Are you practising good financial housekeeping?
Most of the business news&media out there tends to focus on motivating entrepreneurs to be more profitable by getting more clients. However, what many accountants will tell you is that often, the secret to being more profitable is not working harder, but smarter.
Streamlining your current business processes to run more efficiently will often save you a lot of hassle and money. The key is what I call good financial housekeeping:
• Investing in the right tools – You wouldn’t clean a floor with a broom when you could use a vacuum cleaner, right? The same thing applies to your books. Investing in a good #CloudAccounting system could save you from spending 40 hours a week on an aspect of your business that you(probably)least enjoy.
• Doing things properly – Most entrepreneurs are not accountants, so why would they know how to set up e.g. a payroll system. Getting in the experts to set things up properly from the outset will save you a lot of headaches(and money) than the ‘trial and error’ approach.
• Doing things little and often – Good credit control practices e.g. regularly checking invoices against bank statements could help you catch potential cashflow problems before they escalate.
Isn’t it time you introduced a little financial housekeeping?