5 Tips to Simplify Your Business Accounting and Improve Your Work-Life Balance

Posted on March 23 2016 | Back to blog

Do you long for time to be with your friends and family, secure in knowing your business is ticking along nicely?

Running your own business can be all-consuming, making it tough to pinpoint where your time is going. You’re aware that your days are hectic, and that your big picture business planning often gets sidelined.

It’s possible to find balance. It just takes a bit of planning.

Find out how you can lead a balanced life. You’ll have time to spend as you choose, and run a financially sound, time-efficient business.

The biggest culprit – administrative tasks

Are you caught in a minefield of business administration, phone calls and problem-solving? It can leave you with little time or energy to focus on the other things that matter most in your life – managing and growing your business, your health, and your family.

It’s common for business owners to become so stuck in the day-to-day detail, they forget about big picture goals.

They lose focus on how they can generate profits for their business. They wait too long to seek help and by then they are in danger of derailment.

So how can you manage this balancing act better to give you more personal time without the worry of your business becoming derailed?

The secret is simple

Streamline your business processes and embrace technology to claw back time.

If you are a small business owner, you may have limited staff, so keeping up-to-date with all of your financial commitments can be a challenge. Daily accounting tasks, managing tax affairs and financial reporting all take considerable time and energy.

Consider these five business tips to simplify your business tax, accounting and financial processes:

1. Automate to create a safety-net

Use business accounting software to help streamline your everyday accounting tasks. Focus on functions you rely on the most to run your business. There’s such a range of choice nowadays that you’ll be sure to find software that seems as if it was made just for you. For example:

  • Invoicing, sales tracking and inventory
  • Debtor management
  • Payroll
  • Budgeting and estimates
  • Business tax reporting
  • Financial management reporting

Look for technology that offers automated functions like online invoicing, email reminders for late debtors or recurring bill payments, so you never need to worry about late fees.

Most accounting programs require minimal training and have built-in or online technical support available. Choosing an automated accounting system over manual entry will save you valuable time and reduce the likelihood of errors.

Gain a clear line-of-sight by streamlining and automating day-to-day accounting processes. Calmness will replace chaos as your new software safety-net works while you don’t.

2. Choose cloud-based accounting software

Cloud-based software is accessed using the internet. Your data is stored remotely, and you’re not restricted to a single computer. You can connect, at any time, on any device.

Accessing your financial data online will add greater flexibility to your business. You can process payments or manage your accounts without being in the office. Work in a coffee shop and maximise travel time in a taxi or waiting at the airport.

Cloud-based systems offer many advantages:

  • Easy access to real-time information, from anywhere in the world
  • Allows access to financial information from multiple users
  • Automatic software updates
  • Online customer support
  • Cost-effective and scalable as your business grows
  • Your data is backed up and secure
  • Greater security against data loss from theft, flood or fire damage

3. Embrace new technology

Forget about piles of paperwork and opt for online file sharing systems. It’s a reliable way to manage your business, eliminate version issues, share up-to-date information and back-up all of your important business documents.

Look for innovative digital applications to help you schedule your time, manage employees and keep track of your business expenses.

Use technology that allows you to take photographs of your receipts for taxation purposes.

Calendar reminders and alerts can be used to help you stay on top of financial payments and transactions.

4. Keep to a regular schedule

Don’t put it off. Set aside time each week to take care of your financial tasks, reconcile your accounts, run your management reports and forecast profits.

Then, schedule some personal time. Turn off your phone, exercise and clear your mind. A healthy diet, with plenty of sleep, will improve your mental health and help to restore some balance in your life. If you don’t stay fit, neither will your business.

5. Engage a professional accounting firm

Financial management needn’t be a headache. To free up more time, consider engaging a professional accounting firm for fully integrated services and advice.

They can help you with your business planning, tax and accounting solutions and financial investment strategies. Having a single source of financial advice will save you significant time and money. You’ll be able to focus on the big picture, bringing you closer to your financial and lifestyle goals.

Sound like the kind of work-life balance you need?

It won’t happen without a little effort, but with some simple changes in the way you operate, things can change rapidly.

You’ll find you become more efficient and make better business decisions. You’ll have more time to spend with your family and to do the things in life that you enjoy the most.

Go on. Start today by investigating some automated accounting systems and begin the first day of your new, financially time-efficient business.

Taxeffective White

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