When it comes to running a business, we all know that there’s a million daily tasks, big and small, that detract from the time and energy you’d rather put into the more enjoyable things – like following up with customers, finding innovative ways to keep ahead of your competitors and improving your products and services. Let’s face it though, sometimes there is so much paperwork to handle that most of this seems out of reach.
Like the majority of small to medium-sized businesses, you probably find yourself with bits of paper all over your desk and stacks of invoices and receipts in shoeboxes. But if you have to manually sift through an endless number of documents for details of purchases and breakdowns of expenses, you need to stop procrastinating and begin putting a better process in place.
SMBs can streamline their admin and free up their time by not having to do tasks which can automatically and accurately be done with a simple software solution.
It’s time to get yourself organised
The new financial year is an excellent time to sort out your processes, that way you start off on the right foot and will be in an agile position, which allows you to know and predict what you may need to change in the coming months.
Take solace in the fact that you’re not alone when it comes to this paperwork problem. A recent Xero survey found that three out of four Australian small businesses still store their receipts in shoeboxes. The reality is that the average Australian business ends up with about 100 receipts and invoices a week to churn through, that can add up to 5,200 invoices a year left in a disorganised heap.
Save yourself the pain of going through all that information next June and save your accountant many hours of work by getting this process right from the outset.
Understand that automation is your friend
We all like to find more efficient ways of doing things. So why not sit back, flick on the kettle and brew yourself a cup of tea while the information from your invoices and receipts is automatically digitised and organised. Sounds too good to be true, right!
With Receipt Bank’s simple software and mobile app it’s possible to capture, store and keep track of invoices that have been paid and any that are outstanding, calculate your monthly expenditure and integrate your accounting software.
Having this tech tool in place will remove a great deal of stress, cut out a lot of unproductive time and give you back time to focus on running your business. You’ll be able to do regular check-ups on your cash flow and immediately see what’s going well and where improvements need to be made.
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.