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Save Time Accounting with These Handy Tips While most business owners find that operating their ventures is highly rewarding, many will admit that it is incredibly time-consuming. Many business owners are therefore left seeking out ways to find more time. Since travelling back in time is impossible, many business owners have found that when they reduce the time they spend on accounting tasks, they can free up more hours in their day for other matters. By using the following accounting tips, many successful businesses have been able to concentrate on other factors of their success. 1. Do a cleanup of your books Many entrepreneurs have limited accounting experience, which means that keeping their books up to date is often a stressful job. To reduce stress and save time, you need to constantly keep your books up to date. Frantic searches for specific invoices or bills will be a thing of the past if you keep up to date, well organized records. 2. Automate your procedures for 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. Following the automatic creation of reports by the software, the information enters your accounting reports, thus reducing the data entry time. The selection of accounts receivable apps in the market remind you of unpaid invoices and handle late fees, resulting in faster payments.
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3. Automatic expense reporting Expense reports are one of the most time consuming elements of accounting, particularly with regard to data entry. On average, employees spend between 30 and 40 hours every year generating expense reports. Much of the time lost generating the reports can be recovered if the process is automated. There will be less of receipt coding, tracking of reports and time savings when writing checks since everything is taken care of by the app.
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4. Get advice from an accountant An accountant has the training and expert knowledge to help you to make important financial decisions. When developing, implementing or revising your business strategy, it is important to take on the advice of your accountant. When you take on board advice from an accounting professional, you reduce your chances of wasting time on business strategies that have little chance of success. Your account can quickly help you identify your business’ most valuable clients, establish a growth strategy budget and help you narrow down the strategies that are most profitable. Chartered accountants offer much more to a business than just book keeping – they also ensure that you stay on the right side of the authorities with regard to taxes.