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One of the reasons why entrepreneurs may choose to hire Edmonton bookkeeping companies to look after their interim financial statements, is because they lack the knowledge or the experience in being able to update that information themselves. The company that makes QuickBooks, Intuit did a survey of small businesses in order to test their business financial literacy. Out of all the respondents, 82% of the small business owners scored less than 70%. Many entrepreneurs lack the skills to be able to do their own bookkeeping, however to learn how to save time and money by automating certain aspects of their bookkeeping, business owners do not need to learn very much about bookkeeping or even how the bookkeeping software works.

One of the easiest ways that entrepreneurs can automate part of their bookkeeping process, is by asking their banks and their credit card companies to send them statements as electronic copies. In fact, many entrepreneurs may find that there already getting statements from these companies electronically, but they do not know how impactful that can be in their business. If they are PDF files, all entrepreneurs have to do is save those files as CF of the types, and then they can upload that to their accounting software. If they do not have access to their accounting software, they can send that information off to their Edmonton bookkeeping company. Instead of spending hours painstakingly entering that information by hand, or sending paper copies off to their bookkeeper to enter by hand, entrepreneurs can and said ensure that that information gets automatically populated into their software in just a few minutes.

The reason why this automation is so important to business owners, is not only can save them a large amount of time, but it can also save them money, because there bookkeeper no longer has to spend significant amount of time making manual entries. But the biggest impact this can have on businesses is not in the time or the money that an entrepreneur saves, but in ensuring the accuracy of that information. If entrepreneurs were depending on a person to enter the information into their bookkeeping software, the sheer amount of transactions increases the chances of an error being made either on the date, the amount, or the account that it needs to be attributed to. Entrepreneurs can eliminate the possibility of these human errors, and ensuring that there Edmonton bookkeeping company will be able to pull even more accurate financial reports then they were before.

When entrepreneurs are going over their interim financial statements with their bookkeeper, instead of using the phone, entrepreneurs can have a great in-depth discussion by using a software called team viewer where entrepreneurs can be logged directly into their edmonton bookkeeping company’s computer. There, they can show the entrepreneur the interim financial statements, explain the balance sheets and the income statement, verify accuracy of information, and allow the entrepreneur to ask questions about the information what reports mean and how business owners can use them in their business.

By using technology in their business, entrepreneurs can ensure the accuracy of their financial statements. And they do this, the interim financial statements they receive from Edmonton bookkeeping company is more accurate tool that can help business owners be guided to the right business decision.

When entrepreneurs are new in their business, they may think that they are able to take care of the bookkeeping themselves, but they lack having knowledge that they can utilize to ensure that they have the correct information, so they then instead higher and Edmonton bookkeeping company to help them. However, in an effort to save money, they say that they will be entering several of the transactions themselves, so that their bookkeeper can just look after creating interim financial statements. Unfortunately, this goes wrong when an entrepreneur lacks the significant hours of time that is necessary to manually enter financial transactions and employee hours, and end up not being able to have those statements input into the software in time for their bookkeeping company to prepare interim financial statements for the business owner. Therefore, there paying for a bookkeeper who is unable to do their job effectively.

The good news for these entrepreneurs that are looking to save money in their business by entering transactions into their accounting software, is that they can now use automation to make that job much easier. There is several different things that business owners need to enter in to their bookkeeping software, that now can be done as easily as pushing a button. For example, in order for business owners to have accurate payroll information, they need to enter all of the hours that their employees work by entering the time they have arrived at work, the time they left work and all of the brakes that they had in between. Normally, entrepreneurs would do this by entering into their QuickBooks online. Depending on how many employees they have, this can be incredibly time-consuming as well as an opportunity for errors to occur if an entrepreneur is not careful. Fortunately, there is many apps that entrepreneurs can have their staff download on their phone, or software that they can utilize that can keep track of all of the employee’s time that they come and go in the business. Twice a month, entrepreneurs can generate a report from those apps or from that software, that they can then upload to their QuickBooks online. By doing this, hours of time get entered into the software, eliminating the need for an entrepreneur to manually enter the information.

By utilizing this automation in their business, entrepreneurs can make it much easier for their Edmonton bookkeeping company to take that accurate and up-to-date information, and turn it into interim financial statements. When entrepreneurs have more accurate interim financial statements, there were able to use those statements as a guide in order to help them make financial decisions. If there able to purchase assets, pay their staff, or if they need to increase the revenue can all be made much easier by having the most accurate and up-to-date interim financial statements that there Edmonton bookkeeping company can give them.