In the dynamic and intricate world of high-net-worth family-owned enterprises, the importance of precise and…
Bookkeeping is usually a time consuming and tedious process, which needs to be performed to keep the books up-to-date. Up-to-date financial statements provide sufficient information for any business owner/director to make the appropriate financial decisions.
As with advancement in technology, there are a few option available for business to automate the bookkeeping process that can save the business time and money. Bookkeeping automation is completed through the following process:
- Bank and credit card accounts of the business are connected with the accounting software used for bookkeeping.
- The accounting software is then provided key words to specify certain transactions in certain accounts. Any repeat transactions from those keywords (i.e. certain vendors, purchase activity etc.) are automatically allocated to those accounts in the ledger by the program.
- A business owner can review the allocation at the end of the month to confirm there are no errors or reallocation that needs to be made for these transactions.
Currently the automation for accounting is provided through the following services:
- Cloud Accounting
Cloud-based accounting applications, such as Quickbooks online, have revolutionized the way a business books are maintained. Quickbooks Online usually stores information on the cloud so it is accessible from anywhere as long as the user has access to the internet. Algorithm used to allocate the expenses between accounts is great and is constantly improving.
- Expense Management
Services like Receipt-bank provide small business owners the ability to save valuable time by extracting information from images of hard-copy receipts in an accurate and efficient manner. Once a picture is uploaded to the app, information is extracted from the receipt and entered in to the system.
Payroll is another process that is being automated these days through few service providers. Services providers provide accurate calculations of employee’s salary and related remittances that have to be made on the employee’s behalf to the employer. These remittance payments can be automated by these service providers that allows the business-owners to be worry-free and allows the business owners to have more time to focus on their business.
If you have any questions regarding automating your bookkeeping, please don’t hesitate to contact us. Shajani LLP Chartered Professional Accountants and Advisors have a team of Calgary Accountants, Edmonton Accountants and Red Deer Accountants ready to assist you in your personal and corporate tax filings and tax planning strategy.
This information is for discussion purposes only and should not be considered professional advice. There is no guarantee or warrant of information on this site and it should be noted that rules and laws change regularly. You should consult a professional before considering implementing or taking any action based on information on this site. Call our team for a consultation before taking any action. © 2021 Shajani LLP.
Shajani LLP is a CPA Calgary, Edmonton and Red Deer firm and provides Accountant, Bookkeeping, Tax Advice and Tax Planning services.