9 Steps to Save Time on Mundane Bookkeeping Chores

Time is money or so the saying goes. I've found nine simple ways for small business owners to manage their bookkeeping in less time with minimal effort.

1. Invest in accounting software and leave the spreadsheets behind. QuickBooks Online is my favorite software package that offers a variety of plans--from the simplest to the most advanced--business owners can find the right plan for their company's bookkeeping needs.

2. Connect bank and credit card accounts in QuickBooks to utilize the bank feed option which reduces the time spent reviewing, matching and categorizing transactions. Not only do business owners save time on data entry, they can also attach copies of invoices, receipts, and deposit slips to the corresponding transactions for safe keeping.

3. Identify which transactions can be categorized automatically in QuickBooks based on conditions called Bank rules. In a few clicks of the mouse, the bank rules will categorize transactions and even add them to the specified accounts, saving lots of time.

4. Use Gusto, QuickBooks Payroll, or ADP to automate your payroll processing. This enables business owners to process payroll through a computer system, reducing errors, fraud, and processing time. Each of these options provide direct deposit, which is convenient and easy for business owners and their employees.

5. Check out QuickBooks Online App Store! With so many integrated apps, there are no limits to help business owners supercharge their bookkeeping. Some of my favorite apps include Tsheets for time tracking. Receipt Bank for syncing receipts and invoices to QuickBooks. Bill Pay to manage accounts payable. And Stripe/PayPal/Square Sync to add customer sales.

6. Eliminate paper check payments. Paying with debit/credit cards or using the Bill Pay app inside of QuickBooks speeds up payment processes, reduces fraud, and cuts operational costs.

7. Create a monthly bookkeeping checklist to streamline your process and ensure you don't forget any important items. I will have a downloadable checklist available soon in the Checklist Section of the website.

8. Set up a filing system to avoid losing receipts or forgetting to pay bills. I use a few colored folders in my office to manage paper receipts and other important documents. Once a week, I review the items in the folders, scan them, and add them to the corresponding transactions in QuickBooks or on my Google Drive.

9. Use a high-quality scanner to save paid bills, receipts, and other key business documents for easy access.

Business owners are busy and can be pulled in a dozen different directions. I hope you have found these tips to be helpful and will be able to utilize them to reduce the amount of time you spend on your bookkeeping. Drop me a line in the comments if this resonated with you!