We’ve noticed that some small businesses focus on their Profit & Loss (or Income Statement) and ignore the Balance Sheet in their Quickbooks account. Many people don’t really understand what the Balance Sheet is for anyway, so why worry about it if it’s wrong?
When I arrived at one of my clients, they were behind several weeks in various accounting functions and needed help catching up. One of the first projects they needed to catch up for was invoices. Invoicing for this client is generated out of a third party software which was then entered into their accounting software. Well, here in the 21st century, this accounting department was still entering all of their invoices into their accounting software manually!! Does this sound familiar to your accounting or finance department?
This manual process took almost an entire day to complete by a Senior Accountant who was being paid a significant amount of money to key invoices, or basic data entry. If we do the math on that we come to about $7,500-$10,000 a year being spent to manually key invoices. Is this really a good use of this company’s resources?
Yet there are wonderful little tools that do exactly what technology should do, make things faster. This particular company happened to already have within their accounting software a tool that could import a .csv file from their third party software into transactions such as invoices (most accounting systems do). Although it took a few hours to set up and train staff on the use of their tool, it was a relatively painless transition.
Total time to get invoices from my client’s software into their accounting software now?