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Tips to Help You Save time Accounting Operating a small business is highly rewarding but also time-intensive as well. For this reason, many business owners are on a constant quest to find ways to save time. Unless you can travel back in time, which is impossible, then you will have to find other ways to free up your time including reducing the time you spend on your accounting tasks. Here are some highly effective time-saving tips for businesses that would like to cut down the hours spent on accounting tasks. 1. Clean up your books Many entrepreneurs have limited accounting experience, which means that keeping their books up to date is often a stressful job. However, if you make sure to consistently update your books, you can enjoy significant time savings. Organized keeping of records and up to date accounts help to prevent frantic searches for specific bills or invoices. 2. Automate your invoicing End-of-month invoicing can easily take up a lot of time, with unpaid invoices sometimes getting lost in the bustle, resulting in lost revenue. Accounting software makes it easy for you to generate, print or email your invoices to clients at the end of every monthy. After your reports are created, the information is automatically entered into accounting reports, lessening the time you need for data entry. There are also several accounts receivable apps available that can automate the process of sending reminders of unpaid invoices as well as handling of late fees so that you are paid quicker.
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3. Automate your expense reports Expense reports are one of the most time consuming elements of accounting, particularly with regard to data entry. Between 30 and 40 hours per year are spent by employees in the generation of expense reports. Much of the time lost generating the reports can be recovered if the process is automated. Because the app handles the entire process, you spend less time tracking down your reports, coding your receipts and writing out checks.
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4. Enlist the services of an accountant A chartered accountant has extensive business knowledge which is invaluable when making important decisions. When developing, implementing or revising your business strategy, it is important to take on the advice of your accountant. By receiving information and insights from a business professional and not wasting time on ineffective strategies, your business will keep moving in the right direction. An accountant can help you determine who your most valuable clients are, what marketing strategies offer the best returns and how much money is needed for investment in a growth plan. Not only does a chartered accountant ensure that your books are updated, he will also ensure that you do not run afoul of the tax authorities.