As a small business owner, you need tech tools that can help you take care of the financial side of things while you focus on helping customers, refining your product, and providing great service. When choosing tech tools, you should focus on solutions that help you automate processes.
Here’s a look at five of the most important processes to automate if you want to save time so you can focus on other aspects of your business:
1. Entering Point of Sale Info Into Accounting Software
Your point of sale or POS software rings up orders for customers and tabulates sales tax. If your POS software is not synced with your accounting software, you have to manually enter the numbers at the end of the day. That takes time and it introduces the possibility of errors.
However, you can automate this process by investing in POS software that syncs with your accounting software. That way, the numbers are automatically ported over so that you don’t have to do any manual entry.
2. Dealing With Cash Deposits
If your business accepts a lot of cash through the course of the day, your employees likely have to waste time counting it. To ensure everything is correct, employees may count their bills at least twice and have a manager double check their count.
Luckily, you can automate the process with a smart safe. You or your employees simply insert cash into the safe, and the safe counts it for you, saving time and eliminating errors. Many smart safes can also be connected to your bank, and as you put funds in the smart safe, the bank credits you for them in advance. Then, an armored truck comes to pick up the deposit, saving you even more time.
3. Handling Bank Reconciliation
In most cases, businesses reconcile their bank records with their accounting records about once a month. Through this process, you simply check that the deposits and payments you have entered are accurately reflected in your bank balance. Then, if there are discrepancies, you figure out if it was a bank error or a mistake in your accounting records and respond accordingly.
This process also takes time, but again, you can automate it. Many types of accounting software offer automatic bank reconciliation. You simply connect the software to your bank account (often using your sign in details), and the software does the rest.
4. Managing Accounts Receivables
Accounts receivables refers to the bills you send out to clients, and software such as Microsoft GP Dynamics can help you automate many of the tasks related to accounts receivables.
For example, in some cases, you can automatically create invoices based on the number of hours employees have logged on a project as well as the expenses you have tacked to that project. You can set up software to send out reminders automatically if clients haven’t paid their bills, and you can also automate reports related to unpaid bills.
On the flip side, there are numerous ways to automate accounts payable as well. Accounts payable refers to the bills you pay to other companies such as your utility company or your wholesalers.
5. Calculating Payroll
Payroll is complicated. You have to calculate income tax payments for your employees, make sure that you are paying employees for the right number of hours, deal with overtime, and juggle other elements as well. So you don’t have to do that on your own, you need a program that can automate as much of the process as possible.
For example, some software handles time tracking. Then, with the tap of a button, you import that information over to your payroll software, and it generates checks based on the information you have entered for each employee.
When looking for software solutions for your business, focus on the processes that are automated. Then, imagine how they will save you time or reduce errors. That helps you base your purchasing decisions on your anticipated savings.