How To Save Time On Accounting Tasks

The tedious part of running a business is handling accounting. It consumes a lot of time, yet has to be done regularly. The easiest way to save time and minimize your accounting workload is to automate as much as possible. Automation is incredibly successful in all areas including accounting. Let see how you can employ the idea:

Accounting Software Integration with Bank Accounts

Bookkeeping involves a whole lot of payable and receivable entries. While making those entries are tiring and monotonous, it also involves the risk of human error. You can avoid any such possibilities by integrating your bank account with business accounting software. The software enables you to import all the bank account information from your account directly from the source.

There are plenty of such accounting tools available in the market. Even if the tool reduces your burden of manual entry, you still have to check for uncleared payments by banks and check for errors.

Manage Payrolls

As a business owner, you wish to pay your employees on time and they deserve so. But, managing employee’s payment is not easy, especially when you go manually. Some businesses pay their employees every week while others prefer paying on a monthly basis. In any of the cases, the task is repetitive and likely to get errors. The reason is it includes both tax and wages calculations, and you have to stay updated with changing payroll tax calculations.

Accounting software can be a savior. It is designed to help you to calculate the payroll according to the latest payroll tax regulations. As a result, you don’t have to put extra effort into managing your employees’ payments.

Automate Invoicing and Billing

Creating invoices manually is a thing of the past, but sitting with the bulk of invoicing work is definitely not a pleasing experience. Do not let your orders accumulate, un-invoiced and unpaid. Start using accounting software that will help you create, schedule, and send invoices on time. Moreover, with a mobile app, you and your staff can create and send invoices from anywhere.

You can also mark the recurring items with the software. The tool enables you to set a date and save the invoice template to be sent on a particular date of every month. Also, it prompts you to print the invoices for that month.

Automate Tracking and Managing Inventory

Inventory tracking and management is another challenging task of accounting . You have to be careful that your inventory doesn’t undergo lower than estimated. At the same time, it shouldn’t be a surplus as that may shake up your budget.
The right accounting software will help you track and manage your inventory exactly as you require. You will never run out of stock, as it will notify you before it reaches a predefined mark. Consequently, you will always have the exact number of products in your stock.

File and Pay HST/GST Automatically

Your products or services must be including sales taxes, which vary in different states or provinces. With variable rates and taxes, it is surely not easy to calculate the good’s or service’s prices. At the same time, filing taxes and paying is not a pleasant experience.

Use accounting software to avoid errors and speed up the process while filing and paying HST or GST. These tools are constantly updated with the latest tax regulations and hence prevent any error.


Performing the above-mentioned accounting tasks is not only time taking but pricey as well. Since, time is precious in business when you have multiple goals to target in a limited time frame, automating accounting tasks is a key to this. It saves your time, money, and lets you work efficiently to be highly productive.