Get the most out of your accounting software – and save time and money – with these handy accounting data processing tips.
Being more efficient with your accounting software will help save your bookkeeper time and you money, enabling you to focus more on your business. Here’s how.
Set up recurring transactions
Recurring transactions should be set up for all regular payments and deposits, particularly direct debits such as motor vehicle payments, insurances and rent. These can be set up to be recorded only when selected so the transaction detail is consistent. Otherwise, have the system notify you to record the transaction when due.
Set up automatic entries
Setting up regular transactions to record automatically not only saves time but also ensures consistency. Transactions can be set up to be recorded weekly, monthly or annually, and can be set to be recorded a specific number of times.
Link accounts to supplier card files
Linking expense accounts to specific supplier card files ensures consistency and is a great time saver when processing. I find this particularly useful in linking superannuation fund card files to the liability account, as many clients will often code the payment to an expense account in error.
Import bank statements
Bank statements can be electronically imported directly into your accounting software. Existing transactions already recorded in your software will automatically be matched with those on the bank statements and marked as “cleared for reconciliation”, saving time during the bank reconciliation process. Any remaining transactions will generally be bank account interest and fees, which can be entered in your system to complete your reconciliation process.
Electronic banking payments
For those with multiple expenses to pay, electronic payment files can be sent from your software to the bank for processing. The files will contain all the information they need to automatically process your payment. While there is obviously a cost involved to have the bank process your payments it will save you time.
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Email sales invoices and statements
Emailing invoices and monthly statements directly from your accounting software is a great time saver. Receiving invoices via email is gaining popularity and becoming the norm but may not be suitable for some industries. An added advantage is the sooner it is received, the sooner you may be paid, and if your email program notifies you of delivery/read receipts then there can be no excuses it was lost in the mail or not received.
Set up BASlink
If using MYOB, once BASlink is correctly setup it captures the information from your accounting system and allocates it to the correct fields. A BAS pre-populated form is created in the system, which replicates your ATO Business Activity Statement, enabling you to transfer the information for manual or electronic lodgement via the ATO. However, it is still essential to review your GST ledger accounts to ensure the accuracy of the information provided.
Use the “company data auditor” tool
Again, if using MYOB, this tool gives you a convenient overview of your file. At a glance, you can review when your data was last verified, backed up and whether the accounting periods are locked. It also enables you to review the reconciliation date of the accounts as well providing a transaction review to assist with the location of errors.
Use to-do lists, stock alerts and contact alerts
To-do lists can be set up to display when you open your data file, allowing you to review outstanding receivables and payables at a glance, as well as any expiring discounts you may want to take advantage of. Use reminders to alert you to items that need ordering to ensure stock levels are adequate, as well as any contact or customer communication that needs to be made on a specific day.
Email employee payslips and PAYG payment summaries
As with your sales invoices and monthly statements, employee payslips and year-end PAYG payment summaries may be emailed directly from your accounting software, not only saving time but reducing paper usage. Staff will have easy access to their payslips and payment summaries, and there is no need to create duplicate copies since the originals are safely saved on your hard drive.
Superannuation Clearing House
The Small Business Superannuation Clearing House has been established by the ATO for employers with fewer than 20 employees. The Clearing House enables employers to send a single payment, which then distributes the funds to the relevant employee superannuation funds. This reduces the compliance workload for employers with workers with various different superannuation funds by sending one direct payment.
Use these tips to make your accounting data processing more efficient, and enjoy the savings in time and money for your business.
What accounting data processing tips do you have to save time?