5 Secrets Your Accountant And Bookkeeper Wish You Knew
We’ve compiled a top 5 list of the most common secrets we wish that you knew to help you save time & money in your business, and get the most out of our services.
1. Double Data Entry
Double data entry means entering data from one system into another. This not only wastes time, but increases the likelihood of errors & inaccuracies, which can create big problems. Instead, automate & integrate your technologies so that all of your records automatically stay accurate and up to date. Speak to us about how to connect your systems: we can help you using AI & cloud accounting software to make sure your records are impeccable.
2. Use the Cloud
Many business owners are resistant to using cloud-based accounting or bookkeeping software. Cloud-based technology centralises your financial information & makes it accessible from anywhere, at any time. This is a huge time-saver and many Apps integrate automatically.
Also, the cloud offers a range of security benefits. Permissions-based access gives you full control over who has access to information. Cloud data is also encrypted and heavily protected, which means that physical damage such as flooding or fire won’t destroy your records.
3. Separate Your Duties
As a business owner, you can be too trusting. Of course, no-one wants to believe that their employees would steal from them, but internal theft is common.
To prevent this, consider separating duties to limit fraud within your business. For example, the employee who pays your bills should not be in charge of recording them, as this makes it easier for them to misappropriate funds and cover up their actions. In our trade this has a name: Segregation of Duties.
4. Remote Working is the Way Forward
Virtual bookkeeping services mean that accountants and bookkeepers can do much of their work without going to your office. Cloud-based software means that your bookkeeping can be done quickly off-site, increasing flexibility & saving time.
5. Don’t Ignore Audits & Inspections
No business owner likes to be audited, but it can happen to you. Let us help you reduce the chances that you will be picked & help you to prepare if you are.
Don’t forget inspectors want to see & understand what happened quickly, and always pick on that one strange occasion, which we have forgotten about, audit trails will help to explain them. Choose which create these trails for you (keeping images of invoices & receipts), sure your records are as transparent as possible. So, if you do face an audit, you’re far less likely to receive a fine.
Summary
Be sure to take advantage of AI & cloud-based technology so you don’t waste time on tasks that can be automated. Remember to separate out duties to protect your business against employee theft, (collusion between employees is rare) & keep your records up to date.
If this resonates with you or you find it interesting, why not book a meeting to see what else we can do to help you?
