can save significant amounts of time. They can use this time to work on increasing their business, strategic priorities of the business, customer service or continuing to develop their product. Also, automating their bookkeeping processes can ensure the accuracy of the information that they send to their Edmonton bookkeeping company. By having the most up-to-date and accurate interim financial statements, entrepreneurs can be confident that they are able to use that financial information in their business to make more informed business decisions that can help them avoid running out of money in their business, and also be proactive in growing their business by allowing them to see if they need to generate more revenue, cut expenses or verify if their marketing efforts worked. By using technology, entrepreneurs can ensure they are improving their business and their business finances for themselves.