When it comes to running a small business, there is so much involved. Marketing, production, staff, research, development... the list goes on and on. Finance is also a big and important part, and keeping accurate tabs on your company's financials is crucial. To help business owners along, here are some bookkeeping time savers to help make financial management a little more efficient.
1. Download Bank Transactions
If your bank doesn’t offer this service for free, consider using another bank. Downloading to QuickBooks has become a universal service.
2. Review you General Ledger monthly
A quick review monthly to make sure all your transactions are in the correct account will make year-end a breeze.
3. Pay bills online or print checks
Writing checks takes four times as long as paying bills online. If you are writing more than 5 checks a month, it is time to move to a more efficient way to pay your bills. Bill.com is often the most efficient solution.
4. Upgrade your QuickBooks software every 3 years
Or move to QuickBooks Online. There really is a difference and software is cheap.
5. Review your Chart of Accounts
Have your accountant or a trained QuickBooks certified advisor looked over your Chart of Accounts to make sure they are set up correctly? You will save your accountant time and as a result, yourself money if your Chart of Accounts is set up correctly.
6. Backup your QuickBooks software often
If you are using QuickBooks Desktop, set your backup setting for every time you close the program. Make sure the backup in not on the same device as the program.