Gone are the days where Doris, the human calculator, came to your office once a month to settle the ledgers and accounts. Nowadays people can withdraw money without even needing a bank card with them. Financial technology has come just as far for businesses as well. So, it’s critical to ask; are traditional finances syphoning your success?
Make your business more efficient
If you aren’t proficient in accounting or balancing your books then the traditional method of managing your finances may be costing you not only time, but potential profit for your business. With new technology evolving daily in the accounting sphere, there really is no excuse for still maintaining those dusty old ledgers and cheque books.
Instead, save yourself time and energy by using accounting software to change the way you manage your businesses finances. There are a multitude of providers who can offer you a software program that includes financial reporting, insights and overall better management of your finances. As opposed to losing countless hours of your day to balancing the books or paying someone else to do it, use accounting software which will allow you to focus your time and effort on the part of your business that really matters.
Leave paper trails in the past
When it comes to your business, tax time is a critical period where you can really help deliver on those end of year targets. It is crucial to track and maintain accurate records for your business so you can claim all you are entitled to. However, that doesn’t mean following the traditional path of hoarding every paper receipt you have received throughout a year.
Move away from the traditional methods of maintaining your finances to discover a far more effective way to track your business expenses. Online tracking systems allow you to remain close to the management of your expenses, without the need to keep every receipt. Instead, your business can track every transaction, receipt and end of financial year report through an online system. This will allow you peace of mind and ensuring that your business is set up for success when it comes to tax time.
Let the bank come to you
We all remember the days gone by when we would gather the notes, coins and receipts in a very stylish cloth fabric bag and go visit our friendly bank manager. A nice sentiment, but in today’s world, an almost-redundant exercise that could be costing your business success.
Online banking has come a long way since its inception.
Cardless cash, payWave and even paying with your smart phone are all technological advancements we didn’t dream possible. So, in areas where there are alternatives, why then would your business continue to follow an archaic style of banking? Save yourself the time and effort of going to the bank by switching to an online system which maintains a direct link to your bank, and even the bank manager.
By maintaining the physical procedure of manually visiting the bank each day for every area of your finances, you are costing your business success. It takes more time, is less efficient and allows for greater human error. Most importantly, it takes you out of your business for extended periods of time every day. Switching to an online banking system will reduce error, allow greater insights and overall improve the financial strategy of your business.
While these systems may not be able to account for all necessary transactions, given that several forms of exchange cannot be replicated through digital means; incorporating them into your foundational strategies is sure to be a step up for practicality and productivity within your business.
Invoicing is about more than debt collection
Paper invoices are not only a tedious exercise to create, but a rather large waste of money. Customers greet enough mail less than enthusiastically when they open their letterbox. So don’t add to that disappointment. Paper invoices have the potential to be lost amongst a sea of paperwork and junkmail, meaning your business won’t get paid for services rendered.
Move your business to an automated and online invoicing system instead.
A system like this will allow your business to track and follow up invoices in a timely manner, ensuring you get paid on time. Customers will also enjoy not having yet another piece of paper thrown on their desks. Don’t let unpaid invoices syphon your business’ success; use an online system to better manage your customer service and replace mailboxes with inboxes.
Adopting some new strategies will allow both you and your business to become more efficient. By reducing the time your business loses through traditional finances you can capitalise on the advantaged available in digital world.
