Once there was a budding business owner who had a plan for everything. They had their payroll provider picked out. They chose their co-packer. They knew who their bookkeeper was going to be. They even selected who would file and prepare their taxes at the end of the year. But simply having a plan isn’t enough. At Accountfully, we engage with plenty of well-meaning business owners who do everything in their power to be organized and prepared. We applaud their efforts but challenge them to think beyond preparedness and focus their energies on creating internal efficiencies.
Our goal as a strategic financial team is to empower our clients to be successful business owners. As accountants and bookkeepers, we’re big time efficiency junkies and therefor leverage cloud-based tools and systems to help our clients simplify business ownership. We put together a few tips and tricks about creating efficiencies to increase productivity. Who knows, it may even leave some extra time in the day for extracurriculars.
The Cost Of Time
One of the surest ways to get ahead in business ownership is to create efficiencies that simplify day-to-day operations. We recommend leveraging smart technology solutions and cloud-based systems like QuickBooks Online, Bill.com, and Expensify. These powerful tools empower entrepreneurs to run their business from wherever they are. Don’t waste time going back to the office to access financial systems. Don’t waste time stuffing envelopes. Don’t waste time coming through a year of receipts—use technology to simplify the necessary parts of business ownership. Not sure what tools are out there or which to invest in? The Accountfully team helps business owners implement systems and trains them on best practices.
Connecting The Dots
A qualified bookkeeper is great. A qualified accountant is great. But what happens when they’re not collaborating? For a business owner, disjointed workflows are expensive and time consuming. If getting billed by the hour, expect to get dinged for email exchanges between bookkeeper and accountant—two parties spending time corresponding about things that could be done under one roof. At Accountfully, creating business efficiencies is a priority. With in-house bookkeepers, accountants, and accounting managers working together, Accountfully clients know their entire financial team is pooling resources, data, and knowledge. Consolidating the number of parties involved with business finances is an efficiency that saves business owners time and money.
Know Your Limits
What’s worse than overspending on bookkeeping and accounting? Spending hours Googling how to DIY bookkeeping and then overspending on bookkeeping and accounting. The kindest thing business owners can do for themselves is to accept their limitations. And the smartest thing they can do for themselves? Creating strategic partnerships with industry experts and professionals who can help them grow their business. Efficiencies aren’t always free but an efficiency that can grow a business and improve overall financial health is well worth the investment.
Accountfully is an outsourced bookkeeping and accounting firm that works closely with business owners across the country. Our team works helps business owners grow their business efficiently and manage their finances proactively. Wondering if your business could benefit from improved workflows, smart technology, and a proactive team of industry professionals? Let us know. We’re always happy to collaborate and brainstorm.