When it comes to running your business, you may have had hopes and dreams of creating a greater work life balance or having more flexibility over your work tasks. However, essential tasks, like those in your accounting and payroll function, must be undertaken, and unfortunately some of these tasks take longer than others, and your days may instead be spent analysing transactions, chasing payments and handling masses of paperwork. This may leave you with less time to focus on the things that really matter to you like helping your customers, developing the business, and exploring new opportunities. The good news is, there are ways to make the processes less time consuming and complicated so you can spend more time growing your business or enjoying your free time.
Keeping accurate records will not only ensure your accounting and payroll processes run smoothly, but it will also help you remain legal. To maintain accurate records you should:
Regularly reviewing your processes can be an effective way to explore what is working, and what isn’t working so well. Where can you streamline tasks to make them more efficient? It can identify where bottlenecks occur, often in invoicing, and it can help you to implement different strategies.
Going paperless can be a good way of streamlining your processes as locating paperwork can take vast amounts of time, and it’s costly too. Did you know employees reportedly spend around four weeks a year searching for lost documents?
Implementing solutions such as payroll self service systems transfer many arduous payroll tasks to your employees which not only reduces your time but gives a feeling of empowerment to your workforce. It enables staff to check their holiday entitlement, download their own payslips and P60s, update their personal information and take ownership of their payroll admin, and can save payroll personnel a staggering two hours per day.
A robust ERP solution, like Opera 3 SE, will seamlessly integrate your payroll and accounting functions letting you schedule routine tasks, run your payroll at the click of a button, give visibility with real-time reports and deliver all-round flexibility to remove the hard work from your time-consuming tasks.
Invoicing is an area which takes enormous amounts of time, and leaves business owners feeling deflated as too much time is spent processing and paying invoices. Automating your accounts payable can simplify the entire process of receiving and paying invoices and can reduce errors, save money and can process invoices 9 times faster than manual methods.
Your employees are your biggest asset so paying them on time and correctly is fundamental. For small businesses, running the payroll can be an ordeal but here are a few quick-fire Stips:
Saving time when you’re a small business owner can be incredibly tricky as routine payroll and accounting tasks can be time consuming and take you away from responsibilities like growing your business, discovering new opportunities and diving into your data to explore trends. However, utilising technology and reviewing your processes can save time, and simple things such as checking you hold the correct employee data, whilst it seems unimportant, can save vast amounts of time in the long run.
For more information about the solutions here at Pegasus that can help you cut down the time you’re spending on accounting and payroll then contact us today.
Posted On: January 18, 2024
