Four Ways Technology Can Help With Bookkeeping
Does it seem like every time you plan to work on your business’s books , you get distracted? Well, if so, you’re not alone. Tackling the books is one of a business owner’s biggest headaches.
Luckily, there’s technology that can help any business owner make sense of their bookkeeping and make the task less of a chore.
1) Use Online Bookkeeping
Josh Wheeler, COO of SimpleX Payroll, notes technology has changed considerably over the last five years to help small and medium-sized businesses succeed. Online tools like Google Analytics, online bookkeeping, online phone systems, outsourcing software, and administrative software have completely changed what businesses can do.
“Today any business with knowledge of the proper resources has the ability to set up enterprise level business systems at a low cost to provide an air of professionalism and new insights for their customers and their industry,” he says. “The online bookkeeping software (such as Freshbooks, QuickBooks, and Paychex) now allows business owners to update or inspect how their company is doing with only a few clicks on a smart device. ”
2) Find the Right Dashboard
Sabrina Parsons, CEO of Palo Alto Software, says since most business owners don’t start their company with a business or financial background, many are often surprised how much financial know-how is necessary.
“Bookkeeping is often very overwhelming,” she says. “It’s important to find a financial planning dashboard that’s integrated with existing accounting and banking software.”
The best financial dashboards manage information on financial performance, financial comparisons, accounts payable, accounts receivable and cash flow.
3) Integrate Technology with an Accountant
Among U.S. business owners, 89 percent of respondents in an accountant usage study conducted by Sage agreed that working with an accountant was a critical element to their success.
Jennifer Warawa, vice president and general manager of Sage Accountant Solutions at Sage North America, thinks that business owners need to spend their time building a business rather than worrying about expenses, updating ledgers, and creating reports, which is why working with a reliable accountant is so important.
“Using technology to automate your processes and working with an accountant can give your business a competitive edge, and get you back to doing what you love,” she says. “Accountants will take on the heavy lifting of many different aspects of your business.”
4) Use the Right Software
Andrew Wicklander, founder of Tula software, points out that not every software is right for every business, and due diligence is required. Planning ahead will save you time and money in the long run.
“There are more and more options out there every day,” he says. “Find something that does what you need it to do, at a price you can afford. Don’t settle for inferior software, it will only hurt your business.”