Have you ever felt that accounting is the monster beneath your bed, waiting to attack as soon as you turn away? You are not alone. For busy Toronto entrepreneurs, getting the books in order can feel like an ongoing burden. It's that annoying activity that is always on your to-do list yet never seems to get any simpler. You could be thinking, "If only there was a way to speed up this process while maintaining accuracy."
I hear you. It's infuriating when bookkeeping consumes valuable hours that you'd rather spend expanding your business or, god forbid, taking a minute to breathe. It's easy to become overwhelmed when gazing at a stack of receipts and spreadsheets, wondering how you'll ever get through it all. The good news? There are Bookkeeping tips for Toronto entrepreneurs to free up their time.
In this piece, I'll show 6 time-saving Bookkeeping tips for Toronto entrepreneurs geared toward busy businesses like you. Tips that are practical, actionable, and tailored to your demanding schedule. Are you ready to transform bookkeeping from a beast to a breeze? Let's dig in and reclaim your time.
Embrace Cloud Accounting Software
The first on our list of Bookkeeping Tips for Toronto Entrepreneurs is cloud accounting software. This is a real revolution in modern bookkeeping. Why? Because it allows you to get the details of your financial situation at any given time and place. Just think about making alterations to your books while enjoying coffee in a café during your spare time at home or adjusting accounts during the evenings. Softwares such as QuickBooks Online or Xero makes this possible within the cloud environment.
You must certainly have a lot on your plate as it is already. You may find it overwhelming to have bookkeeping in addition to other tasks. With the use of cloud accounting, this task can be eased. All accounting data, from invoices to expenses, are managed centrally, which simplifies the method of monitoring your financial status. Getting ‘real-time’ updates eliminates the need to wait until the end of the month to have an idea of your financial status.
Automate Routine Tasks
Next up, automation tools. These tools are incredibly helpful for anyone who is an entrepreneur with a packed schedule. They relieve you of time-consuming chores so you have more time to spend on improving your business rather than getting lost in piles of documents. Automation eliminates manual data entry hence eliminates errors that are likely to occur and also saves a lot of time.
Consider, for example, the concept of automated bank feeds. When you integrate your bank account into the accounting software, the transactions are automatically fed into the software and classified. No more picking up the bank statements to sort out the entries, or entering each transaction manually. Not only does this keep your books updated, but it also makes reconciliation quite easy.
Payment reminders are another outstanding example. Rather than chasing clients to pay what is due, use follow-ups to remind the client. Your clients are politely reminded, and you continue to collect your cash without any physical exertion needed on your part. This is like having a personal assistant who is intangible and doesn’t require any time off for weekends.
Utilize Receipt Scanning Apps
Receipts, receipts, receipts. They can accumulate so fast and turn out to be almost unmanageable. Enter receipt scanning apps. Tools such as Expensify or Receipt Bank were developed to turn this process into a pleasant and easy experience.
Picture this: you are in a business lunch and the waiter serves you the check. Rather than folding it and placing it in your wallet, use a receipt scanning application to capture an image of the receipt. The application automatically selects the required data and structures it into categories for you. It’s stored digitally, and ready for your accountant. The days of misplacing receipts, or trying to recall how one has spent $50 are gone.
This method is not only convenient. It also assists you in managing your workflow by keeping you organized. When scanning your receipts, you make a permanent record that can be easily accessed. When it is time to file taxes, you will not be rummaging through drawers or boxes. You have everything you need at your disposal.
Set Up Bank Feeds
Bank feeds are also another important feature for active businessmen. Connect your accounting software with your bank accounts to update all your financial data without typing them in manually. This feature is particularly relevant to record-keeping and making crucial business decisions based on facts.
Imagine the traditional way: gathering the bank statements, inputting each transaction separately, and matching them against the accounts. This workflow is time-consuming and very likely to make mistakes. In bank feeds, this process is made easier. It is fully integrated into your software, with transactions instantly available for review, already sorted by category.
For instance, every time you swipe your business card, it immediately records the transaction. Every time you open your accounting software, you are immediately updated with your financial status. This not only saves time but also allows you to always be aware of your financial position or the lack of it.
Outsource Bookkeeping Tasks
In some cases, it is more effective to let others do the work. It is always reasonable to outsource your bookkeeping to a professional service. GTA aims at offering bookkeeping services for ambitious business owners, thus letting you off the hook and enabling you to do what you love most.
There are several advantages of outsourcing bookkeeping services in Toronto. You receive professional management of your money with strict adherence to the laws on taxation. Also, it helps to save time that would otherwise be spent on creating opportunities to expand your business. In a way, it’s like having a financial person on your side, without actually employing someone full-time.
Consider this scenario: You have been doing your books on your own but this has been consuming a lot of your time and you fear that you may be making some mistakes. By trusting GTA with your bookkeeping needs, you are free to delegate the tasks to a company that thrives on bookkeeping. They will control your accounts, prepare the necessary reports, and give recommendations for effective decision-making. It is the relief that comes with the understanding that the management of your money is in safe hands.
Create a Bookkeeping Checklist
And lastly, one cannot overestimate the amount of privilege of having a good checklist. Checklists help make sure that your bookkeeping is up to par and that nothing slips through the cracks. They are very helpful, especially to those business people who have so much to do at any given time.
The advantage of using a checklist is that you can subdivide your bookkeeping responsibilities into feasible segments. For instance, there are daily tasks such as entry of sales and expenses, weekly tasks such as balancing the bank statement, and monthly tasks such as the preparation of balance sheets. This structured kind of arrangement ensures that one does not lose track of what has been scheduled and what has not.
It is easy to create a checklist. List all the bookkeeping activities you handle, then sort the list based on the frequency of the activities. To create this type of checklist, it is advisable to use the most accessible tools like Google Sheets or Trello. Using this method is not only time-saving but it also gives a better insight on how to keep your finances on the right track.
Conclusion
Mastering bookkeeping doesn’t have to be a time-consuming chore. By embracing cloud accounting software, automating routine tasks, utilizing receipt scanning apps, setting up bank feeds, outsourcing to professionals like GTA, and creating a structured bookkeeping checklist, you can streamline your financial management and reclaim valuable time.
Ready to take control of your bookkeeping and focus more on growing your business? Let GTA help. Our expert team specializes in affordable, efficient bookkeeping for busy Toronto entrepreneurs. Contact us today to see how we can simplify your bookkeeping and give you peace of mind. Let’s make bookkeeping the least of your worries and get back to what you do best.