Tips to Help You Save time Accounting Operating a small business is highly rewarding but also time-intensive as well. This leaves many business owners looking for any way they can find to maximize time savings. 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. 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 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. Keeping up to date books and organizing your records means that you no longer have to frantically search for particular 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. Data entry time is significantly reduced by the automatic entry of invoice data by your accounting software package. 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 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. Much of the time lost generating the reports can be recovered if the process is automated. Because the app handles the entire process, you spend less time tracking down your reports, coding your receipts and writing out checks.
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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. If you are looking to develop, implement or revise your business strategy, you should look to your accountant for advice. 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. 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. Chartered accountants offer much more to a business than just book keeping – they also ensure that you stay on the right side of the authorities with regard to taxes.