Running a small business can be exciting and, sometimes, exhausting. A successful small business relies on having a strong marketing strategy, excellent customer service, and the right business tools to keep operations running smoothly.
However, these can cost you a lot of time, and that’s why our 3 tips on accounting can help make sure you save time to focus more on running a smooth business, while having time for yourself too.
Automate invoicing
Managing invoices can be daunting. Worse, losing an invoice can cost you money and time!
QuickBooks is a software that allows you to automatically generate invoices, which you can choose to email or print and that’s not all, once the invoice has been created, this information is fed into your accounting reports at the same time, reducing your data entry time too. With this software, you can choose to send unlimited invoices, access free support online or over the phone, and secure your data with bank-level cloud storage.
Another software programme is Xero, here you can track your income and expenses, capture and organise receipts, and so much more.
Automate expense reporting
Data entry is the next task in line from what we consider to be both a mundane and time-consuming task. In fact, recent surveys show that an average employee can spend numerous hours per year on expense reports! Luckily, the Expensify app can save you those hours with its one-click receipt scanning option that allows you to snap a picture of your receipt to automatically capture all the details in it. That’s not all, you can import your personal and business card transactions for automatic receipt merging, and give access to multiple approvers to fit your company’s structure too.
Accounts should be reconciled at least once a week
It is no secret that procrastination is the thief of time. Avoid making the task of handling finances a daunting task by attending to it weekly instead of monthly or annually.
In closing, these simple tips are meant to help you get time back for your business and you. We are certain that with a little help from technology and careful planning, you will be able to find more time to do what you do best, or even take a well-deserved break from your business!
If you wish to learn more about how you can reclaim your time, get in touch with us on 1300 707 260 or hello@popcoinc.com.au.
