Most business owners often dread bookkeeping because they see it as a time-consuming task that holds them back from running their business. But what if there were a way to effortlessly speed up bookkeeping? What if it were possible to save time, reduce stress and regain control of your accounting tasks?
Here are three time saving hacks that will increase your productivity and decrease the risk of error.
1. Scan your receipts
Use a mobile scanner such as NeatReceipts to scan your receipts and to directly import them into your accounting software. This smart scanner recognizes and categorizes key information, so you can export invoices from NeatReceipts straight into QuickBooks as bills to be paid.
2. Avoid paying cash
Using your corporate credit card for purchases makes bookkeeping easier when it comes to tracking expenses, to matching receipts and to reconciling accounts. When you must pay cash, withdraw the exact amount from the ATM – or as close as possible to the exact amount – and note the purpose of the withdrawal on the receipt.
3. Auto-track your mileage
Save time by using an app to track your mileage instead of manually logging it. Find an app, such as TripLog, that uses your smartphone’s built-in GPS to track your mileage and that categorizes the drive. Whenever needed, the app delivers a user-friendly report that helps you to collect all the mileage credit you’re entitled to.