Doing it All!
While I strongly advocate it is essential to understand what is going on in your business you don’t have to micro manage to achieve it!
There are a number of features which can assist you to manage your business and give you back more time while ensuring the integrity of your accounting software
Outsource ProcessingAs a business owner you have more important tasks to achieve than processing your accounts. Outsource this function to a good bookkeeper who comes recommended. This allows you to do what you do best and manage your overall business.
Purchase OrdersEnsure staff complete purchase orders for all expenses prior to ordering. Invoices will not be paid unless they are accompanied by an authorised purchase order. This allows the business owner to feel confident having someone else process the accounts without unnecessary or unauthorised purchased being made.
Drag & Drop PDF invoicesSome accounting programs allow you to drag and expense invoices received in a PDF format received via email. This is not only an environmentally friendly option but saves time too . Your software will process the purchase to the correct account based on pre-written rules you have created. This feature works particularly well for suppliers you commonly use.
Attach Invoices to transactionsThis is such a simple way to check invoices against transactions. Whether it is the business owner or your accountant reviewing the accounts the documentation is easily accessible. You can either scan the invoice or take a photo on your phone to upload the document.
Authorise Invoices & PaymentThis feature allows others to process sales invoice and prepare payments but still requires authorisation by the business owner before completion. This enables you to review transactions and documentation where necessary prior to completing the transactions or sending an invoice to customers.
Upload electronic files for paymentOnce payments have been authorised in your accounting file they can be uploaded to your banking website for payment. While there may be a charge involve for bank staff to process the payments on your behalf the benefits may be worthwhile, particularly with payroll which may be time consuming.
Review your reportsBe familiar with your accounts and reports and review regularly for any discrepancies. Breaking reports down to show monthly or quarterly amounts to make it easier to review rather than large year to date figures. Have a budget and compare actual results and thoroughly review any anomalies that arise.
Online programs & AppsOnline programs and Apps are making it easier to review your accounts on the fly. You may be sitting in an airport waiting for your flight reconciling your bank accounts or reviewing your financial reports.
Bank feedsMost accounting software now has live bank feeds which download your bank statement transactions daily and matches the data based on pre-set ‘rules’. While I review these transactions daily I only reconcile my bank account now on a monthly basis as I can feel confident at any time that the data is complete when reviewing reports
Now that you have made your accounting easy you will have more time to work ON your business whether it is attracting new customers, growing sales or releasing a new product line!