By Ashley Preen
May 13, 2020
At Pearl Accountants, we know that bookkeeping can be a bit of a chore which is why we offer full bookkeeping services to our clients at no additional cost. But for those of you who do your own bookkeeping, here are 25 tips (and two bonus tips) we’ve learned the hard way on how to speed that process up.
1. Stop using Microsoft Excel and other local tools. Invest in a cloud solution such as QuickBooks, Xero, FreeAgent or one of the many other solutions around.
2. Use AutoEntry or ReceiptBank to automatically capture receipts into your chosen accounting tool — no more manual typing of receipts.
3. Use Zapier to automatically add contacts/leads to your chosen accounting platform to reduce manual data input. You can add contacts from multitudinous other services such as MailChimp, HubSpot, Facebook Lead Ads, Salesforce, Infusionsoft, SugarCRM, Gmail and dozens of others.
4. Use DocuSign, Proposify, PandaDoc or similar tools to obtain electronic signatures for your proposals/quotes, then raise an invoice automatically in your chosen invoicing software (see point #1 above) once the proposal is accepted.
5. Use Zapier to automatically log payments made in PayPal or Stripe.
6. Sign up for GoCardless to make getting paid easier, then integrate this directly with your cloud accounting software to log invoices as paid.
7. Use Monday.com to track the progress of bookkeeping tasks, so you don’t lose time trying to “remember where you were” the last time you opened your books.
8. Sign up for a CRM (which in itself saves time in managing your clients) and integrate it with your accounting software to keep track of invoices, bills, etc.
9. Use an Email Parser such as mailparser.io or Zapier’s email parser to automate bookkeeping tasks for you. Several examples of how this can be done can be found (data entry)
10. Scan receipts and other bookkeeping documents into a “TODO” folder in Dropbox using its mobile app, so you don’t forget to log them in manually later. When done, move the receipt/document to a “DONE” folder. (Our preferred solution is AutoEntry/ReceiptBank for scanning receipts, but this Dropbox option is free.)
11. If you have a team, sign up for AirTable as a replacement for Excel and raise an invoice every time you create a new AirTable view.
12. If you need to run payroll, automate this using your accounting software (see point #1) or some other dedicated automated payroll software.
13. Set a schedule for your bookkeeping. You’ll lose time if you try to do a job in five minutes when the job really requires twenty. You’ll need to spend those five minutes again if you come back to it later.
14. Stop banking with a bank that does not offer bank feeds to your accounting software.
15. If you absolutely must bank with an institution that does not offer feeds (such as those notorious German banks), hire someone to write a quick Excel macro for you to format the CSV file download so that it can be easily uploaded to your accounting software without additional work from you.
16. Have separate bank accounts for personal and business.
17. Have a separate PayPal account for personal and business.
18. During your allotted time for bookkeeping (see point #13) make sure you reconcile all your bank accounts before wrapping up for the day. Nothing wastes more time than reconciling only once a year.
19. Make regular backups! I was wrong when I said that “nothing wastes more time than reconciling only once a year.” Actually, nothing wastes more time than losing everything you’ve done and not having a backup. Even if you use a cloud solution, you need to back your data up after any major changes. You could be kicked out of the system or lose your login, anything.
20. Set up workflows for collecting documents/receipts from staff.
21. Make sure all workflows implemented end off with the document digitised.
22. Enable the guess/match feature of your accounting software to automatically try and match transactions in your bank accounts.
23. If your accounting software provides the feature, set up bank rules for automatic matching of transactions.
24. Hire someone temporarily to catch up the backlog if it is severe. It might be easier to go through something that has already been made somewhat orderly (even if it contains a few errors) than to spend hours sifting through confusing receipts and bank statements.
25. If something doesn’t balance or reconcile, dig into it immediately! Don’t leave it for later, after the problem has become exacerbated. After finding the error, figure out what workflow you could implement to make sure it doesn’t occur again, and then implement that workflow.
26. Bonus Tip: Turn off all social media and phone notifications when doing your bookkeeping! If you need to be reached urgently, give out a number that gets through to a colleague or your spouse, and they can decide if the call is important enough to bother you with it. Distractions can lead to things needing to be done again or, worse, to hard-to-find errors later on (see point #25).
The main thing is to think of bookkeeping as something fun. I know, I know, it might be hard to consider something we have to do so we can pay the government money as fun.
But try to take a different tack to it. Bookkeeping should be about seeing how much profit you have turned, how much income you’re making, how much you can invest in order to make more profit. And, if you’re not turning a profit, regular bookkeeping will keep your eyes open to that fact that so you can hit the brakes or take action before it’s too late.
By changing your attitude to bookkeeping, as well as implementing all the above tools, you’ll find that you do the activity with zest rather than as a drudgery. And once you’re having fun doing something, the time flies by and you do it better each time.
We're glad our customers are happy with our products and services. Here's what some of them said about us...
Pearl Accountants are unique as you can get. They have a great one to one service and they always answer your queries in a fast and professional manner.
I find Pearl when I opened up my limited company. I was clueless, but Pearl Accountants kindly assisted me in the best way so I felt at ease and understood how the operation works.
Everything was explained clearly in detail and I could ask as many questions as I wanted. They were never rude or impatient, just happy to be there to help.
The client had previously missed a few deadlines with HMRC and Companies House and needed a hands on approach
Wanted to ensure they have a proactive team so that no deadlines were missed and full end to end bookkeeping carried out
Client was introduced to a dedicated accountant who filed all outstanding accounts and appealed for any penalties by HMRC
After being in business for years, I must admit that Pearl Accountants are far the best accountants I have worked with. They are helpful, friendly and trust worthy and most of all provide excellent tax advice.
They provide high-level client care. I would certainly recommend Pearl Accountants to all.
Invoice factoring complications led client to inaccurate bookkeeping and unclear of clear reporting requirements
Processing the invoicing system accurately with clear and transparent management reporting was key
Processing the invoicing system accurately with clear and transparent management reporting was key
Pearl Accountants have been my accountants for many years and have been a great asset to my businesses. They have a strong team and knowledge is second to none. Very happy with the service and professionalism from them. Will continue to recommend them to my network.
Paying huge taxes without any tax efficiency and lack of understanding on various VAT aspects.
Minimise tax bills and ensure the business was compliant with HMRC and Companies House
As a startup graphic design company, we ensured the client used tax allowances and efficient payroll structures to withdraw money
Holborn based laser hair removal company joined us with a view to expanding their business on a large scale. They undertook accounting and advisory services which helped them grow above their rivals.
Holborn based laser hair removal company joined us with a view to expanding their business on a large scale. They undertook accounting and advisory services which helped them grow above their rivals.
Achieve a national presence and grow organically through current business model
We came on board and advised client on tailor made business strategies to achieve their online and brick and mortar presence.
We have been using Pearl Accountants for over 10 years and developed a very good business relationship. Very clear instructions with easy to follow accountancy system in place. Great expertise in tax efficiency, as well as business, grow and development services. One of the best-chartered accountants in town.
We have already recommended your services and will share our good experience with others in future.
It is always someone available on the phone but if not available at the time your accountant will always call you back.
Complete peace of mind with prompt and clear communication so no deadline missed.
Very satisfied.
Client was growing very fast with inability to keep track of growth with no cloud accounting setup and no integrations
Time saving on bookkeeping and clear vision of profitability management reports. Setup with cloud integrations.
Recommended a online cloud solution with time saving applications and clear breakdown of monthly profitability.
We recently migrated to Pearl Accountants from large national accounting firm. Transfer was easy and faultless. Friendly staff at Pearl lead us through the process with ease. Initially we were drawn to their service because of their attractive pricing structure. However it quickly became apparent to us that we were getting a lot more for our money than we initially thought as they are happy to stretch the engagement to all sorts of additional advice. Thumbs up to Pearl Accountants.
No clear strategy for business growth or tax planning reduction techniques
To achieve business advisory, tax planning and accurate reporting requirements
Recommended a online cloud solution with time saving applications and clear breakdown of monthly profitability.
Our client, a well established practising solicitor in the UK required a headache free service to ensure their accounting requirements were met and cloud accounting solution setup
Too much time was being consumed in bookkeeping and previous accountants missed various deadlines
More time was needed to focus on the business and ensure a firm came on board to take full ownership.
Advised client to forward us everything in ‘shoe box’ style and provided full breakdown regularly to keep informed.
They make me feel that I am a valued customer and to me what makes Pearl accountants unique is their helpful team of dedicated staff members. Their response is always prompt and it makes the daunting task of accounting really easy for me. Pearl Accountants is really a five-star accountant company.
As a franchisee tuition business, the client did not have the right advise to reduce taxes or a proactive accountant to advise where needed
Reduction in taxes through governmental tax subsidiaries and requiring more time to focus on the business.
A dedicated accountant was assigned to ensure deadlines were not missed and review of tax strategies.
Our client was in need of a specialist contractor accountant to remain compliant and ensure they did not fall in IR35.
Client required advisory on payroll and VAT solutions and filing of accounts at year end.
No clear direction on IR35 nor guidance on allowable expenses that could be claimed.
Ensure the contractor company was compliant with HMRC and Companies House and advisory on saving taxes.
Provided a full explanation and review on IR35 and guidance provided on which expenses could be claimed to reduce taxes
Our client having a property portfolio in Switzerland required a specialist accountant that understood the UK tax legislation whilst having a thorough understanding of overseas tax implications.
Overseas and UK income not declared, needed tax returns filed for previous years and appeal to HMRC for outstanding penalty
Paying taxes in the UK and overseas, wanted help understanding the tax system so avoid paying taxes twice.
Appealed successfully for prior years penalties and filed all outstanding returns. Thorough review of all tax allowances available.
Our client joined us after losing track of their finances and needed someone they could turn to for help. We came on board and reviewed their internal bookkeeping arrangements and recommended efficiency to lower their input on areas which could be outsourced to us.
No real track of profitability or clear vision of expenditure along with weak internal processes.
To achieve a clear breakdown of expenditure and ensure the current setup for bookkeeping was run more efficiently.
Recommendation on reporting packs, internal processes and online applications to integrate for payment reconciliation.