The end of the year is fast approaching and that means prepping and preparing for tax reporting. As I review the past year’s bookkeeping, I like to keep a list of reclass items and other issues that surface during my review. I take a little time to ponder the time I am allocating to tasks that I perform on a regular basis and whether I can improve my process so I can cut down that time and boost accuracy. Mistakes are a common time waster, so increasing accuracy is just as important as increasing efficiency.
Here are my 3 top action items you should implement in 2020 to work faster and make more money:
- Invest in an AP automation software that integrates with Quickbooks Online. There are several excellent options out in the market now that can automate the data entry necessary to create AP bills. You might be initially put off by the monthly cost but the time savings and the software’s ability to minimize data entry error is well worth the investment. I have seen client’s cut their AP processing in half using automation software.
- Create reoccurring entries for all regular income and expense items. Take the time to build a list of re-occurring invoices if you receive regular and predictable payments from clients. Set-up re-occurring expenses to get those autopays entered quickly. These transactions will quickly match with transactions on the bank feed and you can be assured that the items have been coded to the correct account, customer, and class.
- Upload receipts through the new receipt center in the banking tab. If you are still manually entering credit card receipts, you will be blown away by the new receipts feature in Quickbooks Online. Scan receipts and drop them into the module and Quickbooks will automatically match those receipts to expenses in any credit card or bank feed that you have active. Now you just need to code the line item to the correct vendor, class, and account. This is a fabulous feature for companies that value a solid audit trail as these receipts are attached directly to the transaction
Each of my suggestions is a serious time saver and we all know that less time spent on bookkeeping means more time you can invest into your core business model. Happy New Years!