Many entrepreneurs have heard that automating their bookkeeping can make it easier if they are doing it themselves, or even if they are hiring Edmonton bookkeeping to work on their business finances. However, many entrepreneurs do not even know what that means, therefore they do not know why they should need to know what or how it is impactful to their business. Automating bookkeeping just means learning how to avoid entering transactions in the software individually. There are several ways that entrepreneurs can automate the information that gets entered into their accounting software, allowing them to not have to spend hours entering information in, and instant spend a few minutes scanning information and then verifying that they information went in without error. This can give significant savings either to the entrepreneur that they can use to spend in their business growth get to and working on the strategic priorities of their corporation. And if it is the bookkeeper, an entrepreneur can ensure that the bookkeeper is spending less time manually entering information, that they then do not have to charge an entrepreneur their bookkeeping rate to enter that information in.
One of the first things that entrepreneurs can automate in their accounting software is listing all of the transactions from their bank. Every time they put money into the bank, took money out, paid a bill, or made purchase. All of those’s of information is extremely important for the accounting software to have, and it can greatly impact the financial statements of the business. Without learning how to automate this, either Edmonton bookkeeping or an entrepreneur is going to have to spend the time manually entering in the date each of those transactions happened, what it was, how to code that purchase of it was a purchase. This can take a significant amount of time, and depending on how busy the business was in that month, it may force them to spend hours of time doing this. Because entrepreneurs often do not have enough time in their business for typical things, this is one of those activities that is not going to get done until the biweekly conversation with the bookkeeper is scheduled to happen, and then an entrepreneur is panicked and entering these things in a hurry. Which then leads to errors.
By learning how to automate those statements, entrepreneurs can move from spending dozens of hours entering transactions to spending a few minutes uploading them to the software and then scanning to ensure there is no errors when it was uploaded. To do this, Edmonton bookkeeping recommends that entrepreneurs request digital copies of their statements from their bank. Almost all banks these days send out digital statements upon request, and they often come in PDF formats. If entrepreneurs can request a CSV file, that would be preferred. However, business owners can convert their PDF file into a CSV file that they then can upload into their accounting software. Instead of spending dozens of hours entering transactions, entrepreneurs can spend a few minutes and use the time that they saved running their business.
Entrepreneurs do not understand what automated bookkeeping is when they hire Edmonton bookkeeping in their business, therefore when their bookkeeper says that need to automate their processes, business owners have no idea what this means. I will it means, is using the software to enter transactions in as a group instead of individually. Not only does this save lots of time, but it can minimize errors. As a human being entering multiple transactions for hours at a time, even a mistake on the keyboard can result in incorrect financial statements.
One of the most important ways that entrepreneurs can use software and automation to ensure that their financial statements are more accurate, is to use software for employee time tracking. In order to calculate payroll, accounting software requires entrepreneurs to enter the time that their employees are at work. If they are keeping track of this by hand, they are going to have to enter all of the times their employees came, laughed, and took breaks. If a business owner has more than just a couple of employees, this can actually result in dozens of hours every single month keeping track of time. However, Edmonton bookkeeping says there are many apps and software programs available in order to keep track of employee time. They are all compatible with QuickBooks online, so as long as that is the software that business owners are using, they can edit input the information from that app into QuickBooks and then they do not have to manually enter time anymore. This can save a lot of time, that an entrepreneur can use for any number of business building activities.
Another way that entrepreneurs can automate, is by scanning all of their receipts. By doing this, entrepreneurs can also keep digital copy of the receipts and keep that for seven years instead of the original receipts. If they are audited by Canada revenue agency, Edmonton bookkeeping says that they do not need to have the original receipts, as long as they have a copy that is all that is required to get audited financial statements for Canada revenue agency.
Many entrepreneurs worry that automating their accounting and using QuickBooks online software means that there financial information could be compromised. However, Edmonton bookkeeping says that the software has built in protection, that entrepreneurs can breathe a sigh of relief knowing that that built in software means that there information is encrypted and safe. Also, with how common it is for entrepreneurs to fall victim to viruses, Trojans and phishing scams, software online is just as safe as software in the business is own computer.
By automating their bookkeeping, entrepreneurs can ensure that they are keeping the information needed to do their statements as error-free as possible, doing it as efficiently as possible, so that they can have accurate financial statements, productive meetings with their bookkeepers, and spend the rest of the time building their business.