Three Tasks You Should Be Automating
Technology has rapidly changed the way we do business and manage our tasks. Advancements happen so fast, that we often miss some of the innovations that we could be utilizing in our workflow. The old saying, time is money, hold especially true in business. Automation can save time on repetitive task that could be better used on research, networking, and analysis. Check out some of these automation tasks you or your accountant could be implementing:
1. Categorizing Expenses
Unless you’re making your business expenses in paper money, this is probably the first thing you could be implementing. There are many products out there that you can connect with your bank account, personal credit card or company credit card that automatically categorize your spending. Quickbooks provides this functionality, and allows you to glance over your spending habits immediately, providing you quick insights on where your capital is going.
2. Recurring Invoices
Staying on top of invoices is important for managing your cash flow, quick ratio and collection time. If you have a client that you are working with on an ongoing basis, you can automate sending their invoices so that you don’t lag in getting your payments. You can also schedule reminders when payments are overdue, so that you can take necessary actions. Automating invoices can help prevent things from falling through the cracks.
3. Backing up data
When is the last time you backed up all your data?
Even though it’s crucial, a lot of us forget to implement this safe-guard. In the event of a disaster, breach or malfunction, don’t be left without your sensitive information, especially accounting metrics that you need for financial analyses. Automatic data back-ups come with a lot of the cloud accounting software, and store information in the cloud, making them easily accessible at any time and from any location.
Learn from the Past, Look to the Future
Which of these habits have already been working for you? Take the time to reflect with your team on what has and hasn’t been working for your startup. Use the insights in your future plan to establish a strong foundation for your business, well beyond its startup status.Tags: Accounting, Administration, Tax
Categorised in: Blog
This post was written by CodeAccounting