8 ways to save time (and money) in your business
Anna Stubbs • March 1, 2024
Like everyone, business owners are always looking for ways to save time.
Every minute spent on admin or fixing mistakes is a minute that could be spent on business-building work
When time really is money, it’s worth finding ways to reduce those tedious and repetitive tasks – and technology is the answer.
- Better billing - Billing can be a huge time-waster. Using a digital accounting system to extract data from supplier emails and auto-populate invoices can save hours each week.
- Streamline expense claims - Use a digital solution to automate the expense claims process, and your team saves time submitting receipts, approving expenses and dealing with mistakes.
- Reduce human error - Manual data entry is fraught with errors. Eliminate the issues by automating key admin tasks, and spend more time on data analysis, not data entry.
- Automate approvals - Streamline bank reconciliation with an automated tool, so you don’t waste time manually approving individual transactions.
- Quicker invoicing - Invoices and late payments take up a huge amount of time. With an automated invoicing platform, that time is reduced significantly – and manual follow-ups for late payment are eliminated.
- Payroll perfection - Use your accounting software to upload staff details and calculate tax contributions. You’ll not only save significant chunks of time, but you’ll avoid mistakes.
- Quick, accurate taxes - Digitising the tax process can make a real difference. Instead of Excel spreadsheets, receipts and physical documents, everything is accessible through your software.
- Better access to business data - With smart software, you get accurate business data wherever you are. No more going back to the office to check a number, getting back to clients with final details, or reworking quotes because the numbers were wrong.
Want to save time in your business? We’ll set you up with the software to make it simple.
Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits.
The UK’s new Prime Minister Andy Burnham has wasted no time making new tax policies since taking office, having announced a tax cut to remove VAT from domestic electricity bills from 1 October. While this measure is primarily targeted at households, some smaller businesses will, importantly, also be eligible for relief.
When you’re operating and managing a small business, you have a finite pot of cash to work with. Because of this, it’s incredibly important to manage your cash well and to have clear budgets and spending limits for every area of your business operations. Let’s take a look at why budgeting is such a vital part of your financial management, and what you can do to keep your company on budget and in a positive cashflow position.