Imagine the possibilities
If you’re wondering how bookkeeping, software and processes are related, here’s an overview:
- Everything ends up in your books, this is how your money is spent. Whether you have project tasks, inventory or even taking the team out for the annual party, it all gets reflected in your accounting, either in payroll, expense statements or vendor invoices. Now whether you know it, is entirely dependent on how well your tracking system works.
- If you have a bookkeeper that knows how to automate the way invoice information (including from websites) is gathered to bill your customers, the whole system becomes automated. Then your bookkeeper verifies the information is correct by auditing (compare what should have been recorded to what was recorded) rather than data entry, then they have more time to concentrate on something else.
- You can even cut the time needed to process and pay a vendor invoice. After attaching a copy of the actual invoice into the software, the bookkeeper then makes sure it is coded to the right expense account because they only need to do that audit thing mentioned above, then they have even more time to concentrate on something else.
- You have delivery drivers with a gas card instead of submitting mileage logs. In order to change everything over, you ask your bookkeeper for suggestions. Using a mileage tracker app on everyone’s phone will allow you to track where they go and stop paying for gas for 30 vehicles and only pay for the gas on your 10 trucks. And, since they only get paid if the app is running, you can see time spent as well as verify they only went to customer locations.
- So let’s look at budgeting. Some businesses run pretty much the same way from year to year. Some work off projects that could take half a day to complete, while others are in the works for years before completion. What if you could write a template, using technology, that lets you choose from a menu that already knows roughly what to expect when a component is added to the list? Your budgeting process becomes much easier because you have a smart system that works off the information you already have to get the numbers together. Then, boxes are already ticked to find out why the actual amount varies from the budget and you realize there were components missing that were added after the budget was built. Verify there is a change order in place and you’ve reconciled your budget, but it takes a fraction of the time than it used to take. That bookkeeper is AMAZING!!
- There are bank statements that have to be reconciled at least monthly, if not weekly or even daily. But since you’re using an accounting software that is pretty good at matching up the bank entries to the accounting transactions, it takes a minimal amount of time. By now, your bookkeeper has got to be getting bored.
- Picture this kind of automation for all aspects of your business: sales process, project management, inventory management, hiring personnel, and tracking expenses. Anything your business can track can be automated.
This is how a professional bookkeeper with experience in managing time as well as books can save you money. After the initial setup of your newly automated processes, you only pay for the amount of time it takes to do your neat, clean, automated bookkeeping, lowering your costs. Click below to get started today!