Save Time Accounting with These Handy Tips Operating a small business is highly rewarding but also time-intensive as well. For this reason, many business owners are on a constant quest to find ways to save time. Since travelling back in time is impossible, many business owners have found that when they reduce the time they spend on accounting tasks, they can free up more hours in their day for other matters. Here are some highly effective time-saving tips for businesses that would like to cut down the hours spent on accounting tasks. 1. Clean up your books Few entrepreneurs have formal accounting training or experience, making the keeping of current books a tough ask for them. Up to date accounts mean that you can save time and lessen the stress of running your business. 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 Invoicing at the end of the month is a notorious time sink and often results in invoices getting lost, costing your business money. Automatic generation, printing and emailing of invoices to clients is made possible through the use of accounting software. Data entry time is significantly reduced by the automatic entry of invoice data by your accounting software package. 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.
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3. Automatic expense reporting The data entry required in the generation of expense reports is extremely time consuming. On average, employees spend between 30 and 40 hours every year generating expense reports. However, automation of the process allows your employees to recover many of these lost hours. 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. Enlist the services of an accountant A chartered accountant has extensive business knowledge which is invaluable when making important decisions. When developing, implementing or revising your business strategy, it is important to take on the advice of your accountant. The essential insights that a professional can offer will ensure that your business is moving in the right direction and will help you avoid wasting time on an ineffective strategy. When you want to know how much money to invest in the growth of your company, the marketing tactics that offer the highest return on investment and your most valuable clients, your accountant can offer the answers you need. A chartered accountant will keep you in the know about your tax liabilities in addition to keeping your books up to date.