As a business owner, it is your duty to find ways to cut costs by increasing the efficiency of your staff. And by giving them the right tools and protocols to follow, you can achieve this important goal. But how can you reduce your company's administrative time
, in particular, for the upcoming 2016 calendar year? Check out the tips below to get started.
Invest in Asset Management Software
The right asset management software, such as Asset Bank
, will make it a lot easier to manage your company's files both in the office, as well as at home and on the go. By using these types of programs, your staff will save valuable time not only uploading and managing files, but also finding them and downloading them whenever they are required.
Get a Credit Card
Another great way to reduce your company's admin time is by getting a credit card for purchases. Find one that also provides you with a variety of perks that you can take advantage of, and before you know it, you will be able to use it to turn difficult accounting tasks into a breeze. Credit card expenses will also clearly show you where your company's money has gone, so it makes tracking your expenses and payments a lot easier, and this can translate to less time reviewing your expense reports.
Automate Your Bills and Your Invoices
If you are already using a reliable accounting program, you can take things a step further and save even more time by automating your bills and your invoices to clients. Memorised transactions are really handy for those clients to whom you bill the same amount all the time. And if you are also busy paying recurring bills each month, such as rent or other overhead costs that are the same from one month to the next, you can automate the process of paying these bills using your accounting software was well.
Pay Your Bills Online
Provided that your bank gives you the option to pay your bills online, you can put all of your accounts payable into your online account and then pay bills as they come in by directly transferring funds from your bank account. This saves you administrative time that would otherwise be used to write out checks, record those checks, put them in envelopes, purchase stamps, and head to the mailbox or the post office.
Import Your Bank Account Information
It can take quite a bit of time to enter your receivables and payables into your accounting software, but you can save time by importing your bank account information right into your software. This also reduces the risk of errors, and you can use this process to quickly categorise transactions.
By keeping these tips in mind, you can reduce your business' admin time, as well as costs
, by quite a bit. After all, even just saving a few minutes at a time will definitely add up in the long run, and that could easily translate to higher profits.