Updated: Aug 30
It can be incredibly challenging to know WHAT to do and HOW to implement the automation that is now available to organizations in relation to managing their finances. Here are five quick automation hacks you can set-up or start setting up TODAY that can drastically cut down on data entry and time spent in managing your organization’s finances:
Set-up auto-draft for as many recurring payments as possible. If you pay the same vendors every month, automate it. It’s really only wasted time doing an unnecessary repeated task such as having to print or write a check each month, or going online and paying each bill. Taking an hour today to set-up ACH payments for everything possible can save you hours in the future. (examples: utility bills, business insurance, health insurance, software subscriptions, phone and internet bills)
Switch to a bank that offers a direct connection to QuickBooks Online or your accounting software. When your bank transactions are automatically imported, it can save you hours in data entry each month. It’s 2017 and your bank should have a direct connection to accounting software such as QuickBooks Online. If not, consider moving your organization’s checking accounts to a bank that offers this capability.
Use the free bank bill pay service linked to your organization’s checking account. Most banks offer a free bill pay service where they will print and mail the check for you. If you have regular check payments to vendors that cannot be setup as auto ACH, then input their info and address in your online banking bill pay to maximize efficiency. Any time you have a bill due to them, simply add the amount and the invoice number in the memo. Your bank then will print and send the check for you free of charge. If you have recurring employee reimbursements for the same amounts each month, set up bill pay to send them a check each month.
Get an expense tracking/reporting app for keeping receipts. This enables you to enter data once. Keep track of mileage, reimbursable expenses, as well as organizational credit card expenses. We recommend Expensify.
Simplify your payroll processing and payroll entries. Gusto is a payroll service which files and pays all payroll taxes for you as well as integrates with QuickBooks Online and numerous time tracking softwares (like Deputy). This can save hours in time every week as well as headaches from missed tax filing dates or errors in payroll calculations.
BONUS– Consider outsourcing your organization’s financial maintenance. Your bookkeeping and payroll can all be done for you by experts. At The Trellis Club we are not only experts in bookkeeping, but also experts in automation. Write down how many hours you normally spend on the maintenance of your books and payroll each month. Next, write down where you could focus your attention if you could invest those hours into something else. Usually, organizational leaders find the potential revenue gained from lessened admin hours greatly outweighs the cost of the service. Not only will you have more accurate numbers but you will also have more time to spend on growing your business or nonprofit.
Implementing these 5 (or 6) automation hacks in your organization today can greatly help you invest your time and resources into growing your organization.