5 TIPS TO AUTOMATE YOUR ACCOUNTS
WRITTEN BY: HAYLEY PRITTY, PROGRESSION ACCOUNTANCY
Ever got to the end of your day, and wondered why you've not managed to complete all of those jobs you'd planned?
Or wondered why you seem to spend so much time completing your accounts?
Or tried to remember if you've put all of your bills and business mileage into your accounts?
Or fed up of trying to fix things when you've dealt with something incorrectly in your accounts?
If the answer is YES, then you're not alone.
Many business owners face at least one of these issues most days. It usually results in searching your paperwork for bills, looking through your diary for potential business mileage, or pulling an all-nighter / weekend to catch up on all of the accounting/admin jobs.
So, here are my FIVE TOP TIPS for getting automation working for you, so you can save time and worry, and get error-free accounting every day!
1 - Use accounting software that's built for automation
I'm a massive fan of Xero! It can do pretty much any process that you need for your business. Many of the core features of Xero are built on the ability to set up automation (for example, reconciling your bank and setting up bank rules, sending repeat invoices, creating repeat bills).
If you can get your system to deal with things correctly and quickly, with little time needed by you, then set it up!
2 - Get your suppliers to email their bills straight into your accounting software
Rather than receiving bills through the post, ask if your suppliers can email them straight into your accounts. The benefits are threefold - you won't have paperwork taking up physical space, you'll ensure that the cost is entered into your accounts correctly, and if you need to look back at the bill then you can easily locate it.
3 - Use an app to record your business mileage as you do it (and ensure it hooks up to your accounting software)
Get a record of that business trip straight away, and ensure that you've claimed for the correct amounts in your accounts. No more trying to remember trips, or calculating miles/amounts/VAT.
4 - Use as many features of your accounting software (plus any add-ons) as possible
Do you have employees and need to run payroll? Do you have staff rotas? Do you need to use a project management tool in your business? Do your employees have expense claims?
If the answer to any of these is YES, then see if your accounting software can be set up to deal with these things automatically (or if not, see if there’s an app that you can use that will hook up to your accounting software and will send the data directly into it).
5 - Set up online payments so your customers can pay you easily
Apart from the cash flow benefits of receiving payment from your customers quickly, using an online payment tool also means that your accounts are automatically marked as “invoice paid” when your customer pays you (so you don’t have to go in and mark it manually).
Final thoughts...
Getting your systems set up correctly is the key to success.
Allowing automation to deal with some aspects of your accounting will save you loads of time, and will ensure that your data is correct.
And then you can focus more of your time on all the other things you enjoy doing, happy in the knowledge that your accounts are correct, and you’ll never need to pull an all-nighter or weekend again!
ABOUT THE AUTHOR
Hayley Pritty is a Dr Who fan, super mum, Xero training hero, and all around delightful human. She specialises in working with businesses to simplify accounting, and giving them confidence whilst using Xero (and save loads of time faffing with it when they could be focusing on the bits of business they actually enjoy and that make money!).
For more info on her brilliant training offers, or to debate who was the best Dr Who…
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