You might feel bookkeeping is one dreadful job, and it hogs a lot of your time. Well, you are not alone. Below are some simple steps you can follow to save your time and ensure seamless bookkeeping.
1. Go paperless
You may not be an expert in bookkeeping. You might find yourself frantically searching for that bill you know you kept in some place. You can avoid this most daunting task of maintaining papers which are essential during audits by eradicating the papers. In today’s world, we get electronic receipts for almost all the transactions we do and in some cases, we won’t have a choice but get that piece of receipt. In such cases, you can always scan the receipt and maintain a soft copy on your PC and use cloud storage as well. This way you get to save the time you spend on searching for THAT receipt. Plus, you know, it is very simple to search for things online.
2. Maintain separate bank accounts for your personal use and business
Maintaining a common bank account for both personal and professional use will eat so much of your time. This is because you will have to rummage through the statement to categorize each transaction. This is one of the most common mistakes that people do. More often than not, they don’t realize that they waste a colossal amount of time categorizing transactions.
Not just that, maintaining a separate bank account for your business also comes with other perks such as:
- You will know how well your business is doing
- You will start curbing your expenditures and start saving up
3. Use the technology available
You very well know how technology is now playing a part in day to day life of human beings. Why not employ it in bookkeeping? You can automate invoicing and generate invoices that can be emailed and printed. The same can be fed into your accounting system. This way you get to reduce the data entry work and also keep track of all the invoices. There is no way you would miss out on invoices which is money. So, go for it! Make use of the resources available online.
4. Outsource bookkeeping for small business
We know, bookkeeping is a hectic job that requires a lot of time and effort plus you can’t afford to make mistakes here. Once you outsource your bookkeeping, you will realize that you have so much time left to do some productive work like acquiring new clients and bringing new business. Outsourcing is also one of the best ways to reduce bookkeeping costs as it requires a CPA/ Accountant to work for you full-time. To your dismay, these accountants would not provide round-the-clock services to you. Fret not, help is at hand.
Visit https://www.velan-bookkeeping.com/ or contact @ +1-860-215-4997 for all your outsourcing needs.
Our Bookkeeping Experts are here to help.