Running your own business tends to be a very time-consuming task. Most small business owners admit that they don’t get enough time with family and friends and that they don’t go on vacation, even as most small business owners would never willingly choose another profession.
This leads to an eternal quest to find ways to be more efficient and spend less time on the most time-consuming tasks. Accounting is often seen as one of those time-sink tasks, so read on for five great tips to save time on it.
Don’t put it off
This is one of those things that if you do it more, you will spend less time on it. Accounting tasks often get pushed to the bottom of the to-do list. Instead, do them every day, or at least every week, so that they don’t pile up.
Creating invoices can be a time-consuming process, but if you automate with a program like Quickbooks, you can save yourself a lot of time. Quickbooks (and similar programs) allows you to create invoices which you can email directly from the program. If you want a paper trail, you can also print them to save or mail. All of the data from the invoice is then transferred to your accounting software, so you don’t have to reenter the data there.
Automate expense reporting
Another automation process that can save time is with expense reporting. If you have employees who have to do expense reports, you are losing time with it. The average employee spends 30-40 hours each year just on expense reporting, and that is time they could be using to complete other, more productive work. Automating the process with an app like Expensify keeps all of the information organized and secure and saves time for everyone.
Simplify data entry
Look for any ways you can simplify data entry so that you spend less time on this menial and time-consuming task. One option is to use software that syncs, like Quickbooks and Square. These two work well together, and Square will automatically input transaction data for you every day so that there is one less thing to take up your time.
Collecting on past-due invoices can take a lot of time, and like many accounting tasks, it is often uncomfortable and unpleasant. Take some time to re-evaluate the policies you have in place for taking payments and dealing with people who don’t pay on time. It may be worthwhile to simply turn them over to collectors if they are continually behind in paying. You should also look into ways of allowing people to pay on delivery, rather than be invoiced and have 30 days to pay.
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