Modern business is changing at such a rapid pace that it can be tough for even the best operators to keep up. However, there are a few things in business that are almost inexcusable in this day and age.

The following is 11 signs that your business is behind the times and how you can catch back up!

1. You pay all your bills by cheque

Internet banking made paying bills by cheque almost obsolete. Whilst there’s a few occasions/industries where paying by cheque may be appropriate the majority of your invoices should now be paid by EFT or BPAY.

If you’re guilty of this, it’s time to get access to your banks internet banking platform and learn how to use it. Generating ABA files from your accounting package is an efficient way to pay multiple invoices in bulk. TYRO’s Smart Account allows you to pay an invoice in Xero which will automatically create the payment in your bank account which you can approve via the app.

2. There’s a huge cash register sitting on your counter

Not only are they an eyesore, cash registers take up an enormous amount of counter space and it’s easy to make errors.

An iPad point of sale is now an affordable alternative for any business. Kounta is great for business in the hospitality industry starting at just $50 per month. Vend is worth considering if you’re in the retail industry and starts at $79 per month.

3. Your business ONLY accepts cash

In 2017 there’s no excuse to not provide your customers with the ability to pay via EFTPOS. People are carrying less and less cash on them and prefer to be able to pay by card especially when technology like pay pass is so fast & convenient. You’re literally turning away customers if you don’t accept anything but cash. Some business are even moving to only accepting card payments

TYRO has a great range of SMART Eftpos options for every business. Integrating with your new iPad point of sale (see above Kounta & Vend) also means you don’t need to enter the transaction value into the Eftpos terminal so you avoid under/over charging your customers. Fees incurred will be easily offset by the cashless customers you’re no longer turning away.

4. Your staff complete a paper time sheet at the end of each week/fortnight

Completing time sheets once a week or even once a fortnight is prone to errors. It’s well documented that staff aren’t always honest when they complete their time sheets. The process of transcribing time sheets into your payroll software often results in mistakes, and applying the correct pay rate to each shift is a nightmare.

Deputy allows your staff to submit an online time sheet for each & every shift they complete using the Deputy App or Deputy Kiosk, and business owners can review & approve time sheets every day. Award interpretation means staff are always paid at the correct rate for every minute of every shift without having to do any manual calculations.

5. You’re still using a desktop based accounting package

You’re costing your business thousands of dollars in wasted staff time if you haven’t moved your accounting package to an online, cloud based system.

Xero is our accounting package of choice and there’s a number of features that you’ll see an immediate benefit from if you’re still using a desktop product. Bank feeds, single ledger (no more adjusting journals!) and no more backups because you’re data is stored securely online. Click here for more details on the great features Xero can offer your business:

6. You don’t have a website

Every business should have at an absolute minimum a website. Arguably a Facebook page and a Google + page is as important. Having an @yourbusinessname.com.au email address is also essential if you want to be viewed as a professional operator. If you’re using an email address like yourbusinessname@hotmail.com or @gmail.com then it’s time to register a domain name.

If you’re serious about your business or looking to grow, then not having a website is criminal. Social media platforms (Facebook, Twitter, Instagram, Snap Chat, etc) give business enormous scope to push their products/services to new audiences. There’s a number of different platforms available that will allow you to get a simple website up & running in a matter of hours. Alternatively, there’s plenty of web developers available that will gladly handle that for you.

7. You’re using paper job cards and posting your invoices

If your field staff are still running around with paper job cards and then you’re spending money on posting paper invoices it’s time you seriously considered implementing a cloud based job management system.

ServiceM8 is great for smaller operations & is extremely affordable. If you’re looking for something a bit more robust then have a look at SimPRO.

8. You use spreadsheets to manage your inventory

If your business is all about buying & selling stock then a spread sheet is no way to manage your most important asset! It’s well reported that almost 90% of spreadsheets contain errors!

Depending on your business there’s a number of great inventory management systems to help you better manage & control your stock. A few of our favourites are Unleashed, Dear & Tradegecko.

9. Your accountant has to sift through piles of invoices & receipts

The days of dropping off the shoebox of receipts & invoices to your accountant are well & truly behind us! If this is you then the answer is simple….

Receipt Bank is the easiest way to digitalise all that paper and it will likely pay for itself in the time it saves your accountant each year. Integrating with Xero means a copy of each & every items is also exported to your accounting software.

10. Your financial controls aren’t up to scratch

It’s an unfortunate reality that as many as 80% of employees could steal from your business. Without the right systems, processes & financial controls in place you’re putting your business at higher risk than need be.

Business banking platforms ensure that every payment is reviewed & approved by the business owner. An approval process for your accounts payable invoices ensures invoices don’t just slip through and get paid. Xero’s accounting software generates an automated email warning every time the bank account details are changed for a supplier or employee. The right systems and sound processes will go a long way to helping prevent your business from becoming another victim of employee fraud.

Click here for more helpful ways to help reduce the risk of employee fraud

11. You & your staff are still operating from one desktop screen

I honestly don’t know how I used to get anything done operating with only one monitor. I now have two desktop monitors and one laptop screen that allow me to have multiple pieces of software open & easily viewable at any one time.

If you’re still operating off just the one monitor, then get yourself down to your local computer hardware provider & pick yourself up (at least) one more ASAP!