How to reduce the amount of time you spend managing your business finances
In a recent survey of small business owners, it was found that the biggest issue they faced was having a lack of time to complete everything they need to do to keep their business finances healthy. It’s surprising that this trumped other issues like poor quality customers, a lack of sales, a lack of money, or bad staff. But it did.
Multiple studies have been carried out on the subject, and there is a list of commonly repeating problems that come up. Finding the right talent for the job is the main concern, as is managing growth. In recent years the UK’s departure from the EU has been a large question mark over proceedings. No matter what the problem is though, it all comes back to time. Or the lack of it.
Are you one of those people who set up a business to give it a go? Or did you set out to give yourself and your family the life you want to live? So many business owners, like you, find themselves bogged down with their financial matters. You’re not alone. There need to be ways to help you regain control so you can work smart into a positive future, not harder into an early grave.
In small businesses, a substantial portion of time is spent keeping track of business finances. The time invested in this could be much better spent on other income-generating activities if only owners knew how to be more efficient with their time.
Below we have outlined a few ways to reduce the amount of time spent on managing your business finances, so it’s one less task you need to juggle.
There is rarely an issue we come across today that doesn’t have an app, website, or piece of software to make it easier and quicker. This is also true for managing your small business finances. We have identified accounting software that is affordable, easy to use, and will save you time.
The best accounting software includes features like automated entries, invoicing, bill payment, bookkeeping, expense reports, financial reports, payroll, and reconciliation. Cloud-based software is even better as it can sync with bank accounts and point of sale systems. It also makes running financial reports and accepting payments simple.
The best time to plan how you’re going to run your business is when you start it. The second best time is right now. Mapping out your business finances gives you a clear picture of where your business strengths and weaknesses are and allow you to plan effectively. Doing things earlier is going to save effort in the long run.
If you’re struggling to keep track of your finances while running a business, it is time to take back control. Sometimes the best way to organise yourself is to go back to basics. Write down everything that needs to be done, when it needs to be done, and who needs to do it. Make it clear to yourself, and then clear to your staff. This way you can see where any time savings can be made, and where the weak links in your business operation processes are. Only once this is clear can you sort it out.
It might be that you need to reconsider how you delegate roles to your staff. You could have a staff member dedicated to organising your business’s finances. But, if this is the case, it may be better to outsource your accounting needs to professionals. If you do this, you’ll free up a lot of time that you can spend on more productive tasks within your business.
If you are struggling to keep on top of everything, know that there is always help available. You don’t have to push yourself to the limit, just get in touch with Big Hand. We will take care of your accounting needs so that you never have to worry about them again. That is one massive weight off your shoulders leaving you free to work on your business.