No matter what type of Information Technology (IT) business you have, managing bookkeeping workflow is key to successful workflow management, which in turn helps create a successful business. But…what exactly does “workflow” mean? The definition of workflow is “the sequence of industrial, administrative, or other processes through which a piece of work passes from initiation to completion.” As important as it is for bookkeeping firms to manage their bookkeeping workflow, it’s equally (if not more) important for small business owners to stay on top of it as well. Here are 3 surefire ways that the right accounting software can act as the centre of your bookkeeping workflow to help IT professionals manage their business workflow. 1. Less Time Spent on Data Entry Data entry sounds like a small task, but it really isn’t. Within the bookkeeping workflow, this task can range from document collection and editing to document sorting. Uploading, collecting, and sorting key business documents such as invoices, receipts, and other items for taxes can take up a large chunk of your time. IT business owners are busy as it is. They don’t need another workflow process to take away from their time—time that can be spent on addressing tickets, repairing hardware, or building software for a new launch. What would help gain back critical time is adopting accounting software. Save Hours on Admin Work to Get Back to Innovating Here’s how the TrulySmall Accounting can help you take back your time: Let financial transactions flow into the accounting system so you don’t have to do it. TrulySmall Accounting serves as the center of your bookkeeping workflow. By connecting your bank account to the system, all business transactions flow into the software without the need to manually input the information or categorize them. Simple and user-friendly interface for easy navigation. In-line editing, bulk editing, page-by-page navigation, filtering, automatic tax calculation, and a search bar are all features that improve your experience with TrulySmall Accounting. The more you log in and use TrulySmall Accounting, the better the system is at helping you review, sort, and categorize transactions to completeness, which in turn, lessens your workload each time. Accounting doesn’t have to be frustrating! 2. Improved Reconciliation and Reporting Have you ever experienced a headache from squinting so hard at a spreadsheet completing data entry? We know we have! After a long and tedious day at work managing remote teams and clients, IT professionals don’t need another high-focus, demanding task to do. That’s exactly what reconciliation and reporting is. It’s demanding, mostly the opposite of exciting, and isn’t a task that you can do while watching Netflix. But it needs to be done. Reconciliation helps ensure both the accuracy and validity of financial information within your business. But what if there is a more streamlined, faster, and accurate bookkeeping workflow to reconcile and report your business transactions for reporting? Real-Time Reconciliation for Full Accuracy Here’s how the TrulySmall Accounting can help eliminate the stress of error: Real-time, accurate transaction data, always. By connecting your bank account(s) and importing transaction data into the accounting software, IT professionals are essentially eliminating the risk of input errors. Standardized bank codes help streamline expenses and income categorization. When you enable bank accounts to feed transactions into your account, you’re using standardized bank codes. This helps streamline your efforts of categorizing and accounting for both your expenses and types of income. That’s already less work off of your plate! Machine learning to improve your experience reviewing Inbox transactions. TrulySmall Accounting makes the review process much easier by providing tools to painlessly remove transactions from your Inbox. Kashoo 2.0 uses machine learning to automate matching items within the Inbox. This tool not only helps match your records (i.e. receipt for a business meal with a prospect client), but it allows you to quickly and painlessly review and post. It’s essentially real-time reconciliation for your accounts! 3. Cash Flow Visibility Even While On-the-Go The demanding nature of the IT industry leaves little breathing room for administration. Add a full business operation into the mix and you’re left with little to no time at all. IT professionals are in the consulting, application services and management, infrastructure, and cloud computing industry for a reason: they embrace data and love solving problems for businesses and individuals. Because they approach data differently, they should also expect nothing less in their accounting. Cash flow visibility is key for IT business owners who are constantly on the go. Accounting software that can provide real-time data, reports, and reconciliations helps IT professionals understand their business’s financial health even during the busiest of times. Understand Business Health in Real-Time Here’s how TrulySmall Accounting’s Dashboard can provide cash flow visibility for IT professionals: Reviewing only what’s posted. View real-time insights through transactions that have been reviewed and posted to your General Ledger. TrulySmall Accounting’s Dashboard pulls data from your automatically categorized transactions. As you make changes, the data will automatically reflect that. This ensures the accuracy of data at all times. Reviewing only what’s important. Easily navigate between business-critical information such as Income vs. Expenses, Net Income, Top Expenses, and Account Balances. While on-the-go, IT professionals want a quick way to view only the most important information. TrulySmall Accounting’s Dashboard provides just that, including a piece of mind knowing that only reconciled transactions are pulled for viewing and reporting. Ready to Improve Your IT Business’s Bookkeeping Workflow? Saving time, reduced administration, improved reconciliation and reporting, better business insights, and cash flow visibility are all the advantages of adopting TrulySmall Accounting. By improving your overall bookkeeping workflow with the right accounting tools, you are choosing to level up your IT business to help it reach even more success. If you’re interested in trying TrulySmall Accounting, sign up for our 14-day free trial to put all the benefits listed above into action for your IT business today!
