For business owners, doing more with less is the Holy Grail ambition. It's easy to ignore hidden costs like paper, printing, and even time spent doing mundane data input. It's a tall order to do all of this while maintaining or even improving your company and/or quality of products, but it's not impossible.
Let's dive into the specifics of HOW you can do it:
- Trim the Extra Pounds
Make a list of everything you pay for on a monthly basis and organize it by the department. Determine which areas could benefit from budgeting tweaks after that.
When it comes to accountancy, it's frequent time, not money that corresponds to losing any money on repeated duties. Spreadsheet updates, weekly and monthly reports, bookkeeping, and approvals – It all adds up to a lot of hours where your staffs is tied to low-level tasks.
- Have faith in technology.
This is extremely beneficial in the field of accounting. The software helps here by connecting with your present ERP and immediately alerting the suitable person in the next phase of the process, so you don't have to hassle or chase someone across the office for approval.
- Encourage your customers to pay their bills on time.
Early payments typically result in discounts since vendors and billers can balance their records for the month more quickly. Saving 1-3% with no additional staff with an organized system is tremendous, so don't neglect possibilities like this in your accounting department!
- Reduce the amount of paper used
You can send bills to clients via email with digital document management software, eliminating the risk of paper being lost – and discarded – in the postal system. You'll almost certainly get a better response and save money on stamps, as well as time wasted assembling and sending out envelopes.
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