As a small business owner, managing a plethora of business-related tasks needs to be a seamless process. From client and internal team communications to project management, sales and accounting tasks, every business owner should aim for flawless execution — with removing redundant and time-consuming administrative tasks as a number one priority. That’s why it is so critical that small business owners — yes, you! — need to be aware of the latest and greatest technology out there that can help you move faster through work each day, while automating painful tasks related to accounting and bookkeeping. And yes, it is truly possible at an affordable price. Here are three time-saving accounting automations that every small business owner can execute using simple accounting software like TrulySmall. Automate your expense management You probably know by know the importance of tracking and managing expenses as a business owner. Not only is it key to keeping your business solvent, but there are also numerous other benefits to your business, such as long-term planning, capitalizing on tax deductions based on eligibility, preparing for tax season next year, and simply just being more financially aware. In this process, one of the first things you need is to divide up your personal vs. business bank accounts to really dial in on extracting your business expenses. As soon as you have a system to categorize the different expenses, be sure to keep your paper (or digital) receipts to reduce your overall tax liabilities. While you can — in theory — do all of this with paper, pen, and some filing cabinets, you can also do it in a much more streamlined way through simple accounting software. It’s also a much more painless process. How to automate accounting workflows with TrulySmall Track all of your business expenses in TrulySmall Accounting by first connecting your business bank accounts with the software. Once connected, the accounting software extracts each transaction from your business bank account into TrulySmall — making data entry a seamless (and automated) process. The best part? It only takes a couple of minutes for all of your transactions to be imported in! Automate your billing and invoicing Billing clients and sending invoices can often be a source of hassle and pain if you don’t have a trusted system to run the process well. One of the biggest pain points as a small business owner is forgetting to send invoices on time and dealing with late paying clients. How to automate accounting workflows with TrulySmall Using TrulySmall Accounting, you can send invoices to your clients, get paid digitally, and track payments — all in one platform. You can offer convenience to your clients who prefer to pay digitally by credit card as long as you have Start Accepting Payments feature turned on under Invoicing and Payments. TrulySmall also offers a simplified invoicing feature — TrulySmall Invoices — that allows you to use your Stripe account with TrulySmall to collect payment by ACH, Apple Pay, Alipay, and more. Depending on the level of features your business needs, TrulySmall has an option for you! Automate your reconciliation workflow Reconciling bank or credit card statements means actively comparing and matching your “accounting” records to the transactions listed on your bank or credit card statement. If after you’ve compared each statement line-by-line and they’re a match, then it means your books are accurate and up-to-date! How to automate accounting workflows with TrulySmall With TrulySmall Accounting, reconciliation is completely automated and all you have to do is check your Transactions page to make sure you like all the automated categorizations the AI has made. If there are certain transactions that require a different categorization (Starbucks could be an Advertising and Marketing expense instead of a Meals & Entertainment expense if you’re using it as a prop for a photoshoot!) then make the edit, and we’ll let you choose whether this is a one time change or if the system should remember for all future transactions. Over time, TrulySmall gets even smarter, and learns repetitive transactions — think rent, meals, gas, etc. — making the reconciliation process quicker and ultimately more effective as time passes. If there are any category rules that you want to change in the future, you can also do that in your Settings. Automate manual accounting work today Whether you’re a business owner or freelancer, embracing automation in the form of accounting can help simplify bookkeeping processes in ways that you can’t imagine. TrulySmall Accounting offers features and integrations that automate workflows related to expense management, billing and invoicing, and bank reconciliations — all critical aspects of keeping your business solvent, assisting you with preparing for tax season, and allowing you to become financially aware of where your business stands. The best part? With our smart and simple accounting software, you gain back time to focus on high-value projects that drive revenue and you might even be able to prepare your taxes without seeing an accountant next year! Sign up for a free 14-day trial and try setting up and sending invoices with TrulySmall Accounting today.
