Growing a business requires long hours and steadfast determination. However, it can be difficult to strategize and make plans towards business expansion, whilst still trying to juggle the day to day tasks of running a business. Fortunately, there are a few simple solutions to help you step away from your daily tasks and focus on future expansion. Read on to find our tips and tricks for maintaining workflow while growing your business.
Small Business Accounting Software
Accounting processes and financial reporting are among the most time-consuming tasks for business owners to perform. Payroll, raising invoices, inventory tracking and bank reconciliation, are all tasks which greatly restrict the amount of hours a business owner can spend working towards expansion.
Small business accounting software is the simple and cost-effective solution to a business’ accounting woes. Leading financial and accounting software is capable of automating many of the tasks which take hours for small business owners to manually perform. Some of the time-consuming tasks that accounting software can expediently perform are:
Invoice Generation: Proper invoice management is essential to the success and growth of any small business. Without invoice management processes in place, small businesses suffer from depleted cash flow. This is a significant impediment to any business growth goals you may have in place.
Accounting software is capable of streamlining and automating the entire invoicing process. The software is able to email professional invoices to your clients immediately after a sale has been made. These online invoices provide your clients with an easy and safe online link for payment, enabling them to use all major payment providers including AMEX, Visa, MasterCard and BPAY. Automated invoicing allows you to step away from chasing up late-payments and sending batches of invoices to clients at the end of the month.
Financial Reports: A business that has its eyes set on expansion requires frequent and accurate financial data. This data is critical to securing an understanding of your business’ financial position and monitoring any highs and lows in your cash flow. Generating financial reports is incredibly time-consuming when performed manually. It is also easy for the human eye to miss or incorrectly input numbers; thereby threatening the accuracy of your entire data pool.
One of the key benefits of accounting software is that it is able to integrate with your existing systems and sales processes in order to generate automated financial reports. This saves you the time and effort involved in manually inputting data. It is also an incredibly helpful feature for any business looking towards expansion as it provides accurate, real-time data for any investors or outside entities to review.
Early preparation is key when working towards growing your business. In order to maintain workflow while your business expands, it is essential to adequately prepare for the changes that growth will bring.
Many businesses fail to prepare early for increased growth and find their workflow suffering due to existing suppliers, processes and staff that are not adequately prepared for growth. It is therefore essential to prepare early by reviewing your current processes, staff and suppliers to ensure that your existing structure is sustainable for the future. Accounting software is also an important tool to utilise throughout this process. The software is capable of performing predictive analysis based on your live sales reports, providing you with data-driven statistics of your predicted growth.
Schedule your Day
When preparing to expand your business it is essential to vigilantly schedule your work day. This means setting aside designated hours of your day to pursue any leads or complete any work that is related to your business expansion plan.
Adhering to your schedule ensures that you set aside time every day to strategically prepare for your business’ growth. It also means that you can allocate other staff members accordingly to cover some of your other tasks during your set time period.
Preparing for business expansion is an exciting time for any small business owner. In order to secure the success of your business growth, it is important to prepare early and invest in leading software and tools to help you achieve your goals.