In an effort to keep their Edmonton bookkeeping bill low, entrepreneurs take on entering all of the various transactions into the software themselves. However, a common problem is that entrepreneurs do not set aside enough time in their day to do this, or they underestimate how much time it takes them. The end result is that they do not have the information entered in order for their bookkeeping company to do their job and provide interim financial statements for the business owner. Not only does this create a problem because they end up paying their bookkeeper for an accurate statements, but the inaccurate statements mean that entrepreneurs do not have an accurate tool to use to help them make financial decisions in their business since 50% of all entrepreneurs fail within five years, and 29% of those failed entrepreneurs say the reason why they failed is because they ran out of money, ensuring they have the most accurate interim financial statements as possible is extremely important.
Luckily, entrepreneurs have a great solution to ensuring they have the most accurate information for their Edmonton bookkeeping company, all while saving themselves hours every single month. By learning how to automate their bookkeeping processes, entrepreneurs can learn how to enter transactions quickly and easily, that can help them have the correct information on a regular basis.
The most time-consuming job of entering transactions, is when a business owner has to enter all of the transactions going into and coming out of their business bank account. However, if a business owner is able to get a digital statement from their bank, they will be able to upload that digital file directly into their bookkeeping software. What might have taken entrepreneurs hours to enter, has been uploaded in just a few minutes. Entrepreneurs should spend another few minutes reviewing the transactions to verify that they were uploaded accurately. By doing this, entrepreneurs can ensure that they have enough time to enter all of the transactions, and they can also ensure the accuracy of that information.
Another way that entrepreneurs can help of the most accurate information in their accounting software, is by scanning all of the receipts that they have every month and uploading them to they are bookkeeping software. Edmonton bookkeeping says that this is a great way for entrepreneurs to keep financial record in case of Canada revenue agency sending them an audit letter. Although they have to keep their financial records for seven years, entrepreneurs do not need to keep the original copies, as CRA will accept digital copies. In fact, this can be an even better way of keeping records, because the digital scans of all of the receipts will not fade over time the way paper copies will.
By learning how to automate the transactions into their software, business owners can save time, improve the accuracy of the information for their Edmonton bookkeeping company, and in the end have more accurate and up-to-date interim financial statements that can help them grow their business successfully.
In order for entrepreneurs to have the most accurate financial statements possible from Edmonton bookkeeping companies, they should learn how to automate their transactions when entering them into the bookkeeping software. Since having accurate financial statements can help entrepreneurs make better decisions in their business, ensuring the accuracy of that information is of paramount importance. However, business owners are often worried that they will need to have a deeper knowledge of bookkeeping services than they already do. Into it, who are the makers of QuickBooks did a survey of entrepreneurs asking them about their business financial literacy. 82% of the respondents in the survey scored less than a 70% on the survey.
Because they will need to learn how to keep the books in their business, entrepreneurs should not worry about needing to learn a lot of information in order to automate entries into their bookkeeping software, which can help them keep their bookkeeping fees low, as well as have the most accurate and up-to-date information in order for their Edmonton bookkeeping company as possible. That information will allow them to have correct interim financial statements in order for business owners to use that information to avoid running out of money in their business, and being proactive and growing their company.
One of the best ways that entrepreneurs can automate processes to save time and increase accuracy, is by entering all of the employees hours automatically. If entrepreneurs start using a time tracking software, they will be able to upload that reports every two weeks into their bookkeeping software. Rather than having to enter all that time annually, and risking errors, business owners will be able to ensure that that is accurate and up-to-date for their Edmonton bookkeeping company.
In addition to entering information quickly and accurately, entrepreneurs can also start reviewing all of their financial statements with their bookkeeper twice a month online. By using software like team viewer, entrepreneurs will be able to have an interactive meeting with their Edmonton bookkeeping company, they can have them showing business owners the statements, so they can verify information, fix errors in all the business owner fully understand the reports. Allowing this deeper level of understanding can help entrepreneurs use the information in those interim financial statements to grow their business. This can continue to help business owners save time, instead of having them drive over to their bookkeeping company and have that meeting in person, while allowing them to have an extremely meaningful meeting.
Using technology in their bookkeeping processes, can help entrepreneurs have accurate and up-to-date interim financial statements, as well as understanding how to use those statements in their business to help them succeed and grow their business. Since 50% of all entrepreneurs fail in business, and 29% of those failed entrepreneurs say the reason why they failed is because they ran out of money, by ensuring the accuracy of these financial statements, business owners can have one more tool to help them avoid that fate.