Reprinted from B2B Magazine
By Harry Hoang
Heraclitus, a Greek philosopher said “Change is the only constant in life.” As with people, businesses must embrace change. So, this financial year, consider making some changes in your business.
1. Improve your accessibility
Technological advancement has accelerated the pace of doing business, hence it is not surprising that business owners find themselves having to multi-task most of the time. Imagine a situation where a plumber can use his iPad to invoice a customer after finishing a job on- site. Isn’t it better if he can also use the same device to process credit card payments? What I am trying to emphasise here is, business owners like you and me should embrace technology to increase our accessibility to customers, as this will not only save us time, but gets rid of the traditional paperwork needed to process our cash flows. Does your accounting software provide you with the convenience and accessibility when dealing with your customers? If not, then this is a good time to change!
2. Improve your filing system
Many business owners have remarked that the only reason they undertake filing is to comply with the ATO. But have you ever come across an office without any financial paperwork? At Tailored Accounts, we have made this possible for many of our clients. Using programs such as Receipt Bank, they store receipts in PDF or JPEG format which has removed the hassle of physically managing receipts and invoices, and ultimately leads to reduced processing time.
3. Streamline your processing
Many businesses that I have encountered are struggling with their accounts payable processing. Overdue bills emerge, and they only pay their bills when suppliers threaten to cut off services. The most dangerous thing about cash flow getting out of control is forgetting to make BAS payments to the ATO. Using real-time accounting softwares such as XERO will help you to get overdue bills sorted out each day. Specifically, when you log in to the system, you will get a summary of the amount you owe others, and vice versa. By streamlining the process of paying creditors, you can create a weekly payment schedule, instead of paying off each bill when the due date approaches.
Cloud accounting is one of the biggest innovations in the accounting/ bookkeeping industry as it automates many accounting processes, reduces time wastage, and makes your business more efficient. Migrating from one accounting system to another can be a huge challenge. It's best to seek help to manage the migration process. Talk to any of our accountants in Tailored Accounts, and we look forward to making your business healthier, more cost-effective, and time-efficient.