4 Business Activities You Can Streamline with Automated Online Bookkeeping

Have you started work as a freelancer but haven't filed your taxes by yourself before? Learn how an accountant can help handle your finances.

About Me
The Importance of Using An Accountant

When I started working from home as a freelance contractor, I knew that I was going to need to figure out how to file my taxes. I started paying close attention to my expenditures, and I decided to work with a professional to do my taxes. I was really happy that I had decided to work with a professional after filing for the first time. My accountant helped me to write off some of my expenses, and it was great to see how much I was able to save. This blog is all about the importance of using a professional accountant, and how it can help you.

Search

4 Business Activities You Can Streamline with Automated Online Bookkeeping

3 August 2022
 Categories:
, Blog


A bookkeeper can automate some business activities to streamline your business. The bookkeeper automates essential aspects of your finances and leaves you to focus on growing your operations. Discover four business areas that online bookkeeping can streamline.

1. Invoicing and Billing

Automated bookkeeping allows you to forget the hassle of invoicing and billing customers. Instead, the bookkeeping software takes care of it, leaving you with more time to focus on other business aspects. In addition, automated bookkeeping tracks your cashflows, allowing you to stay organized and on top of your finances.

Bookkeepers can connect your invoicing and billing to your banking services. For example, they can set up automatic customer deposits into your bank account. You can then follow up on the deposits through the bookkeeping software to ascertain the customer payments have cleared.

2. Tax Reporting

Ensuring accurate and efficient reporting of your taxes can prove challenging. However, you can take a significant load off your plate come tax time by automating your tax reporting processes. Tax automation also helps you remain compliant with taxing regulations.

The bookkeeping software will automatically deduct taxes from your payment schedule to ease your tax preparation. You can also run tax reports with the press of a button. This is convenient compared to manual tax preparation, which is tedious.

3. Filing Receipts

Filing receipts helps you track your expenses when you're running a business. It's great for keeping your records up-to-date and organized. In addition, bookkeeping software automatically categorizes each receipt into an expense category, saving you reconciliation time.

In addition, your bookkeeper can export data from the accounting system to produce spending reports. You will have an easy time analyzing such reports for financial planning. For example, you can cut down on unnecessary expenses that you observe in the report.

4. Handling Payroll

Some bookkeepers provide payroll functions. Automating your payroll will save you time and resources. In addition, a bookkeeper can link your payrolls to your banking services. This move saves time by delegating payroll processing to your banking service provider.

Sometimes, you might have forgotten and paid an employee twice, while at other times, you might have forgotten to deduct deductibles from employee salaries. Bookkeeping software integrates payroll services to save you from these inconveniences. All you'll need is to confirm that everything checks and click a button to disburse salaries.

Conclusion

Automated bookkeeping can help your business become more organized and efficient. Contact a local bookkeeping company such as Blueback Accounting to automate the above business processes and more.