TIPS TO REDUCE TIME TRACKING RECEIPTS AND BOOKKEEPING.

Here are some tips to help you be more efficient with bookkeeping:

1. Use cloud-based bookkeeping software.

There are a couple of advantages to using online software like Xero instead of desktop-based tools for your bookkeeping.

Accessibility is better. You can view and enter data anywhere in the world – whether you are at a client meeting, overseas on a business trip or working remotely from home. You don’t have to wait to get back to your office to create reports or send an invoice.

Security is enhanced. When you store information at your office, you are vulnerable to theft, fire, flood or a computer crash. Data stored in the cloud is safe and sound.

2. Connect directly with your bank.

Bookkeeping software like Xero automatically downloads data about bank deposits and withdrawals. These transactions go straight into Xero every day. You don’t have to wait until the end of the month to enter your banking data and compare it with what’s in your accounting software program.

3. Scan your receipts.

Apps like Dext (formerly Receipt Bank) allow you to scan your receipts and automatically upload the information into your accounting software. Dext works with the most popular bookkeeping programs, including Xero and QuickBooks.

Here’s how you do it. Immediately after you have made a purchase, scan your receipt. It’s automatically stored for 10 years so you can throw away the paper receipt. Dext sorts the expense into the correct category, such as travel for hotel bills and office supplies for printer ink.

The transaction instantly appears in your bookkeeping software as an expense. No need to enter data by hand or sort through paper receipts at the end of the month.

Here’s a related suggestion: It’s a good idea to keep your personal and business expenses separate. Have a credit card just for your business so that you can scan ALL the receipts from that card.

4. Outsource your bookkeeping and payroll.

Bookkeeping services like Waterdown Bookkeeping and Accounting take the load off your and your team, allowing you to focus on more important tasks like growing revenues. Our expert team can sometimes help you find tax deductions that you were not even aware of, reducing your taxes owing.

Waterdown Bookkeeping and Accounting can also handle your payroll. Not only is payroll complex and time-consuming, you must make regular remittances of payroll deductions to the Canada Revenue Agency. A single late or missed payment can result in large penalties.

At Waterdown Bookkeeping and Accounting, we’re technology forward. We leverage the most up-to-date tools to drive efficiency and keep costs low. We provide bookkeeping and payroll services to small- and medium-sized businesses.

For more information contact us now!