Where are your time savings?
News & blog » Are you saving time on your bookkeeping
October 6, 2017
Guaranteed, you love doing what you do really well. You have a passion for delivering the business you visualise and know your customers want. However, it is likely that you did not start your business to be an administrator and keep financial records! However, bookkeeping is a ‘must do’ function in business, to help measure your success or simply comply with legislative requirements.
We all know how important it is to know your numbers and ensure you have accurate financial records to support your key decision making in the business. However, it can be a time consuming exercise, even if you are ultra organised.
So are you up to date with how your bookkeeping software works, it’s features and how you could be saving time with your record keeping?
Over the last couple of years there has been much change in the world of bookkeeping software, with a vast array of new software providers plus the advancement in technology and utilisation of the cloud.
These welcome additions have changed the traditional way that bookkeeping is undertaken and has brought more efficient ways of working, improved collaboration and a clearer understanding of the financial position for many businesses.
Here are just some examples of how you may save some time with your financial record keeping:
- Automated bank statement feeds into your bookkeeping software. No longer manually entering each and every line on the bank statement.
- Intuitive matching of data to support your bank reconciliation. For example, if the software sees a match of a sales invoice you have raised with a credit to your bank account (name, amount, reference), then it will suggest a match and save you the manual exercise.
- Scanning of your invoice data to input information directly into your accounts. Software or Apps linked to your bookkeeping software, such as AutoEntry, allows you to scan your invoices and using ‘optical character recognition’ reads each relevant line ready to import.
- Apps that enable you to take photographs of those receipts often lost and automatically linked to your bookkeeping software.
- The ability to establish ‘What if’ rules to manage those repeating transactions. For example, if all your bank account credits are related to your daily takings, you can set up a rule that posts all such entries on the bank account to sales in your software. Likewise, with a common expense, such as your food or drink suppliers.
- The synchronisation of data from your software to third parties including your Auto Enrolment provider and HMRC. No longer taking the information required for your returns from one source and manually keying to another.
- Partner applications with your bookkeeping software that personalises your use. For example, Xero software linked with the app ‘Vend’ for your point of sale solution.
- Cloud access or App’s for your employees to access their payroll data and receive their payslip digitally, saving time and paper.
If you do your own financial record keeping, you may use manual ledgers or excel, but the efficiencies mentioned come when using Bookkeeping software. There are a range of software providers including Sage, Xero and QuickBooks, plus payroll software such as BrightPay, so choose the platform that best suits the way you work.
The alternative option is to save the time, worry and pain of this role in the business, by outsourcing your bookkeeping. If you were not doing the bookkeeping, then what else would you be doing in the business or how would you be using the time personally? As with most outsourcing, the provider will undertake the role for you with their expertise in much less time, but save you many hours.
If you would like a recommendation to a local bookkeeper, then please ask us at Arrochar, as we have connections across the UK.
The move to the cloud also enables you to view your financial information from anywhere, with internet access, including your phone, and importantly work in a more collaborative way with your trusted advisers in a timely manner. No longer does your accountant have to wait until year end to gather the records and make recommendations that help improve the business or save you tax, as they can have remote access for whenever you want.
We recommend exploring these options and saving your time on your bookkeeping record keeping.