The Christmas and New Year break is the perfect time to relax and recharge. It’s also a great time to review your business’s systems, processes, and procedures so you can hit the ground running in 2015. By streamlining your processes, you can cut down on the time you or your team members spend on financial and compliance tasks, and maximise the time you spend earning money for your business.
Below are four important changes you can make to improve your business’s efficiency in 2015.
Implement Bank Feeds
One great way to streamline your processes is to implement bank feeds with your accounting software. A bank feed allows your accounting software to sync with your bank so it can read and record any transactions you make. All that’s then left for you to do is to allocate the expense in your accounting software. This process reduces the time spent on data entry for banking transactions, freeing up human resources that could be better allocated elsewhere.
Before implementing bank feeds, check that your bank data is gathered via a secure feed straight from your bank. If a third party is used to gather your data, this raises your risks, so be sure to choose software that uses a secure feed. If you need advice on choosing accounting software that securely supports implementing bank feeds, EzyAccounts can help.
Set Up Bulk Payments
Another way to improve your business’s accounting efficiency is to set up bulk payments for bills. This involves entering your suppliers into the system and paying all your bills on a set period, be it weekly, fortnightly, or monthly. Rather than making individual, ad hoc transactions, you can pay them all with a single bulk payment, which is processed as just one withdrawal against your account.
By setting up bulk payments, you can save time on processing, and save money on bank transaction fees. Almost every bank in Australia has an option to set up bulk payments.
Start Using Recurring Invoicing
If you have clients that you invoice regularly (e.g. weekly, fortnightly, monthly, quarterly), then an easy change to make to your processes is to set up recurring invoicing.
Recurring invoicing saves you time as you no longer need to manually enter and send an invoice each time. Virtually every accounting system supports recurring invoicing, so this is an easy improvement to implement.
Key Performance Indicators (KPIs) allow you to measure your business’s performance against your goals. When done right, creating and acting upon KPIs will improve your business’s profitability.
To create KPIs, determine what you want to measure and improve, and consider both your minimum and target performance. Then, as the year moves forward, monitor and compare your business’s performance against your target, and make improvements and changes based on what you learn. (For more information about KPIs, see this article.) If you need help with creating and measuring KPIs, call EzyAccounts today on 1300 313 397.
Happy New Year
By spending a bit of time improving your accounting and bookkeeping processes through syncing with bank feeds, setting up bulk payments and recurring invoices, and implementing KPIs, you’ll position your business for growth in 2015.
If you would like help with making any of the improvements we’ve suggested above, then call EzyAccounts today on 1300 313 397.
In the meantime, we’d like to wish you a safe and happy Christmas and New Year. We look forward to seeing you in 2015.