More time – it’s what all small business owners want and few have.
Many entrepreneurs surrender to the late nights and early mornings that can come with building a company from the ground up – especially if they’ve taken on a jack-of-all-trades role.
But for many, this type of schedule is not sustainable – especially if growth persists. That’s where good time management is critical. The better you are able to leverage your time, the more money you can earn. We often tell our business customers that it’s important to work smarter, not harder.
Two areas that are prone to wasting lots of valuable time are administrative and accounting tasks. Thankfully, these are also areas that are relatively easy to hand off to others or utilize technology for assistance.
Here are a few of our best tips for spending less time on admin and accounting tasks.
Use a debit or credit card when making purchases
Yes, debit and credit cards are much more convenient than carrying cash or writing a check. But they also make things much easier when it comes to accounting. Using a debit or credit card for your business provides immediate and detailed records of what was spent and what is was used for. Checks take time to process and still need to be copied or scanned, and the only way to track a cash transaction is by using the receipt. By sticking to debit and credit cards you’ll make it easier on yourself in the long run.
Take advantage of your bank’s online bill pay
In today’s world there is barely a need for you to hand-write a check for your business. By utilizing your bank’s online bill pay system, you can make single payments or schedule them in regular intervals without writing a check or purchasing stamps.
Automate your invoicing
If you’re constantly billing the same clients for the same amount, it makes sense to automate the process. Most accounting software allows you to mark certain invoices as a recurring item. This gives you the ability to choose a date when the system will automatically create the invoice. For recurring bills – such as rent – you can use the same automation process for outgoing payments.
Connect your bank accounts with your accounting system
Most accounting systems available in the marketplace give you the ability to integrate directly with your bank and credit card accounts. With this type of integration, transactional data from your credit card or payments receivable will automatically update directly into your accounting system. This eliminates manual entry and frees up lots of time. We can recommend some systems to you that make this possible – just contact your local business banker.
Hire an accountant
Hiring an accountant is a sure-fire way to free up your time from the day-to-day accounting tasks, giving you the ability to focus on running your business. Picking the right accountant is a vital business decision, so take your time finding an accounting partner that is right for you. Ask your local business banker or other small business owners for recommendations.
Invest in an assistant
Whether it’s a virtual assistant or an actual in-house employee, having someone who can help you with day-to-day admin tasks can be a huge time saver. Utilize assistants for scheduling, bookkeeping, HR tasks, database maintenance, general research, client follow-up and more. You will see these benefits quickly outweigh the added cost.
If you’ve got any questions or comments about our tips, don’t hesitate to reach out to your local business banker. We promise we won’t take too much of your time!