Bookkeeping is an essential role in any business, but we all know it’s not the most exciting. But companies rely on bookkeepers to ensure that everything is in the right place for payables, receivables, and everything in between. Is there a way to make this work less tedious and time-consuming? Here are a few time-saving hacks that will pay off in the end.
Paperless Bank Statements
The single best way to improve the efficiency of your bookkeeping is to ditch paper and embrace technology. Almost every single bank or investment firm offers paperless statements, and these can reduce the work you do quite a bit. Most accounting software you use can also integrate these statements directly making the process even easier.
Receipt Apps
For clients who have a lot of deductions based on receipts, phone apps are a lifesaver. Several apps allow the user to snap an image of the receipt to be held electronically. This is a million times easier than tracking down receipts when it comes time to handle expenses, for them and you.
Electronic Deposit Slips
A lot of banks also offer a service for electronic deposit slips. These can generally be integrated right into your bookkeeping software, which will also save you time doing all the final bookkeeping. There will be a fee for the service in some cases, but it can pay in the long run rather than costing your client more money for billable hours.
Sync Merchant Accounts
For some businesses, especially those embracing technology such as Square or Paypal to process payments for their products or services, you can also integrate these accounts directly into the software. The biggest issue will be figuring out how to integrate each account since they’re all a little different.
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