5 Tools to Reduce Bookkeeping Administration
As a small business owner, you’re well aware of the mental endurance it takes to keep everything running smoothly. This is particularly true if your business is still new because you might not have the resources and tools to run every department efficiently – you must handle bookkeeping, marketing, inventory management, cash flow and more, all the while making sure the business is up and running during daily operations.
Today, we’re going to help take one of those stresses away. Bookkeeping administration is a problem that bogs down many small businesses with inefficiencies and bottlenecks. The good news is that there are hundreds of digital tools available to help you with this. Let’s talk about the top five that we’ve encountered.
Receipt Bank
If data entry and receipt tracking have turned into tremendous strains on your bookkeeping processes, Receipt Bank might be the best tool for you. With Receipt Bank, your processes for receipt collecting, processing and publishing is automatic, which will save you thousands of hours each year. The more time that you can save, the more money savings your business will have as well, so this tool is worth a look.
Trade Gecko
Trade Gecko is a cloud-based inventory and order management system that will help you manage your inventory as seamlessly as possible. Some of the benefits of Trade Gecko is its ability to enable accounting, invoicing, order management, sales and reporting and its integration with systems to increase efficiencies and reduce time wasted on administration.
Harvest
Harvest is a digital tool that specialises in making time tracking easier. If you need to manage dozens of employees, tracking their time can become a challenge. When you use Harvest, you can see where your employees spend their time and you can see if there are areas needing improvement. It is a great way to increase your business’ efficiency all-around and if you want to maximise every hour of the day, you should give it a try.
Hubdoc
If you need a better-automated solution that will quickly import all of your financial documents and have stored in one place, then look no further than Hubdoc. This platform is a great tool to help bookkeepers save time and money by automatically exporting complicated financial reports into easy to use digital files. This can save your business a lot of time and also help reduce any unnecessary, tedious bookkeeping administration.
Futrli
Futrli is an all in one forecasting and reporting tool for business. It will allow you a mechanism to report on your performance, forecast in three different ways (Profit and Loss, Balance Sheet and Cash), consolidate, model different scenarios, create KPI dashboards and much more. The ability to create graphs provides an easy to read format for tracking your performance and identifying worrying trends. This is a tool that most businesses can do with to help them understand their numbers and therefore manage or grow their business.
Hot Tip with Xero Add-ons
Whilst there are many tools that can help you with your bookkeeping activities, a good place to find out more is on the Xero website. Whatever your problem or bookkeeping inefficiency is, chances are that there is a Xero Add-on available to solve it. You can use their tools to collate receipts, make payments, track time, create financial reports and so much more. Check out their website to learn more about the digital solutions they offer.
Let Us Help
We would be remiss not to mention our professional bookkeeping services for small and medium-sized businesses! If you would rather focus on other areas of your business instead of bookkeeping, we would be glad to help! To learn more about our services or speak to one of our professional bookkeepers, feel free to contact us!
