Entrepreneur Resources Your source for small business information
When you started your own business to create an innovative product or provide a much-needed service, you probably didn’t realize how much of your energy would have to go into accounting. Unfortunately, performing the back-office financial tasks is a crucial part of being an entrepreneur. When it zaps too much of the energy you could be putting into growing your company, it’s time to take action to streamline your accounting tasks. Thankfully, there are dozens of services and tools to help you handle your bookkeeping, so that you can concentrate on the parts of running your company that you truly love. Here are four ways to streamline your treasury management process.
- Automate Your Invoices
Sending invoices out is an important part of having a financially successful company. You need to keep the money rolling in and to do that, you need to send invoices to your customers so they can pay you. Instead of manually generating bills, automate them by establishing a billing template. Automating your invoices allows you to expedite money collection and set up a consistent payment plan.
- Manage Your Bill-Paying Electronically
You can also reduce your bill-paying time considerably if you electronically manage your outgoing money when you pay your bills. Select a flexible bill payment system that can send paper checks or electronic payments. The ideal platform will integrate seamlessly with any banking institution and work compatibly with accounting software.
- Purchase With a Credit and/or Debit Card
If you want to be able to track purchases and spend conveniently, rely heavily on your credit and/or debit card. Plastic can streamline your accounting because precise and immediate records are generated with each swipe of your card. Using credit transactions creates an instant paper trail. Additionally, the transaction funds instantly, rather than waiting for checks to clear.
- Connect Accounts to Online Accounting System
Instead of manually entering transactions into your cloud-based accounting system, connect your credit card, debit card, and bank accounts to your accounting system. Transactional details will update in your system automatically with this type of connectivity. This will help to eliminate the hours spent manually submitting data. Spending and tracking expenditures and income will become seamlessly integrated into your financial records.
As an entrepreneur, you want to be able to turn your business dream into a reality. If you can make short work of the drudgery of back-office accounting, you can free up your energy to enhance the quality of your products and/or services, grow your customer base, and create a thriving company.
