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Tips to Help You Save time Accounting 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. Because time travel is clearly out of the question, there are several other ways to make more time in your day as the owner of a business by streamlining your accounting processes. 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 new business owners have no accounting training and cannot afford an in-house chartered accountant, making bookkeeping an extremely arduous task. Up to date accounts mean that you can save time and lessen the stress of running your business. Keeping up to date books and organizing your records means that you no longer have to frantically search for particular bills or invoices. 2. Make your invoicing procedures automated 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. Automatic generation, printing and emailing of invoices to clients is made possible through the use of accounting software. After your reports are created, the information is automatically entered into accounting reports, lessening the time you need for data entry. 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. Automatically generate expense reports The data entry required in the generation of expense reports is extremely time consuming. Between 30 and 40 hours per year are spent by employees in the generation of expense reports. Much of the time lost generating the reports can be recovered if the process is automated. Your company can reduce the time spent coding receipts, tracking down expense reports and writing checks because they are all handled by the app.
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4. Enlist the services of an accountant A chartered accountant has extensive business knowledge which is invaluable when making important decisions. If you are looking to develop, implement or revise your business strategy, you should look to your accountant for advice. The essential insights that a professional can offer will ensure that your business is moving in the right direction and will help you avoid wasting time on an ineffective strategy. 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. Not only does a chartered accountant ensure that your books are updated, he will also ensure that you do not run afoul of the tax authorities.