Improving your Business Accounting
Running a business is time-consuming, stressful, and busy. You likely often feel as though there aren’t enough hours in the day. While there’s nothing you can do to add more hours to your day, you can give yourself some extra time by increasing efficiency at your organization.
One way to do this is by improving your accounting.
Use Modern Technology
You may be used to filling out timesheets and expense reports by hand, but this certainly isn’t efficient. Invest in some quality accounting software instead. Not only will it help you speed up your work, but most software programs are also able to generate reports for you, which will help optimize many other areas of your business.
It’s also a good idea to keep digital copies of receipts, forms, and other important documents. You may still want to store physical copies in a filing cabinet in the office, but there are many benefits to having digital records as well.
One benefit is that these records are easily searchable, so you won’t have to spend hours looking through paperwork to find a particular invoice or receipt. Another benefit is that you can back up your documents to the cloud, keeping them safe. If you have a fire or flood at your property, or if your business is the victim of a crime, you could lose all physical copies of your accounting. If everything is backed up online, you won’t have to spend weeks recreating your files from scratch.
Make it Mobile
Whatever accounting software you’re using (e.g. QuickBooks), it’s a good idea to make sure it’s safely accessible by mobile. That way your team can file receipts, record expenses, and manage your company finances online from just about anywhere in the world. This is much more efficient than having to remember to enter critical data into the system when you return to work.
Keep on Top of Bookkeeping
It’s tempting to put off bookkeeping and accounting. You have a lot of work to do, and dealing with a stack of invoices and receipts is time-consuming. However, if you do your bookkeeping regularly, you’ll find that it will get done faster and you won’t have to dedicate hours at a time to getting a handle on your company’s accounting each time you try.
Plus, you’ll be able to run your business with accurate, up-to-date information, rather than being months behind on your data. This won’t just make your business more efficient, it will also make you more profitable.
Talk to your Accounting Team Regularly
Some people make the mistake of only speaking with an accountant at tax time. However, if you only look at the books when its time to file taxes, you could miss out on several tax planning opportunities. Plus, you’ll have to spend much longer reviewing your numbers if you don’t look at them regularly.
Instead, speak with your accounting team often and work with them to prepare for potential tax opportunities while you have the time. Plus, if your accountant is handling your books all year (as opposed to only seeing them at tax time) they’ll have a better picture of your company’s finances, helping you make critical decisions.
Work with an Experienced Chartered Professional Accountant
A Chartered Professional Accountant (CPA) won’t just add up numbers for you (though that increases efficiency on its own). A CPA can also offer proactive advice that can save you time and money. If you work with a CPA firm, not only will you free yourself up to handle other tasks at your company, but you’ll also be able to take advantage of new opportunities as they come up. Contact us today to find out how we can help your business succeed.