How to Cut Costs Through Effective Bookkeeping

May 28th, 2015 by CTSCCC

Office and payroll administrators are responsible for carrying out the bookkeeping duties for a business. This includes recording and filing essential financial transactions like payments, purchases, payroll, and sales. With a highly skilled bookkeeper, a company can ensure all transactions are correctly recorded, keep better track of their financial documents and even save money.

If you’re planning on taking payroll training, read on to discover a few ways that office and payroll administrators help a business cut costs through effective bookkeeping practices.

The Right Accounting Software Can Make All the Difference

A professional with payroll training will be up-to-date on the best and latest accounting software available. Bookkeepers know how to easily navigate popular industry software like
Sage 50 Accounting (formerly known as Simply Accounting) and QuickBooks.

Many offices now use cloud-based accounting software, which means that data is automatically backed up to the cloud, and can easily be accessed anywhere. Cloud computing comes in handy for accountants who work for multiple businesses, or who travel on the job and need to be able to check files on the fly.

Payroll Experts Stay on Top of Accounts Receivable Auditing

Keeping track of the money coming in to a business is important. It helps businesses complete their taxes on time, pay the right amount when they do, quickly navigate through audits, and it also gives them the chance to address bad debts early.

When an invoice is issued, trained bookkeepers update that information into receivables. Professionals will regularly go through and update receivables in order to keep businesses on track of their revenue and catch any errors that could potentially save money.

Payroll Administrators Keep Track of Cash Expenses

There is a long list of expenses that come with operating a business. Having a highly skilled bookkeeper with a diploma from a payroll administrator program will help navigate a business through some of the more costly expenses.

While big expenses are always a priority, small expenses can also add up over time. Cash expenses that aren’t properly saved, stored, and recorded by a bookkeeper can end up being a huge money drain for a company.

Payroll Administrators Hold on to Paper Files

In this digital age, some people may forget how important it is to keep track of invoices, deposit slips, and cheque stubs in their original paper form.

Not only do these paper files provide a lifeline in the event of a computer crash, they also provide much-needed proof of your financial transactions during audits. A bookkeeper will make sure that these documents are properly filed, so retrieving them will be a simple and straightforward process.

Are you considering a career in bookkeeping? Check out our website to learn more about Office and Payroll Administrator training in Ontario.