If you’re a business owner, you’ll know how easy it is to become overwhelmed by tasks that don’t help your company grow. Let’s review “4 Accounting Hacks to Help You Save Time and Work on your Business by Tech Breath.
Jobs based on HR & accounting, for example, are essential to keep the business running smoothly, but do little to help you attract more customers or clients.
By automating these processes, you can free up time to concentrate on tasks that will help your business prosper.
Thankfully, there are several tools you can use to help you do this. Below, we explore four accounting hacks that can save time and make you a more productive business owner.
- Automate Invoicing
Rather than sending out invoices to clients every month, you can use software to automate this process. Volutive, Ezy Invoice, and Invoice Expert are among the most popular options. This software typically also allows clients to set up a regular monthly credit card payment.
By automating your invoices, you’ll not only save time, but ensure you request the correct payments from all of your clients. Making billing errors by manually invoicing clients is a great way to lose their trust, and potentially lose money you’re owed.
- Automate Debt Chasing
Chasing debts from customers who have overdue payments is one of the most time-consuming and stressful uses of your time. It costs you time, money, and energy, which you could be using on growth projects.
Late Fee Manager provides a solution with its software that can automate payment reminders and add late fees to a customer’s bill. The first 30 days is free of charge and many customers find the software more than pays for itself afterwards, due to the amount of money released from overdue invoices.
- Provide a Range of Payment Options
Businesses that provide a range of payment options for customers will find that their accounting is far simpler than for those who only accept cash.
With online payments, your accounts are already calculated within your bank account. The more e-commerce platforms you provide, the easier it will be to manage your accounts. The majority of businesses are able to offer credit card payments, but you could go one step further by also offering payments from PayPal, Square, or even cryptocurrency.
Brick-and-mortar store owners can make payments more convenient for themselves and for customers by accepting mobile payment solutions, such as Apple Pay and Android Pay.
- Hire a Virtual Assistant
Every successful business owner should aspire to reach a point where their time is so consumed with growth projects that they don’t have the time to partake in day-to-day tasks such as accounting.
Once you encounter this point, it’s time to hire some extra help. Hiring an employee is expensive and time-consuming in itself, plus you might not be ready for this huge step, so it’s advisable to first consider a virtual assistant (VA).
Hiring a VA can help you save money on expenses such as office space, equipment and additional taxes. You’ll save time on the recruitment process, and it’ll prove far easier to find an individual who is capable at performing accounting tasks, as well as call-answering, email-answering, and market research.
Why Should you Automate your Invoicing?
As the CEO of your business, your time is likely to be best spent generating creative ideas for your business, training new staff, meeting new clients or partners, and exploring other growth opportunities. These are typically the tasks that only the business owner can do effectively.
Being bogged down by day-to-day tasks that can be automated or performed by lower-paid staff will only serve to limit your growth. By spending money on these measures, business owners can free up time to perform the tasks that really matter.
The best thing about many of the software solutions mentioned above is that they offer a free trial, so you can see for yourself how much time they save you. Most business owners are fully aware how time equals money, so they’re usually more than happy to hand over a small monthly fee in order to reduce the stress of accounting.
The key is to use this time to grow your business. If you’re investing in automation software, but not using the time you save wisely, it’s likely to be a losing investment for your business.