Owning a business can be challenging – especially when it comes to finances. You find yourself spending hours every day on administration tasks and ironing out financial issues. You know how to put out fires, but your business is reactive instead of proactive.
Tech advancements mean that there are ways to streamline business finances and save time, allowing you to focus on more important matters. Here are 5 ways to streamline your financial business processes.
Payment apps can provide quicker, more efficient payments. Take stripe accounting integrations, for example. This provides a simple, easy and secure way to get paid online. There’s no need for a merchant account, so you can get set up and start collecting payments in minutes. An app like this will take care of everything including storing your client’s credit card numbers, handling subscription-based billing and payouts to your bank. You can automate payments, too.
Payroll can be hugely time consuming every month. You’ll need skilled admin workers who understand the process and don’t mind trawling through lots of paperwork. However, you can save time and money by using payroll software. This puts everything online and eliminates the risk of losing any paperwork. It also does all the calculations for you and cuts down on a lot of time, allowing your employees to do something more productive. Everyone gets paid quickly and efficiently, so everyone’s happy.
Business credit card
A business credit card can be a great way to streamline the finances of your business. It will help you as a business owner to separate your personal finances from those of the business, making profits and tax calculations more straight forward. They can also be given to employees to track expenses instead of relying on loose receipts that can easily be lost. But, the best thing about a business credit card is that it can boost your credit score, and they often have rewards. It’s a great thing to have to improve the finances of your business and it creates a more streamlined system.
Another way to track expenses is to use an app. This means that you can put all business expenses in one place, such as lunches, travel costs and overnight stays. Again, instead of receipts or confusing paperwork, all the information you need is online and easily accessed. Plus, you can keep an eye on what your employees are spending.
As a business owner, you’re probably used to sending invoices. But that doesn’t mean you enjoy it. In fact, sending invoices can be a time-consuming and tedious affair. It can be frustrating having to manually enter the information every time. However, invoice templates will speed up the process and make your invoices more reliable. You’ll be able to change the format quickly and easily and store your invoices in one place, making tax calculations straight forward. Software can also automate reminders to clients to avoid late payments and calculate any additional late fees.