Having a small business is an enjoyable experience as someone embarks on the journey to great things ahead. However, sometimes it can be stressful and time-consuming especially if you are not using online accounting service in singapore. According to research by Constant Contact, more than 40% of the small business owners stated that they do not take vacations.
Also, 40% said they do not get enough time for their families. Despite these alarming results, 84% of the sampled individuals said that they would love to have more time for other things besides running their business.
You can reduce time on your business by managing the time spent on accounting tasks. This time can be used in vacation, family or other tasks to improve your business. Below are some tips you can use.
Clean Up the Books
Most small business owners do not have any background in accounting, some have not employed an accountant, and thus keeping books task can be a challenge. You can save time by consistently keeping up to date records.
Updated records eliminate the time spent on searching particular documents such as invoices and bills, it will also make invoicing and tax preparations faster. Ensure delivery of current financial records for easy decision making. You can use accounting software to reconcile your accounts. Set a specific time for these tasks every week.
Invoicing at every end month can be hectic. Some unpaid invoices can get lost or misplaced leading to loss of money. Automating invoice software can be used to create invoices that are subsequently recorded in the accounting reports. This provision will save on time used in data entry. Some of these Apps send reminders and automatically helps in dealing with a late fee and receivable accounts.
Automate Expense Reporting
Entry for expense reports can take a lot of time. A person can take about 30-40 hours every year on expense reports. The use of automated software will save the time used in various tasks such as in coding receipts, writing checks and tracking reports. Some of the software allows you to snap documents instead of manual entry.
Reduce Time on Transaction Data Entry
Transaction data entry apps can be used to handle quick books. They reduce the time spent on manual data entry because they automatically transport data into quick books daily. The software will save several hours to use in other activities.
Carryout Evaluation of Past-due Invoices and Credit Policies
Collection of the past due invoices can be tiresome and time-consuming. Conduct a re-evaluation of your credit policies. Decide on how you will make payment once you make sales rather than waiting for the end month. Consult an accountant to get better advice on the best software to use. Debt collectors can use be used to collect some money from bad debtors.
Employing technology, better planning and organization will save you a lot of time that can be used in enhancing your business. The time can also be used on other activities including family and vacations.