Automating your accounting task list can simplify your business and cut down on the amount of time it takes to run your business. QuickBooks Apps work seamlessly with QuickBooks Online to help you streamline and organize your accounting system and cut down on time spent inputting data. You can automate your accounting task list by doing the following:
Track Your Time
A recent study performed by Accelo shows that the United States economy loses $7.4 billion each day because of inaccurate time tracking. By using either BigTime or TSheets with your QuickBooks Online software you can track time easily and sync with your QuickBooks software system. Both of these programs allow your employees to track their hours using their own devices. Then once the information is recorded it will automatically upload to QuickBooks to use for company invoicing and payroll. This automation will make employee management easier and will also help with job costing. Another added bonus is that your employees will spend less paid time trying to track down their timesheets.
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Invoices
Oversights related to the payment of invoices happen frequently. Not only can this create issues with your accounting, but it can also lead to major cash flow troubles. QuickBooks Online helps to remedy this issue by automatically generating invoices for your customers that can be emailed or printed.
You can get even more help with your accounts receivable by using Invoice Sherpa. This is an app that works with QuickBooks to help you with automating your accounting task list by sending out invoices automatically. This app will also issue reminders for invoices that have yet to be paid, and can also send out late fees, which helps you to get paid more quickly.
Another great app, Fundbox provides cash flow automation. This app works with QuickBooks Online and allows you to choose an unpaid invoice and request a loan for the same amount that will need to be paid back within 12 weeks. The loaned funds will be deposited in your account by the next business day and you pay a small fee per invoice for the amount you borrow. Plus, if you repay the loan early, the rest of the fee is forgiven.
Reporting Expenses
A recent report by Expensify shows that an average employee uses as much as 45 minutes of paid time for every thousand dollars of expense reports. For those jobs that require a lot of expense reports, it can lead to as much as 30-40 hours each year that could be used more effectively. The good news is you can automate the process of expense reporting by using Expensify. This app allows employees to take pictures of their receipts as they go so they no longer need to hang on to so much loose paper. Another added bonus is that when expense reports are submitted and paid earlier, you will have a better picture of your financial status so you can make better decisions.
Automating Inventory
Another way you can work on automating your accounting task list is to automate your inventory, order management and manufacturing. SOS Inventory works by integrating your order process from start to finish using QuickBooks Online. It even eliminates the need for additional data entry all while giving you more up to date inventory statistics. SOS Inventory will also work with several storage locations to allow you to instantly see how much inventory you have and where it is located. The app will also let you track your profit and loss history related to specific inventory items so that you can make better purchasing decisions.
Automating your accounting task list with QuickBooks Apps will help you save time and grow your business. For ideas on how to use these apps to help your business, be sure to reach out to your accountant.