How to improve your business productivity
Posted on 19th December 2019 at 17:52
The end of November saw Global Bookkeeping Week; the fifth annual celebration of the value bookkeepers provide for their clients.
We all know that bookkeepers give businesses back valuable time by taking on their financial record keeping.
Bookkeepers have a depth of knowledge that would be difficult for individual business owners to maintain, not only about what they should do, but also about what they shouldn’t do.
With their help you can set up effective, reliable processes to meet your obligations and keep everything running smoothly.
You can also be confident that your Annual Statement of Accounts, Corporation Tax and VAT returns will all be properly submitted at the right time, so you won’t have to worry fines and penalties.
By taking an overview of your business finances, your bookkeeper is ideally placed to let you know about potential risks and opportunities to reduce costs and improve profitability.
Your bookkeeper can also create a wide range of reports for you that turn your detailed financial information into usable insights about your business.
Last year, small businesses spent over 5% of their time on administration activities and millions of hours were spent on manual data entry, especially when tax deadlines were approaching. Around the world, this amounts to £40bn worth of productive time that could be spent on other things.
Your bookkeeper can help to reduce the administrative burden within your business by highlighting opportunities to reduce unnecessary administration.
For example, automation can be used to improve the accuracy and efficiency of your financial records. We recommend Xero accounting software in the Cloud because it streamlines processes. You can automate regular invoices, keep track of payments and reconcile your bank account all in one place.
We also recommend Receipt Bank to capture and allocate your business expenses quickly – just with a photograph taken using your smartphone.
Real time, all the time
With accurate and up to date information about your business you can make decisions quickly and with confidence.
You can keep your cashflow under control and see which customers pay their invoices reliably and who is always late.
You can also see what you spend with each supplier and on daily expenses.
Your bookkeeper can help you to organise invoicing and payments, so you won’t have to worry about having enough money put aside to pay your bills, VAT and tax.
With the help of your bookkeeper you can set realistic annual, quarterly and monthly projections and targets, so you’ll always know that you are doing the right things to achieve your business goals. If things start to go off course, you will be able to respond quickly to put them right.
Please get in touch if you would like help to improve the productivity of your business.
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