Edmonton Bookkeeping | Automating Bookkeeping Processes
Ensuring the accuracy of their interim financial statements is extremely important to entrepreneurs, so anything that they can do to ensure the accuracy for their Edmonton bookkeeping company, entrepreneurs should work towards. By learning how to automate various processes when entering information into their bookkeeping software, entrepreneurs cannot only help ensure the accuracy of the information, but also save themselves a large amount of time every single month.
One of the best ways that entrepreneurs can increase the accuracy of the information in their bookkeeping software, is by automating the process of entering in the financial transactions in their business. Instead of having to look at every single transaction that came out of their bank account in the past month, and entering that by date, what the transaction was and the amount, business owners can have all of the transactions be uploaded in just a few minutes. In order to achieve that, entrepreneurs need to be able to get a digital statement from their bank. Most banks are already offering financial statements digitally to most of their clients, and entrepreneurs can just simply request that. However if business owners are not able to get that, or if there extremely behind and have to enter a lot of information, there is a software that they can get called HubDocs, that scan the financial statement, and turn it into a CSV file which is what entrepreneurs need to upload it.
By doing this, entrepreneurs can save hours of time instead of entering all the information and manually. Edmonton bookkeeping also says that this can ensure the accuracy of the information, because it eliminates human error from the process. Business owners can then take a few minutes scanning the information to ensure that nothing went wrong during the upload. Doing this, can save entrepreneurs a significant amount of time and ensure the accuracy of the information so that they can get the more accurate financial statements in their business.
Another way that entrepreneurs can automate their bookkeeping processes, is by scanning all of the receipts in their business, and uploading those to their accounting software as well. Edmonton bookkeeping says that digital copies are still acceptable for Canada revenue agency to have in case of an audit. In addition to being able to store the information in their software this way, it can even help entrepreneurs safeguard their information as paper receipts tend to fade over time, while digital copies never will.
Anything an entrepreneur can do in their business to ensure the accuracy of the financial statements that the use to help when their business successfully they should do. By automating their processes, business owners can ensure the accuracy of this information, but also save themselves significant amounts of time in their business. This can help entrepreneurs use the time that they save on building their business, and achieving the strategic objectives of their corporation. Entrepreneurs are often looking for additional time in a variety of places, automating this process can be one of those ways.
When entrepreneurs are new in their business, they want to save money on their Edmonton bookkeeping bill, and so they take on entering financial information into their bookkeeping software themselves. However entrepreneurs may not make the time for this, and get behind, or underestimate how much time this will take them and therefore end up with incomplete or inaccurate financial statements for their business. Since 50% of all entrepreneurs fail within 5 Years in Canada, and 29% of those failed entrepreneurs say the reason why their business failed was because they ran out of money. Business owners who ensure the accuracy of their financial statements can help their business avoid running out of money by having the most accurate tool that they can to help them make financial decisions in their business.
One of the ways that entrepreneurs can ensure the accuracy of the financial information they give to their Edmonton bookkeeping company to get interim financial statements, is by automating their data entry process. By automating this process, entrepreneurs can save time but most importantly increase the accuracy of the information being entered into their bookkeeping software. If entrepreneurs are keeping track of their employees time in their accounting software in order to run payroll, if they are doing is manually, there is an easier way. Edmonton bookkeeping says that there are many apps that can be downloaded, or software on computers that entrepreneurs can use for their employees to track their time. Most important reason for this, is because those programs or apps will sink up with QuickBooks online, and automatically enter employees time into the software. A side benefit of doing it this way, is that entrepreneurs can also ensure the accuracy of the employees times that they are submitting.
Various other ways that entrepreneurs can use automation to keep accurate books is by entering financial transactions from their bank accounts, their credit card companies, allowing them to keep digital copies of their receipts. Edmonton bookkeeping says that automating several of the processes can help entrepreneurs save time and money by doing it themselves, and ensure that they have the most accurate information for financial statements.
Another way that entrepreneurs can utilize technology to ensure the accuracy of their financial statements is by having online meetings with their Edmonton bookkeeping company as well. Phone conversations can be great, but if entrepreneurs are able to have an interactive meeting on team viewer where they can see the financial statements that the bookkeeper is talking about, it can be a more meaningful meeting especially for entrepreneurs who struggle to understand some business financial literacy. This way, entrepreneurs can ask questions, help fix errors, and see anomalies and trends in their business. By having a deeper understanding of these interim financial statements, business owners can be better equipped to use that information to make great business decisions and not only avoid making poor financial decisions, but also grow their business.