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Tips to Help You Save time Accounting Operating a small business is highly rewarding but also time-intensive as well. Many business owners are therefore left seeking out ways to find more time. Unless you can travel back in time, which is impossible, then you will have to find other ways to free up your time including reducing the time you spend on your accounting tasks. Here are some highly effective time-saving tips for businesses that would like to cut down the hours spent on accounting tasks. 1. Clean up your books Few entrepreneurs have formal accounting training or experience, making the keeping of current books a tough ask for them. To reduce stress and save time, you need to constantly keep your books up to date. Keeping up to date books and organizing your records means that you no longer have to frantically search for particular bills or invoices. 2. Automate your procedures for invoicing You can easily lose money when invoicing for your business at the end of the month due to lost unpaid invoices. Accounting software makes it easy for you to generate, print or email your invoices to clients at the end of every monthy. Data entry time is significantly reduced by the automatic entry of invoice data by your accounting software package. There are also several accounts receivable apps available that can automate the process of sending reminders of unpaid invoices as well as handling of late fees so that you are paid quicker.
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3. Automate your 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. Get business advisory services from an accountant An accountant has the training and expert knowledge to help you to make important financial 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. An accountant can help you determine who your most valuable clients are, what marketing strategies offer the best returns and how much money is needed for investment in a growth plan. A chartered accountant will keep you in the know about your tax liabilities in addition to keeping your books up to date.