Three ways of improving your bookkeeping system
For your company to thrive in a rapidly changing corporate environment, you need to welcome change. However, not all changes taking place in your organisation creates a positive effect. You also have to make sure that the changes you make to your business will improve business operations and customer experience. When time-consuming tasks are slowing you down, all aspects of your business can be affected as well. The good news is, you can still do something to improve your business’s overall performance. This can be done by improving your business processes.
1. Streamline bookkeeping processes
When you always find yourself struggling with accounts payable processing, you need to enhance your bookkeeping system especially if overdue bills already start to emerge. When your cash flow gets out of control, you can also end up forgetting about BAS payments to the ATO. Make sure you use real-time bookkeeping software that will help sort out overdue bills each day. The software will enable you to log in to the system and provide you a summary of the amount you still owe to your suppliers and vice versa. Once your streamline your processes when paying creditors and suppliers, you can ensure that weekly payment schedule is not forgotten. This results in paying off each bill before the due date.
2. Enhance your accessibility
One way to accelerate the pace of your business operations is by taking advantage of the proliferation of technology. This is why some business owners are more inclined into multi-task to finish the task because everything can be done using new and intelligent technology. These days, it is easy to invoice your customer with the use of your mobile device. Your employees no longer have to chained to their desk to collaborate or access essential documents because it can be done anywhere, anytime and from any device. When you embrace technology to increase accessibility to customers, you will not only save time but reduce labor-intensive tasks.
3. Enhance your filing system
When it comes to ATO compliance, business owners often undertake filing, but this does not necessarily mean they should retain the old-fashioned way of filing receipts and other essential documents. There are bookkeeping programs that will enable you to file and manage receipts and invoices that can reduce processing time. You can also use cloud-based programs so you can retrieve the receipts and invoices whenever you need to. Anyone involved in the decision-making process can also access the information regardless of their location.
