No doubt you’ve heard that time is money. I beg to differ. Time is much more important than that – time is life. While being busy, we tend to forget the time that passes continuously is actually our life being played out.
I’m sure we’ve all done something that was a total waste of time (some of us more times than we care to think about!). Possibly, if you were thinking about it as it was happening, you would be saying to yourself “I’d be better off doing…”
Unfortunately, we see this happening in many small businesses where the owner/driver/sales staff/production supervisor/etc spends hours trying to also be the financial record keeper and controller. It is common for small business owners to believe that they can do everything, and can do everything very well. The truth is, of course, very different.
Small business owners often forget the money value of time as they try to attend to everything that needs to be done. Being conscious of the value of your time is a very important business skill.
Consider the financials of a small business – a great area to start saving time (and money). Unless the process of maintaining accurate records comes naturally to you (and it rarely does!), the hours spent trying to produce passable records can usually be better spent in other more productive areas of the business.
This is not to say that the process of maintaining financial records is not important – it clearly is, but through the use of better technology and some outsourcing to experts, you will achieve a superior result at lower dollar cost. You could use the time that you save to make additional sales calls, for example, and this will be worth far more for your business.
I was reading last week about the efficiencies and cost savings available by switching to cloud applications rather than relying on in-house software. Online accounting applications (such as Xero) are as simple to operate as in-house software, without the huge price tag of annual updates and the hassle of limited access. You also create cost savings as you get rid of expensive server grade hardware, maintenance and security.
Adopting this technology will allow your accounting records to be kept up by experts, while still allowing you the opportunity to access the same information to control your business. Typically, this arrangement allows for continuous update of your records, so the information you are accessing is always current.
You need to look for accounting systems which access bank data to reduce the time wasted in entering transactions and reconciling with bank records (just another way to get more value from your bank!). Also review the quality of the additional features such as management reports, including graphs, as these will make the dull accounting reports come to life! Now you’ve created time and money savings, and can use your valuable time on other business matters.
If you think you’ve outgrown your current accounting system and are wasting your valuable time, why not explore the latest technology? We can help you pick the right fit for your business and even assist with implementation – contact us today to set up an appointment with our friendly team.