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.
Chances are you’ve heard of the accounting term ‘balance sheet’. But what is a balance sheet? And what does it tell you about your finances? Your balance sheet is a financial statement that provides a snapshot of your company’s financial position at a specific point in time. It’s an overview of your finances that details three key elements of your accounting.
A Bank reconciliation involves a comparison of your sales and expense records against the record your bank has. It is a critical financial process to identify and rectify any discrepancies or errors between your internal financial records with the transactions recorded in your bank statement. Bank reconciliations keep your bookkeeping accurate and can help lower your tax, alert you to fraud, and allow you to track costs. They are essential for several reasons: Firstly, they help detect and prevent fraudulent activities or errors, such as unauthorized transactions or bank fees. Secondly, they provide a clear picture of your actual cash position, allowing for better cash flow management and informed financial decision-making. Thirdly, by reconciling regularly, you can also identify any outstanding checks or deposits that haven't cleared, ensuring that you have an up-to-date understanding of your financial health. It can take a lot of time to do it manually, but there is plenty of software to make the process easier. It's important to do it regularly so you recall the correct details. To learn more about how to perform a bank reconciliation and its importance, you can read this guide from Xero. If you need further assistance please talk to us, we can help.
“Our data shows more clouds have gathered over business confidence, and the outlook for SMEs in 2026 is unsettled.” “Firms tell us they are worried about tax, struggling to invest and fear they’ll have to put their prices up in the months ahead.” David Bharier, Head of Research at the British Chambers of Commerce