Automating your business helps free up your valuable time to do more money-making activities. It’s a wonderful time for business finance automation because the tools that exist today are so easy to use, inexpensive, and they work great. Plus, new tools are coming online every single day.
- Bookkeeping Data Entry – Most bookkeeping software today can be integrated with your bank and credit cards. When you make purchases using those cards or that bank, the expense is automatically booked into your accounting software in the right category the moment it happens.
- Invoicing – Most invoices in small businesses don’t change that much from month to month. Because of this, you can set up invoices in most bookkeeping software to send automatically based on entries during the previous week, month, or another time period you choose. What’s more, when your client clicks the invoice to pay, the payment is automatically recorded in the software, and then once the money is received, it’s booked in your bookkeeping software.
- Accounts Receivable – You can set up your bookkeeping software to remind your customers to send you the money, and it will automatically book it properly when received too.
- Accounts Payable – Likewise, if you have bills to pay, you can use the same bookkeeping software to record your payment as you make it. You can also set up your bill-paying system to pay all your bills automatically on their due date. Most banks have this feature built-in for free.
- Tax Compliance and Reporting – Once your accounting software is set up with the right categories, most of it will work automatically. If you have to deal with more than one state due to your business structure, try a platform like Taxify.co to help automate and understand more of this process.
- Expense Management – Managing expenses, especially when you’re away from your office, is easy today with the various software that helps you collect receipts, appropriately book the expense, and so forth. Automating this is more important if you have several people to keep track of. Software that can help include Zoho Expense, com, and even your existing bookkeeping software may have an option.
- Payroll – Depending on how many contractors you have or if you have employees or not, you may need to have an automated way to ensure your people get paid on time. Letting them self-manage their pay helps save time. Look at your bookkeeping software to determine if there are add-ons to help automate this or try using SurePayRoll.com.
- Investing and Saving – The truth is, if you don’t invest and save on a regular basis, you won’t do it. Using your bank to send money to your investments automatically, savings accounts are the best way to make it happen, whether personal or business finances.
Automating your finances helps you avoid making the same steps over and over again. There is no reason to repeat tasks today when you have the ability to let the software do it for you. You can save hours each day by implementing these financial automation tips and tools.