There are an endless number of elements to juggle when starting and running a business. But, while you’ve already put many practices into place it’s always useful to take a step back and consider if the processes you’ve created are making you the most productive and responsive to growth as possible.
Whether it’s accounts, sales, marketing or social, improving on your business processes so you are operating with minimal hassle and reaping the greatest returns, will safeguard your business as you move into the future.
Let’s consider your small business’ booking and accounting processes and procedures. Inefficiencies in workflow, or bottlenecks, can lead to delays, higher production costs and a loss in revenue. Eliminate these payables bottlenecks and you will see an improvement in profitability and productivity.
The common bottlenecks holding your business back
Confusing and too many processes are the two most common business bottlenecks to getting work done.
The culprits? It is probably not surprising that poor communication, too much work, lack of employee training and lack of information for accurate decision making are some of the cited reasons for holding businesses back.
As far as your bookkeeping goes, this can lead to messy accounts, disorganised paperwork and poor expenditure tracking.
Reducing a bottleneck requires implementing a long-term solution
With the right technology and cloud-platforms in place you’ll be able to optimise and automate your payables process.
For instance, implementing a simple modern bookkeeping software like Receipt Bank can ensure that your accounts payable process is no longer ad-hoc.
As a small business you’ll be able to transform your process overnight. As soon as you set up a Receipt Bank account you can send receipts and invoices from your smartphone, upload them directly, send them from your email, attach from your dropbox or link to your Paypal account.
Receipt Bank extracts the data and integrates it into your accounting software. Instantly, you’ll be able to see your supplier and client lists, track projects, and categorise your spending.
Having quick, easy access to your business’ most important information will help you identify your most profitable product lines and customers, avoid piles of invoices and improve your budgeting – which will help your business to grow.
This system is a no brainer for small businesses. It’s simple and the most cost effective method for a business wasting valuable time on its bookkeeping process.
See your payable process improve in 4 areas
#1. Managing your expenses – Receipt Bank can help you manage your invoices, receipts, credit notes or remittance statements not matter how you receive them. The software automatically extracts all the key information for you so you can wave goodbye to manual data entry.
#2. Be connected anyway, anytime – Having both Receipt Bank and your accounting software in the cloud allows you to access your accounts when you’re out of the office or overseas. This way you have everything at your fingertips and you don’t have to worry about missing payments.
#3. Automate accounts and publishing – Match your paid invoices and receipts to your bank feed in your accounting software automatically and save time on reconciliation.
#4. Store safely and securely – Be happy knowing that your invoices and receipts are stored safely and securely, in compliance with the Australian Taxation Office (ATO) requirements.
This content was brought to you by Receipt Bank. World leading software that automates your bookkeeping. To discover more or sign up for a free trial of the product please click here.