Bookkeeping Tips to Save Time & Money — Vintage Grey LLC Bookkeeping

October 8, 2020 by Natalie Spears

Are you the owner of a business outgrowing its current bookkeeping methods (checkbook, Excel pivot table, and old filing cabinet)? Do you want to streamline your bookkeeping processes to greatly reduce the amount of time you spend on those tasks? If so....

here are 4 VERY POWERFUL solutions you must consider….

Invest in reliable, cloud-based accounting software

I use QuickBooks Online (QBO) Accounting Software because:

Quick, easy, online, customizable, and easy-to-track invoicing provides a smooth billing process to get paid faster, avoid payment delays, and improve cash flow (no need for a 3rd party ACH or credit card payment option…QBO handles all of this and allows your customers to quickly pay directly from the invoice they receive via email).
One-click sales tax reports for accurate sales tax reporting whether you are in an origin- or destination-based state
Track sales and expenses
Track miles
Manage accounts payable
Free trial and access to the latest product and feature updates
Run your business from anywhere and on any device with an internet connection.
Know how you’re doing financially with daily updates from your bank accounts and credit cards.
Collaborate with your accountant, your bookkeeper, and your staff while everyone is seeing real-time data. You control the data access of each user.
Connect to 650+ cloud-based apps and reach award-winning customer support via email, chat, and phone
Financial data is protected with automatic data-encrypted back-ups
Mobile app for smart phone access
Customize financial reports for easy visibility of critical accounts

https://quickbooks.intuit.com/online/move-to-online/

Automate bank reconciliation and setup bank rules

Connect your bank for automatic updates and simple bank reconciliation within QBO. Advantages include:

QBO automatically imports bank and credit card transactions on a daily basis, saving you time and money.
Setup bank rules to match common bank and credit card transactions to invoices, bills, and purchases making reconciliation seamless. For example, the electric bill will be tied to the same ledger account every single month. Why not make it automatic with little effort on your part?
When statement lines from your bank accounts are fed into your accounting software automatically, you can see your cash flow in real-time with standard and custom reports available with one click.

https://quickbooks.intuit.com/accounting/track-expenses/

Go paperless…Secure financial documents, digitize/file receipts, invoices, etc

QuickBooks Online offers a smartphone app so that you can instantly access your financial date on your mobile device…perfect for on-the-go business owners.

Work from anywhere by using your cell phone to enter transactions, record expenses, invoice customers, and even send reports.

QBO automatically backs up your data to the cloud and syncs across all your devices so everyone involved (employees, bookkeeper, accountant, etc) sees the most up-to-date info at all times.
Scan, snap a photo, or send an email, directly to QBO of receipts. QBO pulls the info such as the date, payee, amount, and payment method right from the receipt. Then, match the receipts to existing expenses or create new expenses.
Create professional estimates right on your mobile device. Attach plans, contracts, or photos so customers have the info they need. Email a copy from the app.
Reduce time manually keying information from paperwork into various systems
Reduces chance of losing receipts before you get back to the office to file them away.
Also track business and personal mileage in the app for ease of reporting to your CPA at year-end. It keeps up with starting mileage, various vehicles, and provides the option to enter mileage manually or can even use your device’s GPA tracking to calculate your actual mileage in real-time.

https://quickbooks.intuit.com/accounting/mobile/#tracking