How to save time for your small business

Time is the most valuable thing we have. And small business owners understand this more than anyone. With so much on your plate, too often it feels like there are not enough hours in the day.

We can’t help you find more than 24 hours in a day, but we can give you some of our favourite tips to help you save some more time in your business (and hopefully your sanity too!)

Digitalise tax filing

Taxes can be an absolute chore and filing them can be very time-consuming. This is especially true if you are processing everything manually. It can also mean more room for error. If your taxes are spread out across different systems, spreadsheets, physical documents, and receipts, it can be very tricky to compile them all.

There are plenty of digital systems, like MYOB and Xero, that helps keep everything together in one place. These programs will automatically be up to date with the latest tax regulations, so that is another thing off your plate that can save you time. You are also able to easily see all your accounts and complete your taxes in one place.

Not only is this a massive time saver, but also reduces errors.

Digitalise supplier bills and employee expense submissions

Reducing manual data entry is such a simple and effective way to save time. If you have to deal with a lot of supplier bills within your business, the odds are that this then means a whole heap of time manually entering this data.

There are plenty of options for this to be digitalised. Software is often capable of automatically pulling information and data from emails and PDF’s. This is a massive time saver.

Employee expenses is another component. Streamlining and digitalising this can also save a lot of time.

Digitalising employee expenses also makes it easier for them to hand in their receipts, as they can directly upload them. This helps avoid late submissions, as well as human error.

Automate data collection and capture

In case you couldn’t tell, automation and digitalising your accounting is one of our favourite ways to save time!

You can save even more time by automating tasks such as financial document collection and data entry. There are so many accounting practices that can quite easily be automated which allows you to be able to spend your time analysing the data and working on your business, rather than chasing and inputting data.

Approve transactions quickly

You guessed it, approve transactions quickly with automation.

Bank reconciliation can be such a pain and a common, constant hassle which all business owners will face. This is another element that can be streamlined and automated.

Certain software is able to learn and approve transaction matches based on bank rules you have applied. This helps free up time manually approving transactions.

Invoicing and payment reminders

Late payments can be a real issue and can delay and faulter cashflow.

No small business can avoid the hassle of having to follow up clients that constantly pay late. This process can be extremely frustrating and time-consuming.

Luckily, this is also something that can be automated. This means you don’t have to personally follow up with clients, as automatic reminders will be sent out. A time (and sanity) saver!

Streamline Payroll

Streamlining payrolls can help save your employees and yourself heaps of time. Automated systems can calculate the amount of leave used, employee’s pay, taxes withheld and superannuation, all at the press of a button.

Time-saving can be a real game-changer. It’s 2021, and you shouldn’t be wasting your time on manual and mundane tasks that can all be streamlined and automated. Make the most of the available software programs so you can re-focus your time on the tasks you enjoy doing in your business. Give yourself the time to work on your business, not in it!

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