It is unlikely you started your business to be a bookkeeper or an adminstrator of your financial record keeping. It is more likely you set up your business to utilise your own knowledge or skill, offer something you are passionate about and / or fill a gap that the market needs.
Unless, like us, you have a passion for numbers, then most business owners don’t enjoy doing their bookkeeping. However, the majority appreciate good record keeping plays a ‘critical’ function that helps you measure your success or as a minimum comply with the legislative requirements. As part of our Business Improvement Programme, we work with our clients to run an efficient finance system that delivers the accurate financial records needed to support your key decision making. However, we know your record keeping can be a time consuming exercise, even for the most organised businesses.
Over the last few years there’s been so much change in the world of bookkeeping software. We have seen a number of new software providers, plus the advancement in technology and the utilisation of the ‘cloud’. Do you keep up to date with how your bookkeeping software works, its features and how you could be saving time with your record keeping?
Often features are introduced by hard working software developers, but missed by the majority of the users who are busy doing what they do well. Recent development releases and new features have changed the way that bookkeeping is completed and has also introduced more efficient ways of working, improved collaboration and a clearer understanding of the financial position for many businesses.
Here are just a few examples of how you may save time with your financial record keeping:
- Automated bank statement feeds into your bookkeeping software, thereby avoiding the manual entry of each and every line on the bank statement.
- Intuitive matching of data to support your bank reconciliation process. Some software will highlight a ‘match’. For example, when a sales invoice you have raised matches a credit in your bank account, by customer name, amount or reference, then it suggests the match to save you adding a further manual entry.
- The ability to scan your invoice data and receipts, using ‘optical character recognition’ software, and import the information required directly into your accounts.
- Apps that enable you to take photographs of your expense receipts and automatically import the data into your bookkeeping software.
- The ability to set up ‘What if’ rules and automatically manage those repeating transactions. For example, You regularly purchase goods from one supplier. As you process the purchase invoice from that supplier, the software automatically allocates the cost to the relevant expense line in your accounts.
- The synchronisation of data from your software, establishing automated seamless links to third parties including your Auto Enrolment Pension provider and HMRC.
- Software applications that partner with your bookkeeping software to personalise your use and make your record keeping much easier. For example, Bookkeeping software and app’s combining to provide your point of sale solution instead of a traditional cash till.
- Cloud access or App’s for your employees providing them with easy, paperless, access to their payroll data. .
You may use manual ledgers or Excel, but the efficiencies mentioned along with many others, come when using Bookkeeping software. There are a range of software providers lead by Xero, Sage and QuickBooks, plus payroll software such as BrightPay. We don’t believe one solution fits all businesses, so as accredited software partners, we help our clients to choose the platform that best suits the way they work.
The alternative option is to spend more time doing what you do best and save the time, worry and pain of this role, by outsourcing your bookkeeping.
Many of our clients use our bookkeeping associates at A1 Financials, who are also based at 30 Bankside. If you would like to discuss this option, then please call us on 01865 379272 and speak with Noel Heaven.
It is worth adding that the move to cloud accounting also enables you, or others, to view your financial information from anywhere, providing you have internet access via a device including your mobile phone. Here at CRM, we are enjoying a more collaborative way of working with our clients, providing our support in a much more timely manner than at year-end. With remote access, now provided via the cloud, we can view your records with you, whenever you want, to discuss the numbers in your business and provide timley advice that helps you improve the business or pay less tax.
If you would like to discuss your bookkeeping system or outsourcing options, then please call us on 01865 379272.