Like everyone, business owners are always looking for ways to save time. Every minute spent on admin or fixing mistakes is a minute that could be spent on business-building work. When time really is money, it’s worth finding ways to reduce those tedious and repetitive tasks – and technology looks to be the answer for many, many things.
Here’s 8 ways to save time (and money) in your business:
- Better billing – Billing can be a huge timewaster. Using a digital accounting system to extract data from supplier emails and auto-populate invoices can save hours each week.
- Streamline expense claims – Use a digital solution to automate the expense claims process, and your team saves time submitting receipts, approving expenses, and dealing with mistakes.
- Reduce human error – Manual data entry is fraught with errors. Eliminate the issues by automating key admin tasks, and spend more time on data analysis, not data entry.
- Automate approvals – Streamline bank reconciliation with an automated tool, so you don’t waste time manually approving individual transactions.
- Quicker invoicing – Invoices and late payments take up a huge amount of time. With an automated invoicing platform, that time is reduced significantly – and manual follow-ups for late payment are eliminated.
- Payroll perfection – Use your accounting software to upload staff details and calculate tax contributions. You’ll not only save significant chunks of time, but you’ll avoid mistakes.
- Quick, accurate taxes – Digitising the tax process can make a real difference. Instead of Excel spreadsheets, receipts and physical documents, everything is accessible through your software.
- Better access to business data – With smart software, you get accurate business data wherever you are. No more going back to the office to check a number, getting back to clients with final details, or reworking quotes because the numbers were wrong.
Ultimately, cloud accounting (Xero, QuickBooksOnline & FreeAgent) allows clients and accountants to share one accounting system! For the first time we can see what is going on as much as we like, giving us a unique ability to support clients and enable bookkeeping standards to improve through that support.
Digitising financial and company information for ease of access, focusing on emotional and personal connections with customers, boosting efficiency with cloud-based management tools and using data to predict and plan for the future can all help small businesses thrive, even in a crisis. Especially when seeking help from an accountant or financial advisor. An expert will be able to help you find efficiencies and select the best available tools to manage your business.
While change may be the only certainty in business, you still need to know where you’re going. You can’t stop the unexpected from happening – but at least you’ll have a plan if hurdles are put in your way. The path to success is a journey you can chart. And you can start right now.
Need help to adapt your business in a changed world? Talk to us.
023 8000 1313