Medical Business Advisory / Is This Your Situation: You’re Spending Too Much on Bookkeeping

Is This Your Situation: You’re Spending Too Much on Bookkeeping

Wondering what your options are to reduce spending and increase income? Here are some tips:

  • Organizing your finances is the foundation for financial success. Receipts scattered? Can’t keep up with payments that are due? Missed payments result in late fees and interest charges, and all those do are increase the overall amount to be paid each month. You’ll be paying more for your bookkeeper if he or she has to spend time sorting through a mess of paperwork.
  • Implement a system right now to provide all the necessary information for each transaction. The more information on each transaction, the better.
    • When you buy something and get a receipt, take 10 seconds to make a note on the receipt to document the purpose of the purchase.
    • When you pay an invoice online, note the date of payment and the method used.
    • Ask your bookkeeper how to present information and you’ll get suggestions and advice on how to streamline workflow and maximize your bookkeeper’s time.
    • Having a system with the information the bookkeeper needs to keep your books up to date means organizing during every step.
  • Use proven computer software. Avoid unnecessary busywork and postage costs. A document management system is a better way to keep track of receipts than is the shoebox method. Snap a picture of the receipt and store the image in a cloud-based folder to share with your bookkeeper for tracking. Pull transactions from credit cards and bank accounts.
  • Create categories to automatically file transactions. Your bookkeeper can evaluate transactions and audit the system with safe access to your uploaded financial documents.
  • Separate business and personal spending. Create separate accounts to simplify account reconciliation. When a client pays in cash, deposit the cash into the business account right away. It will take less time for your bookkeeper to match deposits and determine deductions for next year’s taxes.
  • Build in flexibility and accuracy for the future. Reduce potential mistakes by leveraging technology for calculations and report generation. The system can deliver financial intelligence and greater efficiency.
  • Control costs by eliminating waste. Reduce waste and unnecessary financial burdens. Your bookkeeper can advise how to reduce overhead expenses and improve account receivables collection to increase income and cut expenses.
  • In-house changes affect employee productivity. Your workers will see the effect of streamlining business systems and their daily decisions can support your overall business efforts.
  • Hire outsourced bookkeeping. You may save thousands of dollars a month over hiring someone in-house. You will find that you can tap into the expertise of an outsourced team that has worked on financial reports for other small to medium-sized businesses.

Among common outsourced services are accounts payable and receivable, payroll processing, financial reporting and statements, tax calculations and filings, monthly reconciliations, and credit card and bank statement audits.

If you want to reduce bookkeeping costs so that you can get back to spending money on growing your company, give us a call.

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