When you’re a small business owner, working at least 60 hours per week is not unusual. While you might not begrudge the commitment, time spent completing administrative tasks can be frustrating – especially when it leaves you unable to focus on more important things, like growing your business.
From payroll to invoicing, and tax, balancing the books is critical to the success of your business. Thankfully, there are plenty of tools available to help you automate bookkeeping and cut your time in half.
Setting up spreadsheets, working out tax, filling in compliance paperwork – payroll is an arduous task. It’s a regular one too, requiring your attention every week, fortnight or month. To save time, you might consider outsourcing the work to a bookkeeper, so long as you’re happy to foot the bill. If that’s not an option, bookkeeping automation can help.
For example, QuickBooks Online Payroll, powered by KeyPay, automatically calculates employee net pay, PAYG withheld and superannuation, and enables pay runs – all from within the platform. You can even use it to generate ATO compliant reports, including legislated liabilities reports, such as PAYG withholding and super contributions, and ATO payment summaries.
Manually creating and sending invoices every time a customer makes a purchase can eat up hours every week. But, it’s critical if you want to avoid any future cash flow woes. Most accounting software tools, like QuickBooks Online, help businesses to automate and streamline their invoicing.
Using data saved in the cloud, you can easily create and sends invoices from any device, anywhere, and get paid 2 x faster. You can even schedule recurring invoices for regular customers – simply set it up once and you’re done.
Struggling to keep track of who’s paid you and who hasn’t? Wasting time each month chasing up late payments? It might be time to automate customer payments and earn back a few hours in the day.
As well as tracking payments, QuickBooks Online lets you add a ‘Pay Now’ button to your online invoices, giving customers the ability to click and pay immediately using their credit card or via bank transfer. And if a customer makes regular purchases, you can easily set up a recurring payment.
You can even connect it with other point-of-sale (POS) technology, like Kounta, to automate daily reconciliations and map sales and costs against your inventory.
Collecting and managing expenses can be messy. Receipts get lost and expense reports are completed incorrectly or submitted late. In addition, manually organising the reimbursement is yet another thing on the to-do list.
To speed up the process, and ensure greater accuracy, try integrating an expenses app like Expensify with your accounting software to quickly iron out the inefficiencies.
With Expensify, your employees can input and manage their expenses on the go – simply by snapping a photo of their receipts or syncing their credit card reconciliations. Multi-layer approvals allow expense reports to be passed onto multiple managers for approval, leaving no stone unturned. All you have to do is accept or reject the expense claim. The reimbursement, and your accounts, will update automatically.