Automating your day-to-day business operations -- including your accounting -- is one of the best and most effective ways to reduce your overall administrative costs. There are many ways that you can streamline your accounting system so that less work needs to be done by your accountants and bookkeepers. This has the additional benefit of improving the timeliness and accuracy of your books.
Tie Your Point-of-Sale System Into Your Bookkeeping System
Ideally, your PoS system should be completely integrated into your bookkeeping system. When purchases are made through your register or your credit card machine, they should be immediately logged into your bookkeeping software. Otherwise, not only do transactions have to be entered multiple times, but there can also be inaccuracies when the information is transferred from your receipts.
Download Transactions Directly From Your Online Bank Accounts
Most online bank accounts now make it simple to download transactions as they come in. This means that you won't have to hire a bookkeeper or data entry specialist to enter in your transactions as they occur. Some online bank accounts even code these transactions as they are completed, so your expenses are already separated as they should be. In addition to bank accounts, credit cards also often offer this functionality.
Consolidate Your Payroll System and Payments
By paying your payroll and other company expenses directly through your bookkeeping system, you'll avoid potentially losing track of expenses. If you pay out items separately, you'll have to remember to book those payments -- and you'll need to look for duplicate transactions when you download your transactions from your bank. By consolidating your payments through your bookkeeping software, you can avoid this.
Set Up Recurring and Automatic Payments
In addition to consolidating your payments, you can also use your bookkeeping software to track your recurring and automated payments. Your software will be able to prompt you to either print checks or send direct deposits as necessary, so you don't have to remember the payments that you have to make on a monthly or weekly basis. By setting up recurring payments, you can avoid potentially missing important bills.
Once your accounting services have been sufficiently automated, your accountant will be able to concentrate on reviewing your documents and making suggestions for improvements. Automating your accounting services may take some upfront investment of time and money but will pay dividends in the future in terms of operating costs. If you need help implementing these tips, you may want to hire local accounting services like Broutman & Co., P.C.