Is QuickBooks Better than Manual Records?Posted on January 17th, 2018
Traditional business operations previously required balancing debits and credits in paper ledgers, tracking physical receipts, and balancing all these numbers on a routine basis to ensure nothing was missed. While this is certainly effective, it is almost antiquated by modern standards. QuickBooks provides significant benefits that any business owner should consider, even if they depend on manual recordkeeping and reconciliation.
Reducing Chance of Errors
Human error is common and unavoidable. Whether you’ve had a long day at work and your mind won’t focus on numbers or you miss a receipt, manual bookkeeping leaves plenty of room for mistakes. Even one missed payment or failure to note money coming into your business can you give you a false sense of success or set off false red flags. While a seasoned business veteran may believe they have the manual record keeping process down to a science, it’s hard to beat accurate calculations provided by a sophisticated computer program.
Saving time may be the most obvious advantage offered by digital bookkeeping systems. Collecting all financial records, adding them by hand, and double-checking numbers is incredibly labor intensive and is almost a second job on its own. The adage, “Work smart not hard” is certainly applicable here. Manual accounting is by far the longer process, compared to the automation provided by QuickBooks, as well as templates available in the system for invoices and reports.
A messy workspace can easily make a business professional feel disorganized. Bulky paper ledgers, shoe boxes full of paperwork, and file cabinets of old records can make your back office feel small and cluttered. QuickBooks allows you to store secure records digitally, whether on your office computer or on a cloud-hosted system – no more digging through physical folders and sorting through paperwork. Digital accounting records are far easier to access and make your office as organized as possible.
Improve your peace of mind and take the extra work off your plate by converting your manual books to an efficient and accurate digital accounting system. If you need help getting started with QuickBooks at your place of business, our professionals can provide the support and guidance you need. Contact our office for a consultation!
Tips for Improving Business OperationsPosted on December 19th, 2017
Once you have your business up and running, you may begin to notice that some of your current processes aren’t working. But once you’ve recognized the problem, how do you find a solution that meets your needs? If you’re new to running a business, it can be difficult to pinpoint a small operational issue that has wide-reaching effects.
At Four Cedars Accounting, our team includes experts on streamlined business operations. We have created the following guide to give you an idea of positive changes you can make to your company to improve efficiency:
Cost-Cutting and Product Pricing
How much are you charging for current products and services? How much do you expend each day on items needed to run your company? If expenses outweigh profits, you could experience detrimental negative cash flow, which is why you should reevaluate expenses and pricing on a periodic basis.
If you are able to expand into a market where clients willingly pay a premium, you may need to consider elevating the prices for your products or services. If you haven’t researched suppliers and vendors recently, you could be paying too much for the tools you need to help you, clients, and customers. Find ways to reduce redundancy and lower overhead, so you can increase profits.
Understand Business Performance
Without knowing where you stand, it’s hard to determine areas of potential growth and improvement. Operating a successful enterprise requires various considerations that play into your strength as a company; for example, what is the state of outstanding loans? Do you need additional capital? Is now the right time to invest in assets and equipment?
Take the time to routinely review business data so you understand current performance levels. This can require monthly financial write-ups and consistent recordkeeping for the most up-to-date numbers. Once you understand key components of success, you can bolster areas of inefficient operations.
Automation and Streamlined Back-Office Processes
Work smart, not hard is an important lesson in business ownership. As an entrepreneur in the digital age, it’s almost necessary to leverage the power of applications, hardware, and programs that perform tedious back-office operations for you, which significantly frees up your valuable time. Automation can include everything from report generation to bill payments. Don’t devote your time and energy to tasks that can be handled by accounting programs or outside professionals.
Need more business help? Ask our small business professionals how we can help your company operate successfully and efficiently. Schedule your consultation today or visit our website to learn more about customized solutions for your small business needs.