Save Time Accounting with These Handy Tips
While most business owners find that operating their ventures is highly rewarding, many will admit that it is incredibly time-consuming. Many business owners are therefore left seeking out ways to find more time. Unless you can travel back in time, which is impossible, then you will have to find other ways to free up your time including reducing the time you spend on your accounting tasks. By using the following accounting tips, many successful businesses have been able to concentrate on other factors of their success.
1. Thoroughly scrutinize your books
Many new business owners have no accounting training and cannot afford an in-house chartered accountant, making bookkeeping an extremely arduous task. However, if you make sure to consistently update your books, you can enjoy significant time savings. Organized keeping of records and up to date accounts help to prevent frantic searches for specific bills or invoices.
2. Automate your procedures for invoicing
End-of-month invoicing can easily take up a lot of time, with unpaid invoices sometimes getting lost in the bustle, resulting in lost revenue. Automatic generation, printing and emailing of invoices to clients is made possible through the use of accounting software. Following the automatic creation of reports by the software, the information enters your accounting reports, thus reducing the data entry time. Because of accounts receivable apps, you can now receive reminder alerts of unpaid invoices to ensure you get paid much faster and easily handle late fees.
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3. Automatically generate expense reports
Expense reports are one of the most time consuming elements of accounting, particularly with regard to data entry. On average, employees spend between 30 and 40 hours every year generating expense reports. By automating the process of generating expense reports, employees can save many of the hours they lose. Your company can reduce the time spent coding receipts, tracking down expense reports and writing checks because they are all handled by the app.
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4. Enlist the services of an accountant
Your chartered accountant possesses expertise that will help you make more informed business decisions. The advice of a qualified accountant is vital when you want to devise a new business plan or revise your strategy. When you take on board advice from an accounting professional, you reduce your chances of wasting time on business strategies that have little chance of success. 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.