Benefits of using online technology to manage your bookkeeping
These days, you can use technology to take care of almost any issue facing your business. If you have a task you don’t like to do, there’s an app or software program to take care of it for you. It might take a few moments of your time to learn and understand how the software or app works, but doing so will save you valuable time and precious energy. It will also free you up to spend time on the tasks you love to do, not on all the paperwork and record keeping that go along with running a business.
If you’re a business owner, here are some programs that can help make your life easier.
Like many small business owners, you probably didn’t dream of owning your own business just so you could manage a paper trail and oversee cash flow. You likely have very little interest in following up on unpaid invoices or spending time paying bills. That’s where online accounting software like Xero, MYOB or QBO comes in. They take care of accounting for your small business.
You can create and track invoices and purchase orders, manage sales and purchases, and set up scheduled bill payments. You can even reconcile bank transactions any time from a computer, tablet or smartphone and have up-to-date financial information about your business. If you have employees, you can track payroll and manage time and money spent on projects or activities. These programs offer easier business financial management, without the headaches. If you are not sure which of these programs is best suited to your business feel free to reach out to us. Our team can help you decide which the right fit for you.
2. Receipt Bank
If you hate taking time away from your clients and work projects so you can manage your paperwork, Receipt Bank has what you need. Receipt Bank is a technology platform that small business owners can use to manage their vital business documents. Anything vital that relates to your business – such as receipts, invoices, and other documents – you simply capture on your mobile phone, through email, or scan on your computer, and upload to the platform.
Receipt Bank then takes the information and displays it for you so you can download it or send it to a connected accounting software. It can also categorize your expenses for you. It requires some time to set up manually, but once your account is set up, Receipt Bank will save you vast amounts of time.
Hubdoc takes care of data entry such as entering all your bills, invoices and other paperwork for you. Hubdoc allows you to take pictures of your paperwork, link it to your account, and develop usable data. It automatically fetches your bills and syncs with your accounting programs. You can even give your accountant access to the program so they can stay on top of your finances as well.
If you love the idea of simplifying your business and avoiding masses of paper everywhere, Hubdoc can help you. As of this month Hubdoc is connected directly within your Xero software for an additional fee of $2.50 per month added to your current Xero subscription.
Last but not least
There’s no question that these types of apps and software platforms can make business owners’ lives easier. Most business owners didn’t start their own business so they could be surrounded by paperwork and endless record-keeping tasks. Choosing a platform that meets your company’s needs will free up time and energy to focus on the things you love to do.
Isn’t that why you got into business?
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