Are you still the one taking care of your business’ bookkeeping? And, if you are, is it taking up WAY too much of your (very limited) time?
If you are, there are (thankfully) plenty of free and inexpensive tools and tricks you can use to speed the process.
Here are five of my favorite ways to automate (and speed up) bookkeeping processes for my clients:
(1) SIGN UP FOR BOOKKEEPING SOFTWARE
My favorite software is: Quickbooks, but there are plenty of good ones out there. They’re all full of powerful automation tools, from online invoicing and electronic payment, to bank rules and thorough financial reports.
(2) CONNECT YOUR BANK WEBSITE TO YOUR SOFTWARE
Instead of typing in your bank statements item by item, your bank website will automatically feed your transactions into your financial software. Then all you have to do is confirm each item with a couple of clicks!
(3) SET UP BANK RULES IN YOUR FINANCIAL SOFTWARE
Did you know you can teach your financial software to remember certain transactions? Then every time you run to Staples for more copy paper, it’ll know to automatically classify it as an “Office Supplies” expense.
(4) USE A RECEIPT TRACKING APP
As long as you have a smartphone, you’re set! Just download an app like Expensify or Smart Receipts, and easily snap pictures of your hardcopy receipts (long before they go through the wash in the pocket of your jeans!).
(5) USE A MILEAGE TRACKING APP
Are you still transcribing entries from your little mileage logbook that you keep in your glove compartment? Or are you trying to reconstruct your best guess about your business miles months later? Just download an app like MileIQ or SherpaShare and use the GPS tracking feature to automate your mileage tracking.
I hope this helps!