Talking Cents

Ways To Save Your Money And Time

As a business owner, efficiency is probably one of your favourite words because efficiency means you are making it, means you can balance out all the different tasks and juggle them effectively. This also means that you are saving enough time for you to be able to operate your business smoothly. If you can nail that, you’ll find yourself saving quite a bit of your money too. Curious to hear how you can do this?

Take It Seriously
Doing your accounting work can be time-conscious, tedious and a very strenuous process because every time a transaction is processed, it will need to be recorded. So we can see why people get lazy doing this but if you’re going to be doing your accounting, you have to do it properly. If you’re not taking it seriously, you may encounter more mistakes that take up more time to fix.

Be The Tortoise Not The Hare
As the tale goes, the tortoise will always win because it is more consistent than the hare - apply the same concept when you are doing your business’ accounting. You are going to be monitoring, recording, and reviewing transactions so consistency is key. If you are not recording it after every process, then you’ll find yourself staying awake for many days and stressing about how to make sure everything is being recorded.

Dedicating Time
The first draft should never be your last, even if you’ve closely worked on it. It is important that after you’ve completed it, you dedicate some time to double or even triple-check it. Usually, people would review it many times before having to submit it to make sure that things are accurately recorded. If you’re putting time aside to properly check it, you can see if any trends can be anticipated for the future.

Know What’s In Your Inventory
Your inventory plays an important part in your financial performance because it contributes to your expenses. Hence, knowing what is in your inventory is crucial so you can see if anything’s misplaced or stolen. A good tool to help you manage your inventory is having software that will allow you to track it.

Be Confident To Do Follow-Ups
Don’t be afraid to chase up payments if deadlines have not been met. Especially if you are heavily reliant on the money to come in, this can create a domino effect on you which can negatively affect your financial performance. If you are finding it hard to get a response from your customers, a great way to motivate them is to offer a monetary incentive like giving them a discount if they pay before the deadline.

Keeping Receipts
Keeping receipts is a good way to chase up transactions later on when you are reviewing it again and see that things are not adding up.

Hire A Professional
Here’s another solution: hire someone to do it for you! As you can see, accounting is no easy job. Not only do you have to spend time doing it every day but also educate extra hours to check it through. It requires a lot of effort to keep up with it so have someone to do it for you. M.A.S Partners is a specific accounting firm for small businesses in Sydney dedicated to helping you and your business. So if you are a local business and would like to speak with our team about the services we offer and what we can do for you, call us on (02) 9211 5000 or visit our website at https://www.masaccountants.com.au/