For a business owner, time is money. You only have so much time in a day to grow your business.
To focus on your business goals, you need the best help you can get to fulfill a last-minute order, prepare a proposal, or travel between client meetings.
In order to create a sustainable business, there are a few practical ways to reduce hidden time and costs through financial management:
Capturing and collecting data seamlessly
Streamline administrative tasks such as the collection of financial documents and the entry of data by automating them.
You can digitalise your accounting practices so that you spend less time chasing clients and entering data yourself, and more time analysing the data instead of having to chase them for information.
Additionally, you will be able to overcome the disruptions caused by human errors, freeing up your time and giving you the peace-of-mind that your business will run smoothly.
To accelerate your digitalisation plans, you may want to take advantage of programmes and trainings that are available.
Fast approval of transactions
Reconciliation of bank accounts is probably one of the greatest headaches that a business owner has to deal with. As a result, it is best to automate the process in order to streamline the process.
Software and tools are available that automatically learn and approve transaction matches based on the bank rules that the user has applied to the software. Using this method, you will not have to worry about manually approving all transactions.
Improve supplier billing visibility
Every minute counts when you are working in a highly competitive business environment. It is possible to reduce the amount of manual data entry by automatically extracting key information from emails and pdf bills from suppliers and by auto-populating the bills with this information.
As an example, businesses that use digital accounting software can save an average of 25 percent on their time spent entering bill information when they use this type of software. This means that you will have 2.5 extra hours for you to focus on the actual business aspects that are more important to you.
Save money by reducing hidden costs
How much time and money are being wasted on employee expense submissions? Making sure that employees file their claims on time and in the correct way is extremely important.
Employees now have the option to take a picture of their receipt and then automatically scan it with a number of details to fill out a claim form online.
Employees will be able to submit expense submissions in a more timely manner and this will reduce the amount of errors and rework required.
There are apps that offer a wide array of helpful features, such as the ability to accept multiple currencies, mobile notifications, and deep analytics, which further streamline the process.
AI-driven invoicing and payment reminders
Businesses are facing some of the most challenging issues when it comes to late payments.
There was a study that showed a third of invoices submitted by Australian businesses in 2018 were paid 31 days late on average, resulting in billions of dollars in losses incurred as a result of the late payment of invoices.
As a result of technologies like machine-learning and automation, businesses today are able to create and manage invoices at a faster rate than ever before, due to technologies such as machine-learning and automation.
E-invoicing is a way for businesses to automate their invoicing processes by incorporating a variety of online platforms into an e-invoicing framework, which can standardise and speed up the invoicing process among businesses.
Easily manage payroll and HR
There are also other aspects of the company, such as payroll, that can also be streamlined as part of this process.
The amount of time spent on paying staff, managing talent and dealing with CPF contributions can be reduced significantly if you use the right software.
For example, in most software packages, there is a bulk upload feature that allows users to drag and drop a spreadsheet of all employees and upload them at once.
By doing this, you can save an abundant amount of time and avoid setting up errors (about ten minutes for every employee).
Ensure accurate and efficient filing
There is no doubt that doing your business taxes can take up a considerable amount of your time. In cases where there is an entirely manual process involved, this can be particularly problematic.
It can be challenging to consolidate various Excel spreadsheets, physical documents, as well as other things like receipts when they are in different formats. In addition, due to this lack of visibility, filing your taxes will be slower and less accurate due to this lack of visibility.
Digitalise to optimise
There are platforms for business management and accounting that have been programmed with the latest tax regulations in mind, so that you have no need to worry about keeping up with them.
Additionally, they provide you with a complete view of your accounts so that you can manage them accordingly. By doing so, you will be able to comply with your tax obligations in a timely and efficient manner.
Remote access
In the real estate industry, you are always on the move as a real estate agent. However, if you’re away from the office, it does not mean that you have to give up on your business if you’re out of the office.
Super apps give you access to your business and accounting operations while you’re on the road, communicating with clients, closing important deals, or meeting a potential client while on the road.
Keep track of your business with smart dashboards that provide you with all the information you need on one screen – regardless of the device you are using.
Having the ability to control your accounting anywhere you go and at any time is the best way for you to have peace of mind and to keep your business running smoothly.