Accounting is one of those necessary evils that we need to do, but don’t want to. It’s the bane of many entrepreneurs’ and freelancers’ existences – so much so that there are people known as “virtual accountants” who will do accounting tasks for you for a fee.
You could consider hiring such a virtual accountant, or you could just use better software and save yourself the hassle. If you want to save time managing your books, several websites and software programs can help to automate these tasks. Here are several suggestions for ways you might manage your accounting without the need for a virtual accountant.
Cloud-based Corporate Service Platforms
If you’re already using some of the newer cloud-based corporate services, then you might consider utilizing their respective accounting solutions. Many businesses today use Sleek to automate their accounting and compliance.
The great thing about service-based accounting is that your financial data will be backed up and held securely in the cloud, which means you’ll still have access to it even if your computer crashes or hard drive dies. Another advantage is that if you purchase something and forget to automate the accounting, the service will do it for you. Just log in and let them know what happened and how your company was affected by it.
Computerized Invoicing Programs
You can automate your invoicing – and the billing, payments, and bookkeeping that goes with it – by using invoicing software. These programs are so comprehensive that you’ll be able to automate pretty much everything, from sending out invoices and receiving payments to automatically updating your books with every transaction.
It can even automate other tasks, such as notifying you of late payments so that you can take the necessary steps at once. The best thing about these kinds of programs is that they will automate your bookkeeping to the point where you won’t need a virtual accountant or even someone who specializes in accounting.
Inventory Management
If you sell any sort of product, then you might consider setting up an inventory management system. There’s a wide range to choose from, and many of them can automate the entire process so that your books will be updated at each transaction and kept in order automatically.
If you automate your books with this kind of software, it will automate your financial data, record incoming and outgoing money more accurately, automate the bookkeeping process by generating reports for you automatically, and more. The great thing about using inventory management software is that it will save you time, money, and resources.
Invoice Sharing Platforms
Sharing invoices is an excellent way to automate your accounting because it means you can automate all of your finances. If you share the responsibility of paying them with other companies within your industry or who provide complementary products/services, then they’ll keep track of their payments while still allowing you to generate invoices that they can pay via check or credit card whenever needed.
This makes everything easier for everyone involved, not just the person creating the invoice. Financial management software is another great option for automating your accounting. They’re very user-friendly, and you can automate your business from start to finish. It will automate almost everything, from the invoices themselves through to the bookkeeping process and beyond so that virtually no work is involved on your part.
Accounting Service Providers
If you don’t want to become your accountant, then you might consider hiring an accounting service provider. That way, they’ll do everything for you and will even give you all of the information that any other virtual accountant would provide. You can use this data to help your business grow more effectively.
As mentioned above, there are plenty of services available for this kind of thing – some are cloud-based while others specialize in specific industries or products so that they can tailor their services to your precise requirements. It’s up to you what path you decide on, but if time is money as most people say it is, then automating your books can be a very worthwhile investment indeed.
Payment Gateways
As you’ve probably guessed, these are websites or online services that provide payment processing. They’ll automate the entire process of taking payments, updating your bookkeeping, handling refunds, and more. All you have to do is sign up for an account with them (most of them are free) and connect it with your bank accounts.
You can then start accepting credit card payments on your website or any other place where customers might pay by card. This type of service will save you time because there’s no need to manually process each transaction – everything will be automated so that you can focus on whatever else need doing.
If you want to save time and make your life easier, then automating your accounting is the best way to do so. Whether you choose a virtual accountant, your keeping software, or any other similar service, it won’t take long to set up and the benefits are well worth it.
