Look, it’s no secret that the only people who like bookkeeping are bookkeepers. While the rest of the world is busy on social media, or enjoying a glass of wine after a hard day, bookkeepers are quietly inputting receipts into ledgers, riffling through account statements, and chasing transfers from one account to another.
(We’re kind of strange that way)
For the rest of the world, though, bookkeeping is tedious, stressful, and time consuming. If you’re not a lover of bank reconciling like I am, then you probably fall into the ‘no love for bookkeeping’ category. Although I can’t teach you to enjoy bookkeeping, I can help you get it over with quicker?
Here are our top six time-saving hacks that can make bookkeeping – or getting us the information for your accounts – that much easier. Even better? Once you set these up once, you really won’t have to mess with them again!
1. Bank Statements – The paper statement is dead, period. Unless you’re stuck in 1992, our recommendation is that you utilize a paperless statement system from your bank and then … sync that statement to your online accounting software! You can easily do this is in QuickBooks, Xero, and most any other major platform. At the same time, you want to retain the primary copy in your own computer or files, but by allowing the software to sync, you can effectively move vast amounts of data automatically. Of course, if you have any questions or concerns about how to do this, you’ll want to let a pro (like us) help you get it set up, but once you’re done, you’re pretty much set up forever. At Bookkeepwithus, our clients have the option to simply upload statements right into their account as soon as they receive them. Done!
2. Cash receipts – Since you never go anywhere without your phone, an app that can take a picture of a receipt and then upload that into your accounting software seems like a pretty neat way to make it automatic, right? Right! The good news is that there are literally dozens of apps that do just that and, depending on what accounting software you use, most work in conjunction with them. Using these is simple – you download the app, set it up to work with your accounting software, and simply take a picture of the receipts! We’ve found that Receipt Bank works very well, but again, check out several and determine how they interface with your software – of course, we’re here to help, so if you have a question, just let us know and we’ll help you out.
3. Deposit Slips – Now, not every bank offers this service, but a lot of banks do – even the smallest of the small. You’ll be able to request a digital deposit slip which allows you to fill out and manage everything from your accounting software. If this seems just a little too complicated for you, then you can simply take a picture of the slip, scan it at the end of the day, and input it into the software. While most banks may charge a fee for this service, it is probably still worth it to use it, depending on the volume of business you’re doing or the number of deposits you actually make in over the course of a month.
4. Checks - No matter how many or few you write, the most effective way to keep track of each check description is still to simply ask your bank to add the check image features to your account. They might charge a small Banking fee but is worth the time you save at the end of the day and the fact that there is no chance of misplacing the cancelled check.
5. Loan Statements – Again, here’s another tool that many banks offer (but don’t necessarily talk about) to allow you to simply download the statement at the end of the month. Once this is set up in your software, you can simply sync and upload, saving time on what is usually a tedious – and often forgotten – task.
6. Merchant Accounts – Depending on who handles your merchant accounts - Paypal, Square, Stripe and even those offered by many banks – are now open source which means that they can sync directly to your accounting software. Of course, each one is slightly different, so how to sync may be a little harder or easier, depending on who is providing it. If you are not sure how to make the integrations, then the smartest move is to simply reach out to us and let us give you hand in getting everything set up.
And that’s it! Sure, it will take a little legwork to get the system set up, but once you’ve gotten it done and gone through a month or two of working with an automated system, you’ll find that getting all your information uploaded and inputted into your accounting software is … really … a five minute job.
It doesn’t get any easier than that – you spend more time than that in line for a coffee each week.
If you’d rather remove the tedious act of bookkeeping from your plate all together, try giving one of the experts at BookkeepWithUs.com the joy of doing it instead. They’ll love it.
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