Bookkeeping and accounts can be one of the most time consuming tasks when you are running a small business. The team at Prodigy Bookkeeping help streamline small and medium business’ workflow. If you need help with your bookkeeping and accounts please contact us. We have built our business around letting you refine and grow your business.
1) AUTOMATE YOUR ACCOUNTS PAYABLE
In any business there will be expenses that will be consistent month to month. This may be mobile phone plans, insurances or subscriptions, finance on equipment or commercial rent.
Instead of entering these as new every month, save them as a recurring transaction. This will save the bulk of your data entry and a few minutes per month.
2) AUTOMATE YOUR ACCOUNTS RECEIVABLE
It is very likely that some component of the money that comes into your business will be from a regular customer for a regular amount. Save your predictable regular customers and their orders as a recurring transaction. You can also modify minor details if needed before saving if it is their usual order with a small twist.
3) CONTROL THE PETTY CASH
Use one card and one account to buy all of the little odds and ends for your business. This will save huge amounts of time reimbursing staff and scratching your head about who paid for that $4 basket from Officeworks.
4) KEEP THE PAPERWORK TOGETHER
Buy an A4 folder and separate the receipts, invoices, timesheets and purchase orders. The time saved sorting these will save headaches at the end of the week or month.
5) SIMPLIFY AND AUTOMATE YOUR PAYROLL
While not appropriate for some businesses, it can be useful to save the consistent elements of the regular payroll processing for your staff. It can often be quicker to modify these when needed than to complete the same data entry for every payroll period.
6) UPDATE YOUR ACCOUNTS REGULARLY
Make a regular time each day, week or month as needed to update the accounts for your business. Keeping your books up to date allows you to have access to better reports and keep a closer eye on your business. Another advantage of reconciling your accounts on a regular basis is that data entry errors can be discovered quickly.
7) FILE YOUR DOCUMENTATION REGULARLY
It is important to file your receipts and invoices regularly after your data entry. This will save you lots of desk space and on those few occasions the new widget from Officeworks or Bunnings doesn’t work, your receipts will be close to hand and easy to find.
8) FIND A GREAT BOOKKEEPER!
A skilled, experienced and qualified bookkeeper will save you hours every month. It will also allow you to focus on growing your business and embracing your unique skills.
A skilled bookkeeper and certified BAS agent can ensure your tax obligations are correctly met, bills paid on time and your cash flow effectively managed. If this sounds like something you would like for your business please feel free to get in touch.