Spending too much time on the menial accounting side of your business?
Whether you’re self-employed or running the show, it’s important to be on the pulse of your business so you can access any information in a flash.
But you may find all that logging and recording dull and time-consuming.
It doesn’t have to be this way.
There are plenty of online accounting software programs out there to make the process intuitively easy, and even save you bags of time.
I wasn’t entirely convinced I needed one, as I thought my excel spreadsheet system worked just fine.
But I can tell you with conviction it is a worthwhile investment in your company, not only from a professional point of view, but also from a time-savings point of view.
There’s no one size fits all, so it’s important to research a few and even trial them to see which functionality best suits your business type and complexity.
Having trialled a good handful, I came across Freshbooks and haven’t looked back. Mostly I’ve been amazed at how quickly it allows me keep my accounting up-to-date. As a result I can quickly see the state of affairs in mere seconds.
If you’re spending too much time – or not enough time – on accounting activity, consider the ways Freshbooks can make your accounting life simpler.
Here are five ways Freshbooks helps you save valuable time in maintaining your accounts:
1. Accounting on the Go
Freshbooks is a cloud-based system which means it syncs realtime on all devices. Just download the app on your smartphone and/or tablet and you can access your account from virtually anywhere.
Taking advantage of the app makes productive use of downtime when you’re out and about. Generate an invoice while on-site with your client. Record your train travel expense once you’ve boarded the train.
With those tasks done quickly and out of the way, you’ll have more time at your desk for other business.
2. Streamlined Invoicing
If you’re generating your own invoices, you’re likely reinventing the wheel each time.
Save time by customising a list of your products and services, making them quick and easy to select when creating your invoice.
Use a ‘copy’ function to re-produce existing invoices, or set up a re-curring invoice.
Customise automated reminder emails to be scheduled at set intervals reminding clients of invoices past due.
3. Expedited Expenses
Many people don’t record expenses, figuring it’s an event for tax-time. Worse yet, many people don’t record expenses full-stop. This results in over-paying the accountant for time taken to get the expenses recorded. This isn’t good use of the accountant’s time, nor is it good use of your time trying to scavenger receipts.
Freshbooks makes it quick and easy to log the expense details into the system and into the appropriate category.
And, much like the invoicing functionality, a ‘copy’ feature makes it easy to quickly replicate a frequent expense instead of entering from scratch each time. Amend the amount and date and you’re done.
You can even snap a picture of the expense receipt with your smartphone and attach it to the expense you’ve logged.
4. Quick Reference Reports
Freshbooks provides charts and graphs and a variety of reports to help you see various aspects of your business quickly at a glance. On entering the site you know immediately where your billing is, your outstanding invoices, and a breakdown of expenses.
Select date ranges and other criteria to get targeted snapshots of data, which give you insightful information about your business in an instant.
5. Ready for Tax Time
By entering your invoice and expense data regularly, you’ll reduce your tax prep time by a longshot. Simply export the information to send to your accountant.
Or take advantage of a recent feature which allows you to share your bookkeeping with your accountant immediately.
Your accountant will thank you for preparing in advance, and you’ll thank yourself for the time and stress you saved yourself.
This is only the tip of the iceberg. There are several other functions to simplify your accounting life. I’ve shared these features to illustrate how even the basics of the right system can save you hours.
If you like the sounds of this software, I invite you to trial Freshbooks here to see if works for you and your business.
What do you do to minimise your accounting time?
Comments are closed.