3 Bookkeeping Tricks to Save Time and Boost Efficiency
Imagine having an extra three hours a week to focus on growing your business, networking, or simply enjoying some well-deserved downtime. With the right bookkeeping tricks, you can turn this dream into a reality! In this post, we'll explore three effective strategies to streamline your bookkeeping processes and reclaim precious time for what truly matters.
#1: Set up Automatic Bill Payments
One of the most effective ways to save time in your bookkeeping routine is by setting up automatic bill payments. Instead of manually managing and paying bills each month, leverage technology to automate the process!
You’ll not only reduce the risk of late payments, you’ll also eliminate the need to dedicate valuable time to this repetitive task. When you automate your payments, they’re always on time - you’ll never pay late fees or disrupt the flow of your business. You’ll also free up time in your schedule, which you can redirect toward strategic growth.
Bonus tip: Set up rules in QuickBooks Online (QBO) to make coding these transactions even faster! (Don’t forget to switch off the “auto-add” option on your rules - you always want to quickly review these for accuracy!)
#2: Link Your Bank Accounts in QBO
Linking your bank accounts in QBO is a game-changer for efficient bookkeeping. By directly connecting your bank accounts to your accounting software, you eliminate the need for manual data entry - this not only minimizes the risk of errors but also significantly reduces the time spent on recording transactions.
The integration between your bank accounts and QBO allows for real-time updates, providing you with the most accurate and up-to-date financial information. Your bookkeeping will not only be much faster but also more reliable, giving you the confidence to quickly make informed business decisions.
#3: Automate Your Recurring Invoices in QBO
Recurring invoices are a common element in many businesses, and automating them can save you considerable time and effort. In QBO, you have the option to set up recurring invoices, allowing you to schedule and send them automatically at specified intervals.
By utilizing this automation, you eliminate the need to manually create and send invoices each month. This will streamline your billing process AND reduces the risk of oversights and errors. With more time on your hands, you can focus on building client relationships, expanding your business, or exploring new opportunities.
In the fast-paced world of business, time is a precious commodity.
Implement these three bookkeeping tricks and you will optimize your bookkeeping processes, save a ton of time and effort and pave the way for increased productivity. Take the first step towards a more efficient and streamlined business by incorporating these strategies into your bookkeeping routine today!