Every business needs a bookkeeper, but there may be something that yours isn’t telling you. We’ve compiled a list of the most common secrets your bookkeeper most likely wishes that you knew to help you save time and money and get the most out of the services that you shell out for.
1. Use the Cloud
You’d be surprised at just how many business owners are resistant to adopting cloud-based accounting or bookkeeping software. Cloud-based technology can be used to centralise your financial information and make it accessible from anywhere, at any time. This is a huge time-saver and means that you won’t have to waste time and energy rifling through a crammed filing cabinet to double-check an old invoice.
Furthermore, the cloud offers a range of security benefits. Permissions-based access gives you full control over which employees have access to certain information, with further encryption to support GDPR regulations. Furthermore, physical damage such as flooding or fire won’t destroy all of your records while it is stored safely in the cloud.
2. Remote Working is the Way Forward
Your bookkeeper no longer needs to do house calls. Virtual bookkeeping services mean that accountants and bookkeepers can do the bulk of their work without setting foot anywhere near your office. Cloud-based software means that your bookkeeper can handle their duties quickly and efficiently off-site, increasing flexibility and saving time for both parties.
3. Separate Your Duties
As a small business owner, there’s such a thing as being too trusting. Of course, no-one wants to believe that their employees would steal from them but internal theft is very common.
To prevent this, consider separating duties to limit fraudulent activities within your business. For example, the employee who handles financial transactions should not be responsible for recording them, as this makes it easier for them to misappropriate funds and cover up their fraudulent actions.
4. Avoid Double Data Entry
Double data entry means entering data from one system into another. Not only is this a waste of time, it also increases the likelihood that your records will contain inaccuracies, which compound and create bigger problems later on. Instead, where possible, integrate your software so that your records are updated automatically allowing you to put yours and your employee’s time to better use.
Summary
By implementing the above simple bookkeeping secrets, you can save time and money. Be sure to take advantage of cloud-based technology to automate data entry, reduce duplication and improve internal and external security. Encourage remote working where you can to reduce travel time an increase productivity.