205: Automate Your Bookkeeping Process Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner
205: Automate Your Bookkeeping Process Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
Whether you are a business owner or a bookkeeper, you’ve probably heard about automated bookkeeping. Automated bookkeeping uses artificial intelligence, or AI, as well as machine learning to help speed up your bookkeeping tasks. In today’s podcast episode, I dig deeper into what automated bookkeeping is and how you can start utilizing these practices in your business to be more efficient. If you are already utilizing automatic bookkeeping, you know how much time it can save you, but make sure you are doing everything you can to ensure that your data is accurate. I’ll cover how you can refine your processes and prepare yourself for the future so that you are taking advantage of all the benefits that come along with automated bookkeeping. Whether you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, you know how time-consuming your bookkeeping can be. Listen in so that you can learn how to let automated bookkeeping work for you so that your bookkeeping entries get made even when you are not working on it. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
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Show Notes:
Whether you are a business owner or a bookkeeper, you’ve probably heard about automated bookkeeping. Automated bookkeeping uses artificial intelligence, or AI, as well as machine learning to help speed up your bookkeeping tasks. In today’s podcast episode, I dig deeper into what automated bookkeeping is and how you can start utilizing these practices in your business to be more efficient. If you are already utilizing automatic bookkeeping, you know how much time it can save you, but make sure you are doing everything you can to ensure that your data is accurate. I’ll cover how you can refine your processes and prepare yourself for the future so that you are taking advantage of all the benefits that come along with automated bookkeeping. Whether you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, you know how time-consuming your bookkeeping can be. Listen in so that you can learn how to let automated bookkeeping work for you so that your bookkeeping entries get made even when you are not working on it. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Welcome Back…Automated bookkeeping. Does this sound like a dream come true for you? It would surely make doing your own bookkeeping a much easier task; however, there are a lot of business owners and bookkeepers who are still on the fence about utilizing automated bookkeeping to help them save time. I totally understand where you are coming from, and if you feel this way, you are not alone. You’ve probably heard before how the computers are going to take over the world…or how robots will eliminate all of our jobs, but rest assured, these computers and robots still need our help.
Let me start by explaining what automated bookkeeping is. Throughout this podcast, I’ll be referencing the automated bookkeeping solutions you can get with QuickBooks Online, but other computerized bookkeeping solutions are similar. When you process your bookkeeping data using an automated bookkeeping system, you are using artificial intelligence or AI to compute your data entry for you. This AI, along with machine learning, can take your normal manual data entry and automatically record your transactions for you. The benefits of utilizing automated bookkeeping are that you are able to minimize your data entry time, provide you with real-time data, reduce errors if set up properly, generate more accurate reports, and allow you to be more productive with your business.
All these benefits are great, but you must also be aware of the drawbacks. With automated bookkeeping, you need to make sure you set up your systems properly. These automations are driven by rules you need to create. If you don’t create them properly, your information will not be accurate. Like I always say, garbage in is garbage out, so you need to spend some time upfront to get the reliable information you are looking for. You also need to make sure you have a good review process in place, and if you catch any errors, you want to make sure you are fixing them quickly to prevent errors in the future.
When you utilize automated bookkeeping in a computerized software system like QuickBooks Online, you can set up your bank accounts and your credit cards to automatically bring in your bank feeds. When you set up your rules, it will follow these rules and record your transactions for you. Think about all the transactions you have in your business and how much time this could save you by having them recorded for you. You could also take this automation one step further and attach a scanned image of the transaction so that you have it on file for the future.
It is extremely important for you to understand how and why each transaction that you have automated is recorded so that you can make changes along the way if needed. If you make an update to your chart of accounts down the road, you will also need to know where you need to go to make sure that any future transactions get recorded properly as well. If all this talk about automations makes you nervous, I want you to know that it doesn’t have to be an all-or-nothing process for you. You could simply take just a few transactions and set up the rules for these automations. I would recommend you follow how these couple of transactions move throughout your bookkeeping system, and when you feel comfortable with these transactions, add a few more until you have all your transactions automated.
Once you have your transactions automated, it means you no longer have to spend days or weeks manually entering all your transactions before you can close your books for the month or generate your financial statements. You’ll be more efficient by reducing the time-consuming, repetitive data entry. What could you do with the time that you save in your business? How much is that time worth to you? Where could you be more productive or add value in other high-priority areas in your business? Would you like more time to work on your business development rather than your bookkeeping? These automations can help you do just that.
Computerized bookkeeping solutions like QuickBooks Online are built for business owners without an accounting background so that you are able to do your own bookkeeping and collaborate easily with your accountant, CPA, or tax preparer. It allows you to spend less time on data entry and is, in general, more accurate. We as humans are prone to making mistakes, but artificial intelligence takes each transaction and processes it the exact same way each time it occurs, which reduces mistakes as long as you have everything set up correctly from the beginning. This is why I recommend setting up reminders and processes to verify and review your transactions to ensure accuracy.
Automated bookkeeping is definitely helping you, as a business owner, take control of doing your own bookkeeping, but most business owners still need help from a bookkeeper or CPA when they run into questions they are unsure of.
Imagine having a system in place where you spend less time buried in paperwork and more time doing what you love. That’s where I help my clients. They are able to have proper processes in place, understand why they are following through with these processes, and they have more peace of mind when it comes to their business. Striking a balance between the demands of running a business and maintaining a fulfilling personal life is an art; it’s about creating an environment where you can thrive and support your lifestyle. By being proactive and setting up efficient processes, you can ensure a smoother, more enjoyable year-end, and you’ll be prepared to file any necessary filings with the IRS. By working with me, you’ll change more than just your bookkeeping processes. Like many of the clients I’ve worked with, you’ll go from not knowing how to get through all the stressful situations or being unprepared to being totally in control of exactly what you are choosing to get done at the time you want to have it accomplished by, all while knowing you are doing enough and you’re able to enjoy your business and your personal life. I help clients just like you with strategy, mentorship, and coaching. When you work with me, you’ll show up much more differently than you do today, and, after all, this is what you ultimately want in your life, right? You can be stress-free in both your professional and personal life. Come join me. When I work with clients throughout the year, they are able to reduce their stress and overwhelm, understand how to master their small business finances, develop solutions to grow their bottom line, and create a work-life balance they truly enjoy. I encourage you to take the next step by signing up for a free consultation where I’m going to teach you the first step in my process so that you can eliminate stress, overwhelm, or overworking in your professional or personal life while you continue to get done what matters so that you can live your life with joy, purpose and a more fulfilled life. Feel free to reach out to me with any questions you have; I’d love to help you on this journey. You can schedule your free consultation or sign up for a coaching session today at www.FinancialAdventure.com. As a Certified Public Accountant and Certified Life Coach, I can help you set goals and develop a plan that will allow you to lead a happier and more sustainable life in your business, career, or your personal life. I’m here to guide you through the financial aspects of your business as well as help you focus on the strategies you need to follow to reach the success you want to achieve in your professional or personal life and stay committed so that you can continue to keep pushing forward and relieve the stress, anxiety, or overwhelm you are currently feeling. Having an accountant and certified life coach like me can provide you with valuable insights and ideas to help you simplify your life, which enables you to go back to enjoying your professional and personal life. I work with business owners, accountants, and other financial professionals to create the actionable steps they need to take to ultimately achieve their goals while getting relief from the stress and overwhelm they feel from the pressure of owning a business, deadlines, and the workload they face every day. If you are struggling with this as well and would like some help developing a solution, help strengthen and maintain your emotional health, increase your well-being, create a more positive, happy, and joyful life, set and achieve your goals, and manage your relationships, I’d love for you to join me in my Balance Life Coaching program so that you can live a more purposeful life. Each week, we meet privately one-on-one, and you get to bring whatever is on your mind on any given week. I also have a daily coaching program where you can talk to me whenever it works best for you, 24/7, any day of the week. In either program, you get to work on your highest priority, whatever you want more of in your life, or if there is something that is weighing on you heavily that you need coaching on, and we’ll work through it together. Having a certified life coach like me helping you through all of this allows you to feel so seen and cared for, and the results are amazing. Everyone benefits when they work with a certified life coach. After every session, you feel energized, and you know exactly what to do for the day or week to come, and relief knowing we will meet again to go over anything that comes up after your session. You’ll gain self-awareness while you take each step toward your goals. The investment in either of these programs is an easy yes for you. I’ve set these programs up in the most supportive way. If you are ready to join the Balance Life Coaching program, you can go to www.FinancialAdventure.com and click on the work with me button. You’ll see the link to join as well as additional information about the programs. Sign up now. There are limited spots available for these programs due to the one-on-one aspect, and they do sell out. If the payment link is gone, you can get on my waitlist to join the programs when additional spots are available. I help people get results and live a more joyful life. I coach everybody on everything. I know there is something you want in your life, and I can help you get it. I know this is something you’ve been waiting for. I’ve been asked by many of my listeners to create these exact programs. The faster you get access to the program, the quicker you’ll see the possibilities available to you. I also have a risk-free guarantee. I believe so strongly that everyone benefits from coaching that when you sign up for the Balance Life Coaching program today, if for any reason you are not satisfied with your first session, you can send us an email, and we’ll refund you immediately. Are you ready to enjoy your life now? Why would you want to wait? Make this investment for yourself. Take the journey with me…make it happen for yourself. Ask yourself why you need this program in your life right now. Are you ready to make bigger, bolder, stronger life goals? I’m looking forward to meeting with you soon and digging deeper to see where you currently are in your business or career and start creating actionable steps so that you can reach your vision and goals for the future, not only in your business or career but also in your personal life. I’m ready to work with you, see all of your successes, and watch you thrive in your business or career while creating your best work-life balance. I’ll post links to this and other valuable resources for business owners and accountants where you are listening to this podcast.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
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