Today much of the time at work that general contractors use is bookkeeping, spent handling receipts; keeping track of all of your business’ purchase data and importing it into QuickBooks can be quite a hassle. However, fear not; there is a way to automate the information entry process that can help you boost your business’ profit!
Is This Your Current Bookkeeping Process?
Before we talk about improving the bookkeeping process, we have to talk about the process itself first—so let’s look at how you currently handle that plethora of receipts and seemingly endless data entry process.
Data entry process is a universal struggle to keep track of your receipts and other documents, especially if most of them are on paper. It is very easy to lose them in the backseat of your car or throw them away with your daily cup of coffee; physical documents are not very reliable when they are so fragile and so easy to lose.
If you do manage to keep all of your documents organized, you still have to review every single one! In business, you may make many purchases—and that means you collect a lot of receipts, bills, and other statements. You take all of them and organize them by job and categories, and then, once you complete all of that, you still have to manually enter the figures into QuickBooks (all while hoping that you have not made any errors or accidental duplicates along the way).
The painstaking data entry process can take up much of your valuable time, the time you could spend much more wisely and efficiently—not to mention that manually entering your purchase records creates a potential for mistakes that could be disastrous for your company.
The Tools for Success
The key to success is finding ways to automate the data entry process utilized by many general contractors. Simplifying how you record your company’s most valuable information can save you a ton of time and money, not to mention the fact that the employees who are stuck organizing and entering the numbers can use their skills in much more effective and efficient ways.
One tool you can use is Hubdoc, a document management application that allows you to import all of your company’s paperwork and convert it into usable figures. Once you connect your accounts with Hubdoc, it automatically retrieves your essential files and imports them so that you can keep all of your necessary financial documents organized in one place.
Another tool you can employ to make recording your business’ data easier is TSheets—but this software centers around time. Using TSheets, employees can clock in with just the click of a button, and you can create and build your employees’ schedules. This application is useful when it comes to payroll and invoices; with TSheets’ interactive reports and many useful implements, you can gain more insight into your company and make running your business much more effortless.
HammerZen is also a handy tool, especially used by general contractors to automate bookkeeping. This application automates your data entry with simplicity; it allows you to seamlessly integrate your Home Depot® Pro Xtra® and QuickBooks accounts by automatically importing your Home Depot receipts into QuickBooks. You can also organize your purchase data by job and other various categories in seconds. HammerZen makes recording your purchase information much more efficient and straightforward.
All of these tools sync with QuickBooks so that you can have all of your essential information in one place. To run a more profitable business, you need to simplify your workflow and find ways to automate your time-consuming processes.
The Best Way to Better Your Business is Automating Bookkeeping
By automating your data entry processes, you are not only making your business life more comfortable, but you are also saving yourself time and money. With these tools, you can get to know your company much more quickly and allow your workers to put their skills to their best use.
Simplifying the recording routine gives you the opportunity to allocate your time and resources to much more important tasks. You can get more in tune with your company and understand the inner workings of your business far better. By being able to organize your data, simplify the process, and know your business, you can find more ways to save time and money and increase your profit.