In our last two blogs we’ve covered CRM software and the automation flow. We’re continuing our automation theme this time out as we get deep into the weeds on automating your business accounting, so you get paid on time and in full.
As a business owner, the most valuable asset you have is your time. Every minute of your day matters just as much as every dollar that comes in the door. Needless to say, automating your accounting should be a priority and we’re going to explain how you can get it done.
No matter how organized you are, budgeting your time equally across all aspects of your business is no easy task. While tending to the day-to-day and putting out fires, it’s all too easy to forget to invoice your customers, or forget to pay out invoices you owe. This is a terrible habit to slip into. After all, it’s critical to the immediate and long-term success of your enterprise to manage your cashflow appropriately. We’re here to tell you there’s an easier way. Collecting payment from your customers and paying invoices you owe need not be a chore – if you put the right tools and processes in play to automate the financial side of your business.
Switch to Electronic Invoices
A surprisingly large amount of business owners and contractors are still creating invoices in Microsoft Word and mailing them to clients – sometimes through snail mail. You can make instant savings to your time (and the environment) by moving to electronic invoicing.
Practically all accounting software now allow you to invoice customers electronically. If that’s not enough, most electronic invoices will also invite the recipient to pay immediately online. This avoids waiting for checks to arrive. Your customers will appreciate the added convenience of this option and your bottom line will enjoy more automation. Looking for options on accounting software? BDC has put together this convenient list.
Optimize What Can’t be Automated
Invoicing electronically isn’t the only way to gleam automation from accounting. A little optimization can also go a long way! The software you use for electronic invoicing will likely have other features built-in, such as project management and time-tracking - be sure to take advantage of them! Tracked time can usually be transformed into an invoice and emailed to customer with just a few clicks, and when electronic payments come in from customers they can be automatically recorded.
What’s more, by using and customizing ready-made templates for things such as emails and being able to enter your daily debits and credits rapidly in a digital environment, you’ll further optimize the time you dedicate to managing your small business’ books.
Moving things into the digital realm also brings the advantage of easier monitoring. Whether you’re in the office or remote, you’ll be able to log into your accounting system to instantly see where your business stands financially. This will free you up to easily invoice customers more frequently, oversee time tracked by employees and ultimately make sure money keeps flowing through the door.
Find Out More
Whether it’s automation, marketing or website advice, GD Commerce is standing by to assist. Contact Us and we’d be delighted to discuss your individual needs.