Last week, we joined Business Link at their Edmonton office to host the ‘How to Automate Your Bookkeeping With Technology’ webinar. During the webinar, our Enkel controller, Andrea Mitchell, discussed the importance of bookkeeping and how technology can help to streamline different aspects of the bookkeeping process. Here’s a recap of the webinar!
Why does bookkeeping matter?
Bookkeeping is often a process that many small business owners leave to the last minute because of its time consuming and tedious nature. That said, an up-to-date set of books is important because it shows you exactly where your business stands financially. Having a clear view of your financial health and access to financial information can help you make better business decisions and keep potential investors in the know.
Bookkeeping also helps business owners stay organized throughout the year which can reduce the time and stress level during the year-end tax time. As a small business owner, it is important to understand and converse with your financial data, rather than fearing it.
How was bookkeeping done in the past?
In the past, bookkeeping typically included an abundance of manual processes in order for the monthly books to be reconciled. Bookkeepers relied on either excel spreadsheets or a desktop accounting system (such as Simply Accounting, Sage50, or QuickBooks Desktop) to record all the transactions and information. This meant a huge upfront investment cost on the software and lack of accessibility to information because the program could only be installed and used on one dedicated hard drive. Hard copy receipts were also stored in shoe boxes and manually entered into the system, resulting in valuable time wasted on an inefficient process. It’s no wonder people don’t prioritize their bookkeeping tasks. However, technology advancement has truly been a blessing to business owners seeking a solution for their bookkeeping - Starting with the cloud!
How can technology help improve the bookkeeping process?
Bookkeeping can be difficult for small businesses, especially those in their growth stage. But thankfully, there are some great tools that can help ease the process.
Cloud-based accounting applications such as QuickBooks Online, have revolutionized the way a business’ books are maintained. For one, QuickBooks Online stores information in the cloud instead of a dedicated hard drive that desktop applications require. This means that there is a reduced upfront investment cost, while also adding the functionality of users being able to easily access the system from anywhere, as long as they’re connected to the internet.
In terms of functionality, QuickBooks Online allows users to synchronise their bank and credit card accounts to their accounting software, providing users with real-time information on their present cash flow situation. Users can also automate their invoicing and payment process through the use of QuickBooks Online and its third-party app integrations. Lastly, financial reports can also be easily generated through QuickBooks Online, allowing users to make smarter business decisions with the click of a button. With cloud-based accounting systems, small businesses now have the ability to access greater processing power even with a small budget!
Using applications such as Receipt-Bank, small business owners can now save valuable time by extracting information from hard copy receipts and invoices in an accurate and efficient manner. Users can simply take a picture of their receipts or invoices on the app and information will be extracted from the receipt and entered into the system. Business owners can then use their resources saved from manual data entry to provide greater value for customers or grow the business! Why work hard when you can work smart?
Through automated payroll providers such as QuickBooks Online Payroll or PayWorks, users can accurately calculate employees’ salary and pay employees punctually through direct deposit. Business owners can also take their minds off the related tax payments! Automating your payroll can improve your company’s productivity and leave your team with more time to focus on tasks that matter most.
We are proud supporters of Business Link and are excited to co-host more events and webinars aimed to support small to medium-sized businesses across Canada.
Specializing in bookkeeping services for small to medium-sized businesses, Enkel streamlines the bookkeeping process through the use of cloud-based technology and a dedicated team of financial professionals. Whether your organization is located in Vancouver, Edmonton, Calgary, or Toronto, we’ve got your bookkeeping needs covered! Contact us today to learn more.