KPM Blog

More Effective Bookkeeping Methods

Posted by Donna Grenot on March 23, 2016 at 10:03 AM

Modern tools increase employee productivity and improve accuracy.

I’ve heard some co-workers talk about hMore Effective Bookkeeping Methodsow they kept track of everything on long ledger paper, inventory, dealer accounts, payroll, payables, and sales. This method used to meet needs, but as a business grows it shows its limitations. Manual bookkeeping methods could lead to poor financial records. Your company might be turned down for financing or certain lines of credit due to poor bookkeeping practices.

The computer has replaced those manual processes increasing employee productivity and improving accuracy. An accounting system can streamline core functions such as Accounts Receivable and Payable, Payroll, Inventory, and Bank Account balances.

Creating and maintaining an efficient bookkeeping system is important because it will enable the business owner, the bookkeeper, and other parties to learn accurately of the business's well-being and allow them to make informed decisions regarding their business development and achieving their business objectives. Because of the minute by minute change in finances, accurate record keeping is critical. Computerizing a business’s general ledger, payroll, and other accounting tasks increase office efficiency.Accounting software will take a lot of the guesswork out of recording different types of transactions and present your information clearly. As a business grows Accounting software will handle increased and more complex data needs thus helping reduce costly human error. 

The two most popular ways to automate your process are with on your premise (servers on premises) and cloud-based systems (data is stored on secure remote servers). Businesses must have the bookkeeping software that will suit their needs, such as QuickBooks or C-Systems. C-System allows you to send an order directly from you purchase order screen to the distributor, reducing the need to enter the PO in your system and on your distributor’s website. Other features of C-System Infinity are Inventory Stock Check and Product Registration.
Whichever system you use, be sure to enter your transaction data on a regular basis and, in the same way, each time. This is to ensure operations are not overlooked and that you have the most up to date picture of your business’s financial health.

The most significant advantage of using the computer is the speed with which we can get accounting done. An accounting computer program is effective and tracks almost everything you need to make sure your business’s finances are in order and being utilized to their maximum ability.
Businesses which use computerized systems are reaping the rewards of better financial records. By turning their “back-Office” area of accounting into a front-office powerhouse of critical financial information, they are helping to drive business growth.

Are you looking for other ways to increase your dealerships efficiency? Read our blog on Keeping Your Displays Full or Using Tech to Increase Your Dealerships Efficiency.

Topics: technology, efficiency, Bookkeeping

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