How much time are spending managing your finances? Does your accountant cringe at the sight of you because your idea of filing is a trash bag? Are you behind on your bookkeeping? Are you stressed out just thinking about it?
Stop the madness! My implementing just four data management tools you can save a significant amount of time and have accurate books.
A as bookkeeper you might think that I would consider accounting software as the most important tool required for financial management. You would be wrong.
In today’s age of ransomware, antivirus software is the most critical tool in managing your finances. Gone are the days of being able to protect your data with the free versions. Don’t get me wrong, I still use a free version on my personal computer. However, that system does not contain sensitive information about my clients.
Okay, now we can get to the accounting software. If you are still using paper ledgers or even Excel for bookkeeping, you are wasting an incredible amount of time. I can hear the cries now. “I have always done it this way.” Do you still use the first printer you ever purchased? Have you updated your product to keep up with the times? If you are to keep up with your competitors, it is time to move your recordkeeping into the 21st century. Doing so will give you more time to run your business.
We live in a world of instant gratification. That applies to us as well as our customers. We want payment for services quickly and with as little complication as possible. Likewise, when consumers are ready to make a purchase they have the same expectations. Additional benefits include a reduction in the number of bounced checks (and associated headaches) improved cash flow.
For those instances where instant payments aren’t optimal, bill management tools can greatly reduce the hassle of getting paid. Do you know that on average business owners spend an average of 15 days per year chasing money owed to them? These systems allow you to automate bill payment, invoicing, and payment receipt.
So many receipts!!! The idea of managing them all is overwhelming. Which is one reason so many business owners get behind on their bookkeeping. With todays technology you can say goodbye to the shoebox and get organized. An expense management program will extract information from your receipts, invoices, and bills with the snap of picture. Your documents are automatically organized into a cloud-based filing system for future reference and with a little effort can be uploaded to your accounting software.
Getting these tools set-up will take some time. You don’t have to do it all at once. Perhaps introduce two tools this year and the others in 2019. If the thought of getting started is too daunting, there are several professionals out there that can do it for you. Go ahead, start dreaming about life with less stress and more free time.