Tracking expenses, issuing invoices and managing budgets can be an administrative nightmare for many small businesses. But it doesn’t have to be with cloud-based financial management software, which automates many of the mundane – yet time-consuming – accounting tasks for business owners.
Check out four ways to automate your everyday business accounting tasks.
- Invoicing Made Easy
For a small business owner or sole trader, invoicing should be a top priority. After all, if you don’t invoice clients, how are you going to get paid?
Invoicing can be time-consuming, especially chasing up unpaid accounts, and it’s easy to lose track of payments due.
With a reliable, automated invoicing system such as QuickBooks, you can schedule invoices to be sent automatically to customers, either individually or in batches. It also stores your invoices in one place, so you can easily see which ones are overdue.
The software also sends out reminders and helps you add customized discounts and offers to enhance customer loyalty. Being cloud-based is an added bonus, because you can use it on any device, wherever your busy daily schedule takes you.
- Payroll Pressure Off
An intuitive, simple and intelligent automated payroll process can help streamline the staff payment process and make both you and your employees happy.
Financial management tools such as QuickBooks Payroll software runs payroll smoothly, calculates taxes and helps you complete an entire payroll in as little as five minutes. It also has the ability to integrate with QuickBooks Online for a more holistic accounting solution, which ensures you are better prepared when tax time rolls around.
- Takes the Intensive Out of Inventory
For retail businesses, it’s essential to effectively track, manage and review stock items.
Inventory management software such as QuickBooks Enterprise can create and scan product barcodes, which simplifies the process and ensures accuracy.
Every invoice, sales order and purchase order can be tracked using the tool, so you can easily see how many items are on hand and in the sales pipeline, effectively managing all tasks within one software system.
- Streamlines Your CRM
By integrating a customer relationship management (CRM) system, you can free up more time to focus on building your business and achieving more rewarding growth.
For businesses that are juggling numerous client accounts, keeping track of communication can be time-consuming, cumbersome and potentially lead to lost opportunities. Automating CRM processes using sales lead management software can help you manage leads and opportunities quickly and accurately in one centralized location. It can also greatly improve customer satisfaction.
Tools such as Intuit QuickBase allow you to set up alerts, reminders and notifications for assigned tasks or approaching deadlines. Automating your CRM processes using a mobile solution also means that sales and opportunities can be tracked and updated on the go, encouraging better collaboration in real time.
By implementing these four time-saving tactics, you can have more time to focus on business strategy, growth opportunities and client relations.
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