On any given business day, what are your tasks?
For business owners, tackling your to-do list is usually divided into three parts:
1. Your organizational tasks.
This part of your day consists of the essential tasks like returning emails, compiling invoices or running payroll, upgrading your POS system software or organizing a photoshoot for your new products.
2. Your actual job.
From baking scones or buying stock for a portfolio to planning a landscape design, sanding shelves or wiring earrings, every business owner has to do their actual job.
Not only is it the foundation of your business (and your income), but it’s also essential to remind yourself of why you chose to work in this field.
Some parts of it might be tough, but finding the joy in the job is vital to survival.
3. Projecting and forecasting.
In order to keep your business afloat, you must have a tight grasp on your numbers and your forecast.
What volume do you expect to sell in this final quarter of the year? What are your projections for 2022?
You should also be revisiting your goals for the year and putting big dreams down on paper.
In order to dedicate the largest part of your day to your actual job, there are a few ways you can automate bookkeeping to utilize your time well.
Benefits of automated bookkeeping
If you use bookkeeping software, you already know some of the perks.
But if you find a way to utilize every part of the automation, you’ll reap even more benefits.
You’ll be able to spend more time on the big picture, instead of the menial bookkeeping tasks that take too long.
Manual data entry is time-consuming.
Automated processes allow the finance team to focus on other things, like analyzing data and projections.
Automated bookkeeping also gives you real-time data. Your accounts are updated as soon as the numbers come in, instead of whenever your bookkeeper has time to balance the books.
You reduce your errors with automated bookkeeping. It’s less likely that you will have duplicate or missing records with automated software than if you had a human entering information.
Streamlining tasks with automated bookkeeping
Depending on your setup, you can automate many tasks to help you see an accurate dashboard of your numbers.
Automated bookkeeping can assign tasks like pulling transaction data from your bank and credit card accounts and instantly recording it in your accounting software.
It can also pull accounts payable information from supplier email attachments, apply it to the correct PO, and send it up the chain for approval.
Another task it can help with: Automatically sorting transactions into the relevant categories in your accounting software.
Filing receipts is often a pain: When done correctly, automated bookkeeping can eliminate the need to keep track of all paper receipts. If you use corporate credit cards or reimburse employees for expenses, this can be a huge help.
Set your business on its best course
If you already use a popular accounting software platform—such as QuickBooks Online or Xero or Wave—then you use automated bookkeeping to complete basic data entry.
For example, your system might already organize data feeds from other tools like your bank or expense system.
However, most businesses aren’t using automated bookkeeping to its full capability.
If you’d like bookkeeping training from an expert with decades in the business, fill out the contact form below.