Book-keeping has been a hectic task. Even to observe and make it done, one requires knowledge of it. This Christmas, we have listed down 25 ways to save your time and update yourself.
Tips to save time from book-keeping
1. Use Accounting Software
Investing in Accounting Software such as QuickBooks, Xero, and many others will help manage your books at a minimum cost and save time. Become familiar with one of the above software; know how to check inputs, create reports, and other data.
2. Scan Documents and take backup
The most important work is to take a backup of your work every day because losing everything you've done becomes complete waste of time. Don't backup data on local hard disk, also back up using a cloud server, Google Drive, One drive, etc. Even cloud servers provide data export solutions built into them.
3. Use a separate account for personal as well as business
Keep both personal and business accounts separate to avoid last time confusion about the payments. Also, make separate Paypal accounts for both. Keeping both separate helps you to save time and confusion during bookkeeping.
4. Use Cardless Payment
Signup for Cardless payments to make your payments and recipts easier. The cardless payment helps you keep easy track of your payments, and also, you can also integrate it with your accounting software to generate invoices for the same.
5. Automatic Invoice Generator
Software's such as PandaDoc, Proposify, Docusign, and much other help to generate an auto invoice and electronic sign generated documents. This software can send invoices automatically when your proposal is accepted.
6. Automatically Data Input
Using software that reduces your manual input of adding contacts/leads automatically adds contacts/leads to your accounting tool. You can add data from multiple software such as MailChimp, Hubspot, Facebook Leads, etc.
7. Software to Track Progress
Use various software to track your progress in book-keeping automatically. These can help to save a lot of time and remember where you left your last work at the point.
8. Signing in CRM software
The CRM software can help you keep track of your invoices, bills, receipts, etc. This indirectly saves you a lot of time finding them.
9. Set Payroll
Use payroll software, if you need to run payroll. Using automated payroll software and integrating it with your accounting tool.
10. Hire a Person for bank feeds
If your bank does not provide bank feed for your accounting, then stop banking with them. But if you need to do banking then you can hire a person to write quick excel. Format your CSV into excel macro so, it can be easily uploaded into your accounting software without any error.
11. Reconciling the bookkeeping
Allot a particular time for reconciling your bookkeeping, make sure you reconcile all your accounts before the end of the day. Give the particular time required for doing the particular work, don't be in hurry. If you do a job that requires 20 minutes in 5 minutes, you have to spend those time again if you come back later.
12. Set-up Workflow
Setting up workflow will help in reducing your time required for collecting various documents/receipts from your colleges. Make sure all your documents are scanned and saved at end of the day.
13. Hire Person to catch backlogs
It is easier to hire a person to recheck all data, which is already been made orderly. It is easy to backlog data before then to spend a lot of time in sifting the documents again.
14. Rechecking your bookkeeping
The most important part is to recheck the financial records, after finding out the error don't keep it for later. Dig out the records and try to resolve the error. And implement the workflow, so that mistake doesn't get repeated. Automatic ReceiptMany software such as AutoEntry or Receiptbank can help automatically tracking your receipt from your chosen accounting tool.
15. Stay out of distractions
Switch off your mobile notifications, and social media while doing your bookkeeping. Give your college or spouse number if someone needs to contact you urgently. If distracted it may lead you to an error in your bookkeeping, which will consume more time and even harder to find the error.
Bookkeeping is about to look into your financial records to see your profits, your investments, how much money you've generated. And, if you're running in loss it will help you to open up your eyes and you can convert loss into profit and take steps to resolve the problem. By changing your thinking as fun of bookkeeping and using the tools mentioned above, you will rather enjoy bookkeeping and save your time for other activities. And once your approach changes you will have fun and do it better each time you do it.