Having accurate and timely financial information on your small business is one of the primary modes of successfully owning a business. But who wants to spend a lot of money on their finance operations? The goal is to save money and get the same or better impactful information. Here are a couple of ideas to streamline your financial information and how it can benefit you:
- Accurate Financial Tracking:
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- Use financial software to easily track all your bank and credit card transactions.
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- Incorporate AI capabilities in the software to make entering transactions and reconciling them to your bank accounts more seamless.
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- Utilize services like Milio, bill.com or QuickBooks' Bill Pay to manage transactions securely and timely, eliminating the need for manual check writing.
- Delegate Financial Management:
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- Remove yourself from day-to-day financial management tasks such as payroll submission, bank register management, and bill entry.
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- Hire an expert to handle these tasks, allowing you to focus on more important areas of your business.
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- Schedule regular meetings with your bookkeeper to review your financial information to make informed decisions.
- Simplify Your Chart of Accounts:
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- Limit the size of your chart of accounts for easier review of financial information.
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- Have an expert create your chart of accounts and supporting areas of your finances, known as QuickBooks structure, to enhance reporting and reduce the need for complicated spreadsheets.
- Utilize Financial Reporting Apps:
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- Consider using apps like Fathom or Jirav to provide financial reporting that may be helpful for your business.
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- These systems offer KPIs and visual reports to help you identify areas of your business that need attention.
Streamlining your financial information will pay off in the long run. Chances are, this isn't your expertise, and working with a pro will be a huge benefit.
I hope you found this helpful! If you need a Bookkeeper to partner with your business, contact us today.