As a small business owner, you know that keeping track of expenses can be a daunting task. Receipts get lost, paperwork piles up, and before you know it, it's tax time, and you're scrambling to make sense of it all. That's where pre-accounting comes in. In this post, we'll show you how to use pre-accounting to benefit your small business.
Pre-accounting is a critical step in the accounting process that can save you time, money, and headaches in the long run. By collecting and organizing your financial data before it's entered into your accounting system, you can ensure that your financial data is accurate and up to date. This can help you make informed business decisions based on real-time data and make tax time less stressful.
One pre-accounting tool that can help streamline your accounting process is DEXT. By using this phone app, you can eliminate the possibility of losing receipts and keep them in one place. DEXT also connects directly with the Canada Revenue Agency (CRA), making it easy to keep your financial data organized and up to date. By integrating pre-accounting into your accounting process, you can ensure that your financial data is accurate and up to date, and you can make informed business decisions based on real-time data.
Understand the Importance of Pre-Accounting
Pre-accounting is the process of collecting and organizing your financial data before it's entered into your accounting system. It's a crucial step in the accounting process that can save you time, money, and headaches in the long run. By using pre-accounting tools such as DEXT, you can eliminate the possibility of losing receipts and keep them in one place. DEXT is a phone app that connects directly with the Canada Revenue Agency (CRA), making it easy to keep your financial data organized and up to date.
Get Started with DEXT
To get started with DEXT, simply download the app to your phone and create an account. You can then use the app to take a picture of your receipts and upload them to the cloud. DEXT will automatically extract the data from your receipts, including the vendor name, date, and amount, and store it in the cloud. You can then use the app to categorize your expenses, create reports, and export your data to your accounting software.
Integrate Pre-Accounting into Your Accounting Process
Using pre-accounting tools like DEXT can help streamline your accounting process and make tax time less stressful. By integrating pre-accounting into your accounting process, you can ensure that your financial data is accurate and up to date, and you can make informed business decisions based on real-time data. In conclusion, pre-accounting is a critical step in the accounting process that can benefit your small business in many ways. By using tools like Receipt Bank, you can streamline your accounting process, keep your financial data organized, and make tax time less stressful. Start using pre-accounting today to get the most out of your small business finances.
