Written by Rebekah Collinsworth, Marketing Director at Accountfully
There’s a lot that goes into running a business. For even the most realistic of entrepreneurs and business owners, it ultimately ends up being more work than they ever imagined it would be at the outset. And unfortunately, because many of them try really hard to do a really good job at everything—even if it’s outside their skillset, they often stretch themselves too thin and make things overly complicated.
Accountfully functions as an outsourced accounting team for small to medium-sized businesses. We focus on efficient bookkeeping strategies and provide CFO advisory services to help our clients focus on the stuff they’re good at and enjoy doing. If you’re a business owner looking to increase your productivity and simplify your business, we recommend you consider the following tricks:
Maximize Your Technology
Gone are the days of shoeboxes filled with receipts. Today’s business owner must embrace technology to simplify their business’s bookkeeping and accounting processes. One of the easiest ways to do this is by maximizing cloud-based solutions that give business owners the power they need to run their business on the go. We recommend Expensify to business owners who have a significant number of receipts and expenses to manage. Expensify lets the user photograph receipts with their phone’s camera and ultimately syncs the information with QuickBooks.
Batch Your Invoices
We understand the business owner who has mentally moved on from the project they’re billing for, so sitting down to create an invoice for it feels like, well, more work. The good news is that when done correctly, invoicing doesn’t have to be time consuming or painful. We suggest business owners consider how often they’re invoicing clients. Sometimes it’s worth considering a semi-monthly schedule rather than a weekly one—especially if the work is ongoing and requires recurring invoices.
Assess Your Time
Many business owners start their entrepreneurial journey because they have great ideas, game-changing products, or much-needed expertise to offer. But more often than not, a majority of their time is being spent on the necessary tasks it takes to keep the business running. On a quarterly basis, we suggest that business owners review the time they spend on things like sales, marketing, development and bookkeeping to help them assess if they’re really the best ones for the job. If they’re spinning their wheels, making errors, and settling for ‘it’s good enough,’ it probably isn’t. Consider affordable and flexible options like freelance developers, marketing and sales consultants, and outsourced accountants and bookkeepers.
Accountfully is headquartered in Charleston, SC and has an office in Nashville, TN. We believe in the businesses that make our cities home and want to support our entrepreneurs as much as possible. If we can help with an accounting or bookkeeping issue you’re having, let us know. We always like getting coffee and meeting cool people. Shoot us a message: firstname.lastname@example.org.