Lots of changes have happened in technology over the past few years. The same has happened in accounting and bookkeeping technology. If you’re still doing your accounting and bookkeeping the same way you were three years ago, you’re missing out on some powerful ways to streamline your process.
In this episode of MissionBusinessPodcast.com, Bernard Broesch shares big improvements that are now possible with modern small business accounting technology.
If you have any questions about this podcast episode, please feel free to contact us.
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Invoicing Clients And Getting Paid
While you used to need to send invoices manually in the past, through the mail, you can now send invoices electronically.
- Using features of QuickBooks, you can create invoices quickly and send these invoices via email and avoid postal mail altogether.
- By using electronic invoices, you can track the status of invoices directly within QuickBooks and get reminders automatically if invoices become overdue.
- In addition to sending invoices electronically, your client can submit payment electronically, so you’re paid quickly and payment is easy for them.
- By collecting payments electronically, QuickBooks can keep track of which invoices have been paid and automatically update that information so your data is accurate.
If you’re still manually creating invoices and sending them to clients, or if you’re still getting checks in the mail that need to be deposited in the bank then you should definitely consider modernizing your accounting process with these types of features.
Bookkeeping And Data Entry
The bookkeeping process used to be extremely manual where you needed to enter information from your bank directly within QuickBooks.
- By having a more modern accounting process, you can capture data as it happens. For example, when you invoice clients, that invoice can be quickly created within QuickBooks.
- When you collect payment electronically, that information is automatically logged in QuickBooks and deposits to the bank account after the electronic payment are also recorded.
Using a modern accounting system like QuickBooks enables you to capture data as it happens day-to-day in your business so that much of the bookkeeping occurs during that time.
Documenting Receipts For Expenses Is Important For Bookkeeping
With recent improvements in mobile phone technology, you can document receipts by taking a quick picture on your mobile phone.
- Even more powerful, you can use software that will match those receipts with actual transactions at your bank so that receipts are well-organized.
- Finally, you can leverage QuickBooks bank feeds to automatically log a lot of bookkeeping information directly within QuickBooks.
- Using bank feeds requires some set-up time and careful management to ensure the data is accurate but can be a powerful efficiency option for your bookkeeping process.
You Might Need An Upgrade
Do you need an upgrade? There are a number of things that would indicate that it’s time to upgrade your accounting process.
- Paper and files – If you are still using lots of physical paper and files to keep your information organized, this is a sign that an upgrade to your accounting process may be needed. A modern accounting process stores much of the information electronically and eliminates the need for physical records.
- Lots of time organizing and moving data around – If you find yourself spending a lot of time trying to organize your accounting data or trying to retrieve data that is needed, such as receipts or other records, this is another sign that it may make sense to upgrade your accounting process.
A modern accounting system keeps data organized as it is entered and makes it retrievable when needed.
How Can We Help?
If you’re in a position where you realize your accounting process has become outdated, contact Bernard today. He can help you understand what parts of your accounting process can be improved and how to go about making these improvements.
You can also visit MissionBusinessPodcast.com for more insights that Bernard has been sharing with us in the previous episodes.
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