Automated Business Systems
Ask any small business owner what they need more of and the answer is always TIME! Running a small business is time consuming and there is often never enough of it. The second response is probably around cash flow. Small businesses need to operate on a lean budget and every dollar counts. So, what if there was a way to save both time and money?
Whether you sell products or services here are our top tips on how to save money and time through automating business systems:
We all know that collecting receipts and ensuring that they are kept in a manageable way is difficult. Without a proper system it sometimes feels like receipts are flying at us from every direction! Using an automation tool such as Receipt Bank, Expensify, Hubdoc, Shoeboxed will help you collect your receipts on the cloud. They will even extract data from PayPal, Dropbox and your bank feeds. You can then have them automatically connect through to your cloud accounting software. Even more impressive is that you can also use this to capture employee expenses. Once set up correctly, it helps save a lot of time and make you feel under control in real time.
2. Invoices, Debtors and Payment Management
Gone are the days of sending out manual invoices and then chasing them up with phone calls and letters. A cloud based accounting software will remember client details, you can email out the invoice and the system will automatically generate reminders for unpaid accounts. They can even connect to many CRM systems to allow for even more detailed reporting of the sales process.
Allowing multiple payment methods gives clients multiple ways to pay you and usually means you get your money faster and easier. When sending out invoices include a number of payment methods such as direct deposit, credit card through Stripe, Integrapay, PayPal. Payment through these methods also helps with reconciliation as they appear in your bank statement and your accounting software can identify the match to the invoice.
It is important for all businesses to plan ahead for cash flow. Switching to a cloud based accounting system allows businesses to ensure they are cash flow healthy for future and current liabilities. These systems enable you to extract financial reports specific to your needs anywhere anytime, saving you time and money.
It is ideal to have the dashboard set up on your mobile phone so your cash flow is displayed in the palm of your hand. Correct systems will allow you to have the real time information without having to turn on the computer.
4. Payroll and Super
The ATO are now requiring more transparency and frequency when it comes to both payroll and super. While this takes a bit of focus to set up, in the long run it makes the process a lot easier and means that you are on top of your requirements. Using a cloud based accounting software is crucial to completing the steps with a click of a button.
Paying timely super, being on top of staff entitlements, having correct workcover insurance is important as an employer. Running your own business implies having that information on hand. Having the right systems will ensure you are across this in real time.
5. Workflow Management and scheduling
It is crucial to manage workflow accurately and effectively for all businesses. Ensure you are capturing the true cost of your projects by using a cloud software which integrates both your accounting and workflow. Platforms such as Workflow Max, Aroflo, and Tradiepad allow you to follow the project from inception to completion. Such programs are excellent tools to ensure project is tracked and runs profitably and that you have no sleepless nights over work.
Here at Sum and Substance we work closely with businesses helping them automating the systems to help them save their valuable time and money. You can contact us at (03) 9424 9447 or email to book a time to discuss how automation can help you and your business.