If you regularly find yourself in a position where you feel like you’re running out of time, you’re not alone. Most businesses report feeling that their time-management situation is either stressful and ineffective or has room for improvement. Time management is a ubiquitous business problem.
And yet, only 18% of working professionals use a dedicated time management system. But it doesn’t have to be that way.
As they say, time is money. So, it’s about time we all learned some better methods for making the most of it throughout the workday, especially when it comes to financial management.
Take a look at 7 time-saving tips for managing business finances that anyone can try.
#1. Invest In Innovative Automatic Software Programs
One of the most simple yet effective things you can do to save time as a business is to invest in automatic processing systems.
Financial management is one of the many corporate responsibilities which can benefit from this kind of technology, in terms of time, money, and general productivity. You can use financial technology to streamline and execute a wide number of tasks:
- Data security and management: These systems are encrypted and secure, so you never have to worry about data leakage or corruption.
- Ledger consolidation: If your business owns multiple branches or franchises, it is crucial to have a central point to consolidate all relevant ledgers. Software programs offer centralized management options that make this process much easier.
- Auditing: Every business should keep a solid auditing track to monitor financial transactions. These programs can automatically achieve this.
- Invoice management: Sending and receiving invoices and bills is no fun, but it’s a crucial part of financial management. Financial software systems are equipped to develop, fact-check, and send out accurate invoices on your behalf.
- Workflow automation: Technology is designed to decrease manual input and maximize production output, and that’s exactly what these systems do.
There are many professional-level automotive software programs available to help tackle these responsibilities, such as Quick Consoles and FutureAdvisor. Through using them, you reduce the need for manual labor and gain access to a much wider variety of time-saving features.
#2. Outsource Financial Management To A Professional
Unless you have real experience in the financial management sphere, attempting to do it all on your own is going to be a frustrating and needlessly time-consuming process.
If your company has the budget for it, hiring a professional accountant to work full-time in service of your financial records is one of the most liberating and beneficial things you can do.
And even though it means paying another salary, the amount of time, money, and productivity you save will be well worth the investment.
#3. Use A Cloud-Based Management System
Of all the productivity and time-saving options that you look for as a business, a cloud-based financial management system is possibly the most important. These centralized digital systems are crucial because they allow for safe collaboration across multiple departments. This makes it easy for approved parties to access important financial documents or information, and deploy the software wherever it might be needed throughout the work week.
Cloud-based financial management systems allow members of the same team to access and manage data on the go, which goes a long way in terms of mitigating misunderstandings or miscommunications that end up wasting time and money.
#4. Reconcile Your Accounts Every Week
Reconciling accounts at least once a week helps prevent backlog and ensure that you always stay on top of your finances. Making sure that general account ledgers sync up with external sources means you never have to worry about inaccurate or doubled records.
Performing a weekly reconciliation of your accounts receivable to cash flow and application is a very healthy financial habit to practice for a company of any size or industry.
#5. Maintain A Healthy Cash Flow
Poor cash flow is the unfortunate Achilles’ heel of most businesses. But there are ways to avoid that—and not enough people are using them. If you’re looking for ways to induce a more consistent cash flow for your business, here are some ideas:
- Offer multiple payment portals for customers: By widening your payment portal options, you make it easier for a wide demographic of customers to pay you.
- Implement a better inventory management system: Poor inventory management leads to overstocking, understocking, and a whole host of other productivity issues; all of which hamper time and productivity. Don’t let that happen.
- Develop a proficient billing system: The more efficient your invoicing processing is, the faster your payment turnarounds will be. Invest in powerful billing software.
Having consistent cash flow will not only give you more financial stability but will also prevent you from having to do damage control when gaps inevitably do develop.
#6. Hire A Virtual Assistant To Fill The Gaps
If you’re finding that you just need a little bit of extra support around the office, hiring a virtual assistant can make a big difference. They can take on all those menial (financial or otherwise) tasks that you don’t have time for, thus freeing up more time to focus on other matters.
#7. Use AI For Financial Forecast Predictions
And finally, another highly effective way to save time and money in the financial arena of business is to utilize the holy grail of contemporary technology: Artificial Intelligence (AI).
Drawing on past records and patterns from your company, AI can be used to create financial forecasts which show you what the probable future of your business’ finances look like. This information can be used to make more effective decisions moving forward.
Summary
Just about everyone can benefit from revisiting their time-management habits. Finance in particular is one of those business components which simply cannot afford to be overlooked—and once you get into a more efficient routine, the upkeep starts to feel natural.
These time-saving tips are designed to equip businesses with the tools and resources they need to produce high-quality work while still feeling in control of their day-to-day tasks. Give them a try and see how much more efficient your financial management system becomes.
Related Articles
