FeaturedKnow and Grow Your Business

3 Ways Accounting Software Can Free Up Time For Small Business Owner in 2022

By November 17, 2021No Comments

Time is our greatest asset as we grow older. Whether it’s graduating school, starting a job, taking the leap as an entrepreneur, or starting a family, small business owners are consistently on the pursuit of time-saving measures to implement in their day-to-day. 

Small business owners have many tough, busy days in common. A growing client list, a compact meeting calendar, and even lazy, do-nothing days. There’s no use beating yourself up for it. But what business owners can do is to take advantage of the available tools that can work towards their benefit: like accounting software!

Here are three improved ways that accounting software like TrulySmall Accounting can help small business owners free up some critical time this year and beyond. 

3 Ways Accounting Software Can Free Up Time For Small Business Owners

1. Automating Administrative Bookkeeping Tasks

Time is the most valuable asset for any entrepreneur. Small business owners should weed out bookkeeping tasks that are based solely on administration. Entering, tracking, and organizing your financial data—whether on Excel or software—is time-consuming. 

Using accounting software to track and organize bookkeeping is already a time-saver, but TS Accounting’s Smart Inbox completely automates the process. By connecting your bank account, you have already eliminated manual entry and other redundant account tasks from your to-do list!

Not to mention the Inbox becomes increasingly smarter at understanding your business as you review and categorize your transactions. It uses machine learning to understand the way you categorize and remembers it for future cases.

2. Reconciliation Done For You

The bank reconciliation process is lengthy and requires major attention in order to reduce errors.  

What is reconciliation? 

Reconciliation is the process of matching transactions that have been recorded internally against monthly statements from external sources such as banks. The process of reconciliation confirms that the amount leaving the account is spent properly and that the two are balanced at the end of the accounting period.

As part of bank reconciliation, small business owners should assess bank records monthly, update their software including any uncleared checks and deposits in transit, as well as entering new expenses and bank balances. In addition, business owners must review their reconciliation for any outstanding checks and deposits in transits. This takes time, especially if there are plenty of transactions occurring from month to month.

Ever wondered what it would be like if accounting software can magically think for you when it comes to data? You can now find out!

Let TrulySmall Accounting help: TrulySmall Accounting uses Artificial Intelligence (AI) technologies to help small business owners gain back time. The first step in this process is to connect any business bank accounts to TS Accounting so that your one-year’s worth of data can be pulled in.

This only takes a few seconds (or minutes) depending on the number of transactions you have. From there, you can review all of your transactions, bulk edit, and even bulk post your transactions from your smart inbox. TS Accounting will automatically handle reconciliations for you in the background as it only pulls in accurate data from your bank feeds.

3. We Take the Stress Off When It Comes to Compliance

Accounting can be daunting for first-time entrepreneurs who know little to nothing about bookkeeping or accounting in general. Especially come tax time, compliance is critical to ensure that you don’t bring the CRA or IRS to your door. 

Let TS Accounting help: On top of automatic reconciling, TS Accounting’s new release uses Optical Character Recognition (OCR) and receipt matching. Small business owners can gain extra time-savings by simply dragging and dropping an image of a receipt directly in the Inbox. From there, TS Accounting will automatically match it to a transaction!

Small business owners also have extra peace of mind kno3 Ways Accounting Software Can Free Up Time For Small Business Ownerswing that there will be no human error in your transactions and data input since manual input is no longer an issue!

Is your business growing rapidly? Are you in need to free up time?  Try TrulySmall Accounting using our 14-day free trial today to see instantly just how much time we can save you!

TrulySmall Accounting helps small business owners save time