How Do I Spend Less Time on Bookkeeping?
Whether it’s messy receipts or late invoices – bookkeeping can be a time-consuming and confusing task. And business owners often find themselves spending way too much time trying to figure out the numbers. It doesn’t have to be a tricky task though. From planning ahead to getting the professionals in, keep reading to find out the best ways to spend less time on your bookkeeping…
Fail to prepare, prepare to fail. Yes, one of the best ways to save time is to plan ahead. That way, it’s much easier to keep everything organised – with contingency time if anything doesn’t go to plan. Planning a month in advance will also help you understand your potential for growth.
Familiarise yourself with bookkeeping basics so you know what needs to be done and when. A great way to monitor what still needs to be done is using a handy check list. Keeping track of numbers, payments and invoices will help the whole process run smoother.
Invoice on time
As a business owner you’re bound to have plenty on your plate. And sometimes that means you forget important jobs like invoicing. This can easily cause problems further down the line, when you need that income to pay employees.
Keeping cash flow steady and your books up-to-date is a crucial part of business. And it’s much easier to remember the details and pricing of jobs when they’re fresh in the memory. That’s why you should make sure you stay organised by invoicing as soon as you can.
Unorganised hard copy receipts can be a nightmare to file and sort. As a result, they can really slow down the bookkeeping process. Whether you’ve misplaced or lost them, you’ll soon wonder why you didn’t go digital sooner.
By scanning and digitally recording your receipts you can cut down the time you spend on bookkeeping – and cut down the mess in your office. It streamlines the process right from the get-go.
Take advantage of cloud accounting
Online software can often be intimidating – but it doesn’t have to be. With cloud accounting tools, like Xero, you can transform the way you handle your finances.
Cloud accounting allows you to sort everything from payroll, invoicing and expenses all from one centralised dashboard. This means you can be more organised with your time and energy in your business.
Still not sure? Why not take a look at our free beginners guide to cloud accounting?
One failsafe way to save time on your bookkeeping is to get the professionals in.
Outsourcing these services means professionals can give your finances their full attention – leaving you to concentrate on improving your business. Experienced accountants can streamline the process, saving you a lot of time and effort.
UWM’s fully managed bookkeeping services are dependable, precise and watertight. They’re the perfect way for businesses to keep up-to-date with their financial records. With tailor-made strategies, our friendly team can design a bookkeeping process that is unique to the needs of your business.
Whether it’s bookkeeping or cloud accounting, UWM Accountants can help you stay organised financially. Based in Leeds, we have more than 30 years’ experience helping businesses across the UK. Get in touch today and see how we can help your business thrive.