Is it time to rethink your bookkeeping?

Do you spend too much time keeping track of bills, loose vouchers or those little receipts that tend to disappear? Then maybe it's time to rethink your bookkeeping.

In this post, we focus on your bookkeeping and give our 5 suggestions on how to optimize it.

1. Introduce a digital invoice flow

Digitization. You may have heard it before, but many companies could benefit from digitizing their invoice flow. The vast majority of companies use an accounting program that sends out invoices electronically, while very few receive invoices in an optimal way.

Analog invoicing can be time- and resource-consuming, which is why we recommend that you find a digital solution that handles everything from receiving, approving and registering incoming invoices. This could free up a lot more time than you might think.

2. Get an accounting program

Is all or part of your accounting done in an Excel sheet? If so, we recommend switching to an accounting program. It's often more efficient, frees up more time for other important tasks, and can provide deeper insights and a better overview of your finances in real time.

Most companies have an accounting program to handle their bookkeeping. However, we still find that many companies manage their accounts from the familiar Excel sheet. Soon these companies will be affected by the rules in the new bookkeeping law and will be forced to get an accounting program - so why not start now?

3. Take advantage of the many add-ons, apps and integrations your accounting program is sure to have

Whether you use Microsoft Dynamics 365 Business Central, E-conomic, Dinero, Billy or any other accounting program, your accounting program definitely has it: apps, integrations and add-ons - all worth taking advantage of!

Accounting programs and ERP systems have become more modular than ever before, and this offers unique advantages for you as a user, as you can continuously develop the program to suit your needs.

We therefore recommend that you keep an eye on what apps and add-ons are available for your accounting program. Typically, there can be anything from automation to low-practicality functions and processes that you may be spending unnecessary time on today.

At Collectia, we have developed an integration to the accounting programs E-conomic and Dinero, so you can put your invoice follow-up and debt collection work on autopilot. With a solution from Collectia and integrations to E-conomic and Dinero, you can easily send your unpaid invoice for collection if the customer does not respond to your reminders.

4. Get a good bookkeeper if you do your own bookkeeping

Are you self-employed and do your own bookkeeping? Then you should consider whether your time could be better spent.

All too often, we see self-employed people posting their own receipts and doing their own accounting. As a self-employed person, you have plenty of tasks to do and perhaps your time is better spent elsewhere, rather than sitting and posting your crumpled receipts.

A skilled bookkeeper frees up time and resources from you, and often a good efficient bookkeeper is far cheaper than you might think. However, you should be aware that by having your own bookkeeper or your own bookkeeping, there may be periods or situations where you as a company may be vulnerable. For example, it may be during periods of busyness, illness, vacation or the like, or if you have ended up in situations where you have to bring in special accounting and financial skills from outside that the personal bookkeeper or employee does not have.

5. Consider a partner

Many companies are still dealing with debtors and often spend a lot of time on those who do not pay. Time that is often spent on reminders, calling the debtor, sending reminders, sending out collection notices, imposing collection fees and much more.

Whether you have 1 or 1000 bad payers a year, your accounting department often spends unnecessary resources on the task.

Consider using a partner - a debt collection agency or a debt collection lawyer - who can take over this task for you, saving you time and resources in your bookkeeping.

Collectia frees up time and resources for thousands of businesses - every single day!

At Collectia, we help small and large companies every single day. It can be anything from the florist down on the corner to a number of Denmark's largest groups and companies.

With our 150 years of experience as a debt collection company, we have not only helped thousands of companies with effective debt collection over the years, we have actually saved thousands of employee hours and resources from the bookkeeping. We have thus freed up space for a wide range of (perhaps) more exciting tasks.

Do you want us to help you with your debt collection too? And free up time from the hassle of dealing with bad payers?

Feel free to contact us today! We are always ready for a no-obligation chat about your options.