Go paperless in your small business. Set it up the right way using cloud accounting software you will come to love.
Step 1) Get off the desktop solution and sign up to a cloud accounting software like Xero and Quickbooks
- Key advantages: Access invoicing on the go and connect your bank accounts for an automated download of your transactions. You can also easily add a pay button to your invoices. This will get you paid faster and save you time while also getting better clarity on your business.
Step 2) Stop using cheque’s – Look for other payment methods like credit cards, electronic payment through your bank or even a payable’s provider like Plooto or Veem
- Key advantages: Small business owners are often unaware of the high cost of a cheque. There is cost in time (and salary if you pay someone) in preparing and depositing cheques. There is also often transaction costs in dealing with them at the bank (depending on your account fees and costs). The cost of credit card fees is generally lower in my experience than the increased cost elsewhere. Many small and medium sized business owners think that cheques and cash are the best form of payment. On a larger view this is generally not accurate and can prevent your company from scaling and achieving the success of which you dream of.
Step 3) Automate your receipt collection and processing using tools like Hubdoc or Receipt Bank
- Key advantages: Take pictures of a receipt and have your software learn how to code/classify those repeat suppliers. Email your invoices (or have your suppliers do it) right to your dedicated email for automated processing to your books. This can save you from having to deal with the dreaded backlog of paperwork. Save time, money and manage your cash flows better! Win-Win-Win.
Step Anytime) Call Virtual Heights Accounting to help you set up your cloud processes and take care of your year end accounting
- Key advantages: We know these solutions in and out and will be able to help you navigate them and optimize your business.
Virtual Heights Accounting
A CPA firm that focuses on process automation using technology. We offer year end, tax, CFO, Controller and bookkeeping services and specialize in professional services, e-commerce and the not for profit sector. If you have any questions, please contact us from our website. https://vhaccounting.ca/contact-us/. If you have any comments