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4 Bookkeeping Tasks You Need To Automate

While it might seem to be surprising, nearly half of today's small businesses still do not use automate essential bookkeeping processes to reduce repetitive tasks. If you are one of the businesses that still spend hours preparing expense reports, you may need to embrace automation to carry out your bookkeeping task efficiently. Here are four bookkeeping tasks that need automation.

Payroll

For small business owners, payroll taxes are considered to be the company's biggest burden. More often than not bookkeepers spend 10 hours or more per month for managing payroll. This means that bookkeepers spend a total of 120 hours per year just for managing payroll. However, the number of hours you spend for payroll taxes can be reduced when you automate your payroll. Aside from cutting down your bookkeeping load, you can also create instant paycheck and calculate payroll taxes.

Expense Reporting

Failing to submit expense reports on time is a violation of company policy. These variables will definitely cost you money and may even create bookkeeping and tax problems in the end. When you automate expense reporting, you can be sure that you will have a streamlined bookkeeping process. The best thing about automation is that you will have the ability to use your mobile devices to automatically snap pictures of your receipts. You can also automatically generate reports and integrate them with your travel bookkeeping to ensure that your travel expenses comply with company policy.

Inventory

It may take days to take inventory but you can cut back on this wasted time by simply automating your inventory management. When you integrate your inventory management with your bookkeeping software, you will have the ability to automatically create sales report, pack list, reduce inventory errors, generate invoices and speed up the reorder process.

Invoicing

You can easily lose track of the individuals you paid and the ones you haven't if you do not have bookkeeping software to automatically generate invoices. Oversights can happen all the time and this can give you a headache as it can result in losing money and cash flow problems. Make sure you use bookkeeping software so you can generate invoices that you can print or email. While waiting for the payment to come in, your bookkeeping software can provide an automated system so you will be able to sustain sufficient cash flow. This will also allow you to work in conjunction with your bookkeeping software so you can select an outstanding invoice and request corresponding funds over a specific period of time. Automating your invoicing system can ensure that the payment is deposited into your account as early as the next day.

Tamara Deterding

Written by : Tamara Deterding

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