10 Time-Saving Bookkeeping Hacks for Busy Small Business Owners

For small business owners, managing daily operations is demanding enough without the added burden of keeping up with bookkeeping. However, accurate financial records are essential for business success, cash flow management, and tax compliance. The good news is that with the right tools and strategies, you can streamline your bookkeeping process, saving valuable time while ensuring accuracy.

At Bottrell Accounting & Bookkeeping, we understand the unique challenges that small business owners face when it comes to managing their financial records. To help you stay on top of your bookkeeping without it becoming overwhelming, we’ve compiled this guide of 10 time-saving bookkeeping hacks. These tips will help you optimise your processes, from using automated software to setting up recurring payments, giving you more time to focus on growing your business.

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1. Automate Invoicing with Cloud-Based Software

Invoicing can be a time-consuming task, especially if you’re manually creating, sending, and following up on invoices. By using cloud-based bookkeeping software like Xero, MYOB, or QuickBooks, you can automate much of the invoicing process.

With these platforms, you can:

Set up automatic invoicing for recurring customers.
Schedule invoices to be sent at specific times.
Set automatic reminders for overdue payments, reducing the need for manual follow-ups.

Benefits:

Saves time by reducing the need for manual invoicing.
Improves cash flow by ensuring invoices are sent on time and reminders are issued automatically.

At Bottrell Accounting & Bookkeeping, we specialise in helping small businesses implement and optimise cloud-based software to streamline their bookkeeping processes, including invoicing automation.

Accountants Newcastle – 45 Hunter St, Newcastle, NSW, 2300

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2. Set Up Recurring Payments

If your business has recurring expenses such as rent, utilities, or supplier payments, setting up recurring payments can save you time and reduce the risk of missing due dates. Most banks and bookkeeping software platforms allow you to automate regular payments, so they’re deducted from your account automatically.

How to Do It:

Use your business’s online banking platform to set up automatic payments for fixed expenses.
Alternatively, integrate your cloud-based bookkeeping software with your bank account to manage recurring payments directly from the software.

Benefits:

Ensures that important bills are paid on time, preventing late fees.
Reduces the time spent manually processing payments each month.

3. Use Bank Feeds to Import Transactions Automatically

One of the most time-consuming parts of bookkeeping is manually entering financial transactions into your records. Thankfully, modern bookkeeping software like Xero and MYOB offers bank feeds, which automatically import transactions from your bank account into your bookkeeping system.

How It Works:

Once set up, your bank transactions are automatically synced with your bookkeeping software.
You can categorise, reconcile, and match transactions with invoices and payments in real-time.

Benefits:

Eliminates manual data entry, saving significant time.
Reduces the risk of errors caused by manual entry.

At Bottrell Accounting & Bookkeeping, we help our clients set up and manage bank feeds, ensuring seamless integration between their bank accounts and bookkeeping systems.

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4. Schedule Regular Bookkeeping Time

It’s easy for bookkeeping tasks to pile up when you’re busy running a small business. Instead of waiting until the end of the month or tax time to catch up, schedule regular times each week to update your records. This “little and often” approach makes bookkeeping more manageable and less overwhelming.

How to Implement:

Set aside 15-30 minutes every week for bookkeeping tasks such as reconciling bank accounts, tracking expenses, and updating invoices.
Stick to this schedule to ensure that your records are always up to date.

Benefits:

Prevents a backlog of unrecorded transactions.
Makes end-of-month reconciliations quicker and easier.

5. Create a Filing System for Receipts

Keeping track of receipts is essential for tax purposes, but managing physical receipts can be a hassle. By digitising your receipts and creating a simple filing system, you can save time and reduce the risk of losing important documents.

Tips:

Use a receipt scanning app (many are built into bookkeeping software like Xero) to digitise receipts immediately after you receive them.
Organise your digital receipts into folders by date or category (e.g., “Supplies”, “Travel”, “Office Expenses”) to make them easy to find when you need them.

Benefits:

Reduces clutter and the chance of losing receipts.
Simplifies the process of claiming deductions at tax time.

6. Automate Payroll with Payroll Software

If your business has employees, managing payroll can be a time-consuming task. Payroll software, often integrated with bookkeeping platforms like MYOB or Xero, can automate much of the process, from calculating wages to paying superannuation and filing tax reports.

Key Features of Payroll Software:

Automatically calculate wages, taxes, and superannuation contributions.
Pay employees through direct deposit.
Generate and lodge Single Touch Payroll (STP) reports directly with the ATO.

Benefits:

Saves time by automating the entire payroll process.
Ensures compliance with Australian payroll regulations, reducing the risk of penalties.

At Bottrell Accounting & Bookkeeping, we offer payroll management services that take the stress out of managing employee payments and compliance, ensuring that your payroll runs smoothly every time.

7. Use Templates for Financial Reports

Financial reporting is essential for understanding your business’s performance, but preparing reports from scratch can be time-consuming. By using templates or pre-built reporting tools in your bookkeeping software, you can generate reports quickly and accurately.

Common Financial Reports to Automate:

Profit and Loss Statement
Cash Flow Statement
Balance Sheet

Benefits:

Save time by using standardised templates to generate reports with a few clicks.
Ensure consistency and accuracy in your reporting.

These reports provide valuable insights into your business’s financial health, helping you make informed decisions without spending hours preparing them.

8. Outsource Complex Bookkeeping Tasks

Some bookkeeping tasks require more expertise and time than others. If you find yourself spending too much time on complex tasks like tax reporting, BAS lodgement, or payroll compliance, consider outsourcing these tasks to a professional bookkeeper.

Advantages of Outsourcing:

Save time by delegating complex and time-consuming tasks to a professional.
Ensure accuracy and compliance with Australian tax and bookkeeping regulations.

At Bottrell Accounting & Bookkeeping, we offer a full range of bookkeeping services designed to save small business owners time and ensure their financial records are accurate and compliant. From BAS lodgement to payroll management, we handle the heavy lifting, allowing you to focus on growing your business.

9. Use Expense Tracking Apps

Keeping track of business expenses can be a hassle, especially when you’re juggling receipts, credit card statements, and invoices. Expense tracking apps, many of which integrate with bookkeeping software, can help you monitor your spending in real-time.

How It Works:

Use an app to photograph and log expenses as they occur.
The app automatically categorises expenses and syncs with your bookkeeping software for easy tracking.

Benefits:

Eliminates the need to manually enter expenses at the end of the month.
Helps you stay on top of spending, ensuring you don’t exceed your budget.

10. Use Batch Processing for Similar Tasks

Batch processing involves grouping similar tasks together and completing them in one go, rather than doing them individually throughout the day. This approach works particularly well for bookkeeping tasks like paying invoices, processing payments, or entering expenses.

How to Implement:

Instead of processing payments every time they come in, set a specific time each week to batch process all outstanding payments.
Similarly, batch-enter all expenses at once rather than as they occur.

Benefits:

Increases efficiency by focusing on one type of task at a time.
Reduces context switching, allowing you to complete tasks more quickly.

At Bottrell Accounting & Bookkeeping, we help small businesses implement time-saving strategies like batch processing to make their bookkeeping processes more efficient and manageable.

Conclusion: Simplify Your Bookkeeping with Bottrell Accounting & Bookkeeping

Bookkeeping doesn’t have to be a time-consuming chore. By implementing these 10 time-saving hacks, you can streamline your bookkeeping processes, reduce stress, and focus more of your time on growing your business. Whether it’s automating invoicing, using bank feeds, or outsourcing complex tasks, these strategies will help you keep your financial records organised and accurate with less effort.

At Bottrell Accounting & Bookkeeping, we specialise in providing small businesses in Newcastle and Maitland with customised bookkeeping solutions that save time and ensure compliance with Australian tax laws. Whether you need help with invoicing, payroll, or BAS lodgement, our team is here to assist.

Contact Bottrell Accounting & Bookkeeping today to learn more about how we can help you simplify your bookkeeping and take control of your business’s finances. Let us handle the numbers, so you can focus on what you do best—running your business.

10 Time-Saving Bookkeeping Hacks for Busy Small Business Owners