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2016-10-10 00:00:00Self-Employed AdviceEnglishLearn how you can as a sole trader improve productivity and achieve more in less time by taking advantage of modern technology and...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2017/01/GettyImages-534055580-e1475681331573.jpghttps://quickbooks.intuit.com/au/resources/self-employed-advice/5-ways-work-smarter-sole-trader/5 Ways to Work Smarter as a Sole Trader | QuickBooks Australia

5 Ways to Work Smarter as a Sole Trader

2 min read

When you’re running your own business, time and money are often luxuries you just don’t have. Learn how you can improve productivity and achieve more in less time by taking advantage of modern technology and automation solutions.

1. Manage your time effectively

Time is of the essence when you’re a sole trader. This is why it’s important to maximise productivity and make each second spent working as effective as possible.

There are many tools to help you accomplish better time management skills. Look to free web-based project management apps, such as Trello or Asana, that help with organising daily tasks/routines and calendars. 

2. Be clear about where your money goes

Needless to say, money matters. But with so many things going on, it can be difficult to keep clear, accurate records of incoming and outgoing cash flow. Automating profit and loss, balance sheets and other reports can help you manage bills and expenses.

Having statements online and in one location also means you can take control of your bottom line and access financial statements whenever you need to.

3. Minimise the amount of time you spend on administration

It’s vital to get your admin right at the start. But who has the time to juggle everything by themselves? Business technology can minimise labour-intensive back-office functions, such as record-keeping, accounting and payroll.

Calling on the help of automated administration programs could save you time and energy, and allow you to focus on other duties that don’t involve so much paperwork.

4. Automate invoicing and receipt systems

You can improve cash flow and ensure your freelancers, vendors and subcontractors get paid on time if you create an online invoice generator system with a free invoice template. 

For example, using cloud-based QuickBooks Online you can send an invoice straight from your client’s office and be paid by the time you get home. It also includes a free receipt template so you don’t have to worry about manually completing the necessary paper trail yourself.

5. Plan, plan, plan

Business automation can help make your small company’s records more transparent and accurate, and can assist in reducing a heavy administrative burden.

However, it should be supplemented by good organisation and personal planning skills. It’s also advisable to plan your day and prioritise tasks ahead of time to ensure you’re always on top of your game.

It’s not hard to start working smarter as a sole trader. By using cloud-based accounting software and automation technology, you can fine-tune the way you work and become more efficient, so you can get back to work and focus on the important stuff. 

To read more helpful articles that provide Self Employed Advice, visit here.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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