Even in today’s digital age, many small business owners are still keeping records the old-fashioned way-with pencil and paper. Recording transactions by hand can be very time-consuming, which is why you may want to consider one of these 4 tools to automate your small business accounting.
Used by more than 1.5 million customers, Quickbooks has packages for independent contractors, as well as small and medium-sized business owners. With Quickbooks Online, you can perform tasks such as creating invoices, tracking income and expenses, paying bills, or running sales and profit reports from anywhere in the world, so long as you have an Internet connection. There is also the ability to utilize additional features such as having a specialist cut a payroll check for you.
All versions come with a free 30-day trial, and you can easily upgrade to a more advanced version at any time. If you require assistance, you may also contact the Quickbooks customer service line, which is available weekdays from 6 am to 6 pm Pacific Time.
Switching to Bill.com can slash the amount of time you spend processing bills and invoices virtually in half. Its accounts payable functions make it easy for you to approve an invoice, and eliminates the need to sign paper checks. You can even view all payments to a particular vendor at a glance, something that will come in especially handy when collectors start calling.
Using Bill.com to invoice your customers will result in your business receiving payments up to three times faster. Simply generate an invoice from within the platform, then send it via email so your client can pay electronically. Utilizing this method will also make tracking outstanding invoices a breeze. Download the Bill.com mobile app, and you can easily approve and pay bills while on the go by using your smart phone.
For many small business owners, keeping track of receipts is a nightmare. Rather than having piles and piles of receipts, Shoeboxed.com allows you to scan and upload your receipts in order to better keep track of mileage and expenses. No more worrying about lost receipts or manually calculating mileage.
Shoeboxed.com works with many of the same platforms you already use such as Evernote and QuickBooks. It makes preparing taxes a breeze, and will put an end to paper clutter once and for all. You may even scan in your business cards to ensure you never lose track of any of your important contacts. More than 1,000,000 businesses are currently using Shoeboxed.com to help them manage their receipts.
Aside from keeping track of receipts, running expense reports is another thing that many small business owners dread. Enter Expensify, a program that integrates with other platforms such as Oracle, NetSuite, and Sage to provide you with “one-click expense reports in real time.”
Expensify offers packages targeted toward non-profits, those providing professional services, start-ups, and restaurant and hospitality businesses. Each one is uniquely tailored to that industry, ensuring reports are as accurate as possible. The duplicate expense detection feature can even help you detect and prevent fraud.
Their activity-based pricing model is very affordable, allowing you to pay only for the services you use. If you don’t use Expensify in any given month, there is no charge.
Any of these four tools can help you automate your processes and streamline functions; however, they will require you to spend time learning a new system. A better solution is to outsource your accounting functions to someone who is already familiar with one of these software programs. Here at GML CPA, we have associates who are adept at operating these and other software programs, and invite you to contact us to find out more.