As small business owners, our time is limited. Therefore, it can be hard to find the time to complete those dreaded finance and admin tasks that are always lurking on our to-do list.
Luckily, we’re not on our own and there are many options available to help us.
Here are some of the ways you can save time as a small business owner.
Automated, recurring and scheduled invoices.
Recurring invoices are a great option if you work with clients on a retainer basis. Once your recurring invoice is set up, you won’t have to worry about sending or creating invoices for your clients and can receive your payments easily without much time or effort.
Meanwhile, having the ability to schedule invoices for a specific day means you can sort your invoices out at any time during the month without having to wait to do them all on the last/first day of the month.
Digital storage.
Staying organised is one of the more important and effective ways to stay on top of your admin and finances. Having a designated folder on your computer is a great way to keep everything in one place. Getting into the habit of updating that folder straight away, for example, taking a picture of receipts and sending them straight to that folder also saves you the time of having to go through everything each month or at the end of the tax year.
Time blocking.
These admin and finance tasks don’t have to build up and take you a long to time tackle. If you set aside time once a month or fortnightly to go through and organise yourself, then you avoid the dreaded build up of tasks. This is a great way to stay on top of your business and save you time along the way.
Digital accounting software.
Digital accounting software is a great resource for small businesses. There are a variety of options out there all offering different services and features.
Most software connects straight to your business bank account, saving you time as all the information goes directly to your software and it records everything for you. There are many other features that also save you time, such as automatic invoicing, expense recording and most software is also available on an app, meaning you can access and record your finances on the go.
Automatic invoice reminders.
With a lot of digital accounting software, you can set up automatic reminders to your clients after a certain time to remind them to pay their invoices. This saves you from needing to chase up clients for payments (not to mention the awkwardness of having to ask!).
Hire an account or bookkeeper.
This is the most effective way to stay on top of your finances and save you a lot of time. Hiring an accountant or bookkeeper frees up your time to focus on your business. They’re able to make sure you’re up to date and ready for any tax deadlines or payments.
Hire a Virtual Assistant.
A virtual assistant can help you with almost anything in your business.
There are a variety of different kinds of VAs on offer meaning outsourcing for help has never been easier. Whether you need someone to help you with administrative tasks, help with correspondence or even assist you with your social media or digital marketing, there is a VA out there for you and your business needs.
If you’re looking for an accountant, we’d be happy to help. Check out our About page to see if we’re the right fit for your business, or give us a call.
