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5 Steps to Automate or Outsource Your Business Finances and Improve Efficiency

How many hours do you spend each week on menial tasks that distract from the bigger responsibilities of owning a business? As a small business owner, there are many things that you need to manage to ensure that you are taking care of the long-term success of your company. If you fail to keep up with these tasks, then you could be missing out on future growth and success.

The problem is that business owners often get stuck in the rut of spending time on simple tasks that could be outsourced or automated. Don’t be fooled into thinking that you need to micro-manage every aspect of your company. Instead, you should be looking for ways that you can implement systems and automation that will simplify the necessary tasks, freeing up your time to focus on business development and employee management.

Improving the efficiency of yourself and your team is a great way to maximize results and take your company to higher levels of success. We live in an amazing time when technology can be used to assist with everyday activities. These automated services and features can decrease your stress and free up your time to do the things that you love. Remember, time is money!

Steps for Automation in a Small Business

These are some of the automation and outsourcing steps that you need to implement for your company:

  • Monthly Bills: It is inevitable that you have monthly bills that need to be paid. These costs include everything from the utilities and rent payment, to equipment lease costs, office supplies, and inventory purchases. As the business owner, you shouldn’t be caught-up in the details of managing these expected costs. Many of the monthly expenses can be automatically drafted from your bank account, or you can hire an accounting or bookkeeping team to handle the details. For example, consider setting up a fixed average payment for your utilities, so that you can have a checking account draft or a check that is sent out for an expected amount every month.
  • Debt Payments: Many business owners have debt balances that need to be paid every month. In addition to regular utility and rent payments, you also need to put together a strategy to stay ahead of these debt payments. You have the option to make the minimum payments, although it is wise to pay more than the minimum if you have the resources available. Ideally, the balance should be paid in full every month. Work with an experienced accountant or bookkeeper to put together a monthly budget and debt pay-off plan. Then, you can schedule these payments to be sent automatically through online banking systems.
  • Payroll: There is no doubt that a lot of time and energy can go into payroll management. Not only do you need to work through the hours on employee timecards, but you also need to consider payroll taxes, withholdings, benefits, and more. Many business owners agree that payroll seems to take up an entire day of the week. What could you do with all of the extra time? There is no reason for you to manage payroll without a team to help. Talk to an accounting service to learn more about payroll automation and outsourced services that handle all of the details for your company. You can rest assured to know that payroll checks will be cut promptly, creating stability for your Not only will these payroll services take care of cutting the checks, but the services can also include ongoing tax paperwork and employment tax payments throughout the year.
  • Business Costs: Tracking every penny that is spent is essential so that you can maximize your tax deductions when it is time to file your business taxes. But, it can be a hassle to keep up with these tasks throughout the year. If you aren’t managing your transactions and receipts, then you might be paying more taxes than necessary! A good accounting system can make it easy for you to manage these costs. Combine a great software with an experienced accounting team, and there is no longer a need for you to spend your time on this busy work. Your transactions will be managed, and you can rest assured to know that you will be ready for your annual tax filing.
  • Cleaning: Most business owners will admit that they have scrubbed the office toilets at some point. Even though you are capable of using a toilet brush, doesn’t mean that you should be doing the dirty work. Automate office cleaning by using a maid service to manage these tasks. You can have a custodial team come into the office to scrub, vacuum, and clean. Also, consider other cleaning services such as a shredding bin that is picked up on a regular basis.

Tips for Implementing Automation in Your Company

When you see the benefits of automation, it is easy to see why you want to jump in and automate as much as possible. These systems can reveal daily tasks that are unnecessary, freeing up time and manpower to focus on things of more importance. Sometimes, the tasks can be consolidated to simplify the process for everyone involved.

But, you need to be cautious about implementing too many changes at once. Start small, and then work to increase the automation that you are using. Often, these changes are quite significant for a company, which means that they can have long-lasting effects if the automation isn’t implemented in the right way.

Start with the easiest, smallest process and then look for ways that you can continue to add onto these efforts. Look for one time-sucking process that is difficult to manage, and then find a solution for that single task. Then, you can move on to the next task, and keep going until you have optimized your business automation efforts. You will see that you can eventually create streamlined operations in a way that is organic and manageable for your team.

Hire the Experts to Help

Even though you have many years of experience as a business owner, it doesn’t mean that you have the experience necessary to implement the right automation strategy. In many situations, the best thing that you can do is hire an expert team to help. This experience can be a valuable way to optimize your results and ensure that the automation is set up to create the long-lasting results that you desire.

For example, if you want to simplify your payroll processing, then it might seem like an easy task to buy a payroll software and make the changes in-house. But, you don’t know the things that you will be missing along the way, which could cause a domino-effect because of the problems that occur. Instead of making the mistake of implementing a faulty system, it is worth the time and expense of bringing in an experienced accounting team who knows how to get it done right.

Not only will you avoid the stress and headache of a problematic payroll system, but you can also rest easy to know that everything was setup to match the regulations established by the IRS. The combination of automation with an experienced outsourcing team can be a dynamic way to improve your business systems and optimize your results going forward.

Learn to Rely on Automation Tools

Another common pitfall that business owners encounter is not trusting the automation tools that they are using. As a result, the automation tools are working to simplify business systems, but the work is completed twice because the business owner feels the need to check everything manually.

Once you have the right system in place and you are using a tool with a great reputation, then there is no reason for you to micro-manage every step of the automation. At the same time, you can also implement a system of checks and balances to catch errors and ensure that the system is working correctly. For example, you might be using a trusted accounting software, and also schedule a time for your accounting team to complete a reconciliation on a monthly basis. This system ensures that the numbers are handled correctly, and you don’t need to worry about crunching the numbers each day.

You can also rely on the automation tools by creating systems that bring the data to you. Setup reports that you can receive at certain times, helping you to stay current with the financial trends in your company. These details can help you make informed decisions as needed.

Do you need help with automation and outsourcing for your payroll, taxes, and other business financial systems? Easier Accounting offers the assistance that you need! Our team is experienced in small business accounting. We have the goal to reduce your stress level by handling the financial details. You are always invited to contact us to learn more about the way our services can be used to improve your business results. Call us right away to learn more about our company: (888) 620-0770

Business Owners: Are You Taking Action or Procrastinating Important Tasks?

Are you in the process of launching a start-up, or gaining traction after being in business for several years? As a small business owner, there are many things that you have done to set yourself apart from other people. Some individuals are content to be employees because they don’t want the stress and responsibilities of owning a company. Other people, like you, love the thrill of creating something new and focusing on lifestyle design through business management.

Whether you are a seasoned veteran in the business world or you are just getting things off the ground, it is important that you are proactive to create a strong financial future for your company.

The Motivation of Getting Started

It is easy to feel the motivation when you are just getting started. The excitement makes long hours fly by, causing many small business owners to stay in the workaholic mode for a while. Many people find it easy to be an “action taker” when they are launching a new company. They are full of dreams and focusing on the possibilities.

Business owners in these beginning stages are often willing to put in the long days and carry a lot of responsibilities. They see the benefits of putting in the work now to get things off the ground. Then, systems and employees can be put in place at a later date.

If you are feeling this motivation, then it is important that you let the momentum carry you forward. Look for ways that you can solidify the foundation of your company, and make sure that you are focusing on some of the most important things that will prepare you for the future.

Finishing Your To-Do List

One of the common problems encountered by small business is owners is that they often have a to-do list that never ends. There is always something that needs to be done when you are running a business! As a business owner, it is likely that you lead in many roles throughout the day, including the manager, customer service, bookkeeper, inventory assessment, and more.

Since you are carrying so many responsibilities, it can be hard to keep up with some of the foundational tasks that need to be addressed. Look over your to-do list and see if you are successfully keeping up with everything should be completed. Most business owners will find that they are having a hard time keeping us. As a result, many of these important items are falling to the back burner.

It won’t bring the company down if you neglect the bookkeeping tasks for a week or two. But, eventually, the lack of management and responsibility can lead to serious problems for the organization. Seemingly small tasks right now add up to big results in the future. So, you need to make sure that all of the necessary items on your to-do list are completed.

Proactive vs. Reactive Managing

There are two ways that you can approach your business management system:

  • Proactive Management: Dealing with things right now so that you can avoid potential problems in the future. A proactive business owner is looking forward to seeing the possible roadblocks that might cause issues for the company. Then, measures are taken to put together the right systems to ensure the long-term success of the business. If you are managing your company in a proactive way, then you are setting yourself up for success that can’t be achieved with reactive management.
  • Reactive Management: Falling behind on important tasks can cause you to slip into reactive mode, which means that you are dealing with problems as they occur. Some business owners feel like they are jumping from one crisis to the next, making it impossible to get ahead of the chaos. If all of your hours in the day are focused on “fighting fires,” then it is a good indication that you need to make a change as soon as possible! Deal with the current issues, and find solutions to help you avoid similar problems in the future.

A business owner who is proactive with business systems often has an action-taker personality. You are willing to take risks and take massive action each day. As a result, you are probably working long hours and achieving great successes with your company.

In comparison, a person who is managing with a reactive style often has a procrastinator personality. Even though there are things that need to be done, these items are often pushed to the back-burner because their time is being used differently. Sometimes, the person might choose less-relevant tasks rather than focusing on the items that need to be addressed at the moment.

Shifting Your Focus: Create a Proactive, Action-Taking Environment

It doesn’t matter what you did (or didn’t) do in the past… what matters is the action that you are taking right now. Whether you are dissatisfied with the results that you are achieving, or you are looking for ways to boost your results, it is important that you assess your daily actions. Look for ways that you can ramp up your efforts to get the optimal long-term results that you desire.

Creating a proactive, action-taking mindset is one of the most important things that you can do for your business. By setting the right mindset for yourself, you can pass this thinking onto your managers and employees. These small changes can transform your company culture and create positive results for many years to come.

Here are a few tips to help you shift your focus to become an action-taking business owner:

  • Start the Day in the Right Way: What are the first tasks that you address each day? If you are dragging your feet in the morning and you walk into the office to face a mess of paperwork and problems, then you aren’t setting the right tone for the rest of the day. Instead, you need to be intentional about the things that you are doing to create a strong mindset. Develop a morning ritual that keeps your focus on positive thoughts and the top priorities for your business. A morning ritual is one of the most important action-taking principles that you can integrate to create lasting results.
  • Have a Clearly Defined To-Do List: Instead of only reacting to things that happen throughout the day, make sure that you have a list of activities that must be completed each day. These things need to be focused on activities that add to the bottom line of your company. If you have a hard time getting everything done, then you might consider the benefits of working with an accountability partner who can hold your feet to the fire with accountability on a daily or weekly basis.
  • Outsource Menial Tasks: If you are going to focus on the bigger management issues, then you can’t be up-to-your-eyeballs in paperwork. Make sure that you have an employee or outsourcer who can handle busy work like filing, accounting, and bookkeeping. Outsourcing these things will ensure that you are keeping up with foundational tasks, without cutting in your valuable time. You can pay someone else to handle these ongoing tasks, freeing up your time to focus on business development and future possibilities for your company.
  • Eliminate Distractions: A common cause of procrastination is that distractions are moving through your office all day long. Eliminate these distractions by setting up uninterrupted time for you to get real work done. Lock the door, turn off your phone, and let your employees know that you aren’t available during this time. Turning off social media and your email account can be essential so that you can avoid the notifications and focus on the task at hand.
  • Maintain a Positive Attitude: Even when things go wrong, you should always keep a smile on your face. Create a positive mission statement or a list of affirmations that can help you maintain the right mindset when things get hard. When you encounter a problem, you can determine if the issue is important and how it plays into your mission statement. Small things don’t need to cause stress because you need to manage your time and energy to focus on the things that really matter in the future. For example, if there is an error in an order of promotional products and you receive the wrong color pens, then it might not be worth your attention. On the other hand, big tasks such as employee management or hiring for a new position should take priority over things that don’t impact the bottom line.

With a few small changes to your daily habits, you can transform your results and create more success for your company. If you need help creating a proactive approach to the financial management of your business, then it is essential that you have a good accounting team to help. Here at Easier Accounting, we have experience working with all types of small business owners, and our team is here to help. We invite you to contact us to learn more about the ways our accounting services can be beneficial for your company: (888) 620-0770