On Accounting: My Thoughts Explained
While most business owners find that operating their ventures is highly rewarding, many will admit that it is incredibly time-consuming. For this reason, many business owners are on a constant quest to find ways to save time. Because time travel is clearly out of the question, there are several other ways to make more time in your day as the owner of a business by streamlining your accounting processes. Here are some highly effective time-saving tips for businesses that would like to cut down the hours spent on accounting tasks.
1. Thoroughly scrutinize your books
Many entrepreneurs have limited accounting experience, which means that keeping their books up to date is often a stressful job. To reduce stress and save time, you need to constantly keep your books up to date. Organized keeping of records and up to date accounts help to prevent frantic searches for specific bills or invoices.
2. Make your invoicing procedures automated
You can easily lose money when invoicing for your business at the end of the month due to lost unpaid invoices. Automatic generation, printing and emailing of invoices to clients is made possible through the use of accounting software. After your reports are created, the information is automatically entered into accounting reports, lessening the time you need for data entry. There are also several accounts receivable apps available that can automate the process of sending reminders of unpaid invoices as well as handling of late fees so that you are paid quicker.
3. Automatic expense reporting
A lot of time is taken up in the data entry necessary in generating expense reports. Between 30 and 40 hours per year are spent by employees in the generation of expense reports. By automating the process of generating expense reports, employees can save many of the hours they lose. There will be less of receipt coding, tracking of reports and time savings when writing checks since everything is taken care of by the app.
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4. Get business advisory services from an accountant
Your chartered accountant possesses expertise that will help you make more informed business decisions. If you are looking to develop, implement or revise your business strategy, you should look to your accountant for advice. By receiving information and insights from a business professional and not wasting time on ineffective strategies, your business will keep moving in the right direction. An accountant can help you determine who your most valuable clients are, what marketing strategies offer the best returns and how much money is needed for investment in a growth plan. Not only does a chartered accountant ensure that your books are updated, he will also ensure that you do not run afoul of the tax authorities.