Azlo’s new Accountant Access feature is designed to make business bookkeeping easier
- Hosted November 10, 2020
- By Admin
For business owners, bookkeeping is essential. The act of tracking purchases, sales, and receipts can help entrepreneurs get a clear picture on their business finances. While bookkeeping comes easily for some, it can become increasingly complicated when intertwined with managing inventory, employee salaries, and more.
The more complex a business operation is, the more challenging it may become to stay on top of the financials.
If you have reached the point where bookkeeping keeps you up at night, then you might want to consider Azlo’s new Accountant Access feature. With accountant access, you can grant a professional access to your Azlo account so that they can do the bookkeeping for you.
What makes bookkeeping hard for small businesses?
Complete Controller, a national bookkeeping service, found that bookkeeping can be challenging because:
- Financials are not completed monthly. Falling behind can make bookkeeping harder to manage.
- Personal finances are mixed with business finances. Mixing the two can make bookkeeping more convoluted and difficult to parse through.
- Small expenses are forgotten. Omitting expenses can lead to inaccurate books.
- Accounting software isn’t used. Doing it yourself may lead to errors and may make you frustrated.
Many business owners do not look forward to bookkeeping. In a TD Bank survey of 508 small business owners, nearly half said bookkeeping was their most loathed task.
Timely, accurate bookkeeping is good for business
Meticulous bookkeeping yields several benefits. A rock-solid approach to accounting can help:
- Shed light on the financial health of your business
- Highlight any cashflow surplus or deficit
- Uncover financial pitfalls or unnecessary expenses
- Track profits and growth
- Make future business plans
- Easily and correctly pay taxes
- Identify and detail possible tax deductions
- Make timely payments to employees
Work smarter, not harder
Applying the “work smarter, not harder” mantra to your bookkeeping may make a difference.
How do you do this?
- Do it yourself
This will require discipline, not only in completing your books every month but also in making sure you stay on top of every transaction that occurs—even the small, seemingly insignificant daily ones.
The DIY approach to bookkeeping may work for business owners who are regimented and who have simple business operations and structure. If you go this route, here are some tips for keeping the bookkeeping process simple.
The Small Business Administration also has useful bookkeeping resources, including this Accounting 101 lesson.
- Use technology
One of the benefits of technology is that some bookkeeping tasks can be automated with software.
This could come in handy for business owners with fair to moderately complex operations, several employees, and inventory to track. The technology can do simple things like track transactions across multiple accounts and more complex tasks like record real-time inventory levels, calculate sales tax, manage employee or project timesheets, and produce useful financial reports.
There are several software options available to business owners at different price points.
- Hire a bookkeeper
Many bookkeepers work virtually, while others may work in a more brick-and-mortar set up.
This option may blend with software to make the process more seamless. Or you can set up a situation where your hired bookkeeper has access to your financials.
Introducing Azlo’s Accountant Access
Azlo also makes it possible for your bookkeeper to easily see your transactions. This is how it works:
- Invite your accountant: Log in to your Azlo Dashboard. Navigate to “Manage Users,” click “Accountant Access,” enter your accountant’s email, and send them an email invite.
- Share transaction history and statements: Focus on growing your business and allow your accountant to log in anytime to evaluate your transactions.
- Review activity and download statements: Depending on your businesses’ needs, your accountant can search through all or select specific transactions to view, or download PDFs for monthly statements.
- Maintain full control of your account: Your accountant cannot initiate any money transactions, change user permissions, or revoke their own access.
- Transfer accountant access in a snap: Have a new accountant or bookkeeper? Simply revoke access to your previous accountant and invite your new one.
Hopefully, with one of these bookkeeping options, you’ll feel in control of your business’ finances—or at least grow to tolerate bookkeeping.
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