Top Five Time-Saving Accountancy Tips For Busy Small Business Owners
It goes without saying that all small business owners are extremely busy, and it can often be difficult to keep on top of everything. One area that your really can’t neglect is bookkeeping and accounts; however, it is not always easy to dedicate the time that’s required when you have so many other things to do. So take a look at our top time-saving accountancy tips that can help ease the pressure.
- Clean up your books – Now is the time to clean up your books. It may seem like a daunting task, but once it is done it will make your life easier. One of the main reasons why accountancy is so complex and takes so long is because books and accounts are not complete, accurate or up-to-date. Once you have organised your record keeping, it will reduce stress and save you time. This will ensure you can deliver financial reports on-time that are accurate; it will help you prepare invoices more quickly, and eliminate the frantic searches for particular bills and invoices.
- Automate expense reporting and invoicing – There is no need to do everything manually. You should consider automating areas of your business to ensure a greater level of efficiency. This includes expenses reporting and invoicing. The ability to generate invoices automatically will save time and ensure that you do not issue invoices late, which can have a detrimental impact on the all-important cash flow. You can also save approximately 30 to 40 hours per annum by automating expense reports – that’s a whole working week.
- Assess overdue invoices and policies regarding credit – One of the most time consuming accounting practices can be chasing over-due invoices. If this is something you find yourself doing on a regular basis, you should take a look at your credit policies to see if there are any changes that can be made. For example, you may wish to implement interest charges if your clients do not pay you by a certain date.
- Eliminate time spent on data entry – There are many software solutions in place nowadays that give you the ability to synchronise data so that it is automatically imported. This means you don’t have to spend hours manually inputting the likes of transaction data. This is something that can take up a significant amount of time, but you’ll find that it is rarely necessary.
- Get help from your accountant – The number one spot for our time-saving accountancy tips is undoubtedly to hire an accountant who can help to take the pressure off your shoulders. Some small business owners are sceptical about going down this route because of the expense. However, an accountant will actually save you money. Not only will they ensure you are making the most of tax breaks, but they will free up your time so you can focus on the more profitable areas of your business.