Internal financial processes can take up lots of time in small to medium sized businesses.
There are so many processes to look after that unless you find the most efficient ways of doing things, you can end up paying more that you should or put your company at risk of non-compliance.
If managing your financial systems is becoming a concern, here are 3 options that will help reduce the load.
1. Systemise Your Operations
Utilising the right software tools for your business, your industry, and importantly your people is the first thing you need to utilise in order to start gaining efficiencies in your internal financial processes.
There are thousands of software tools available now to help your business automate/streamline your operations.
Start with you big ticket items – areas in your business that you can gain the most efficiency.
It depends on the business, but we typically find that your accounts payable process is the most time consuming, inefficient and expensive process.
Find a software tool that can at least help you automate part of this process if not all. Xero’s App Marketplace is great place to start.
2. Build an Offshore Team
If you’re not utilising the fact that we now live in a global world and there are cheaper labor markets than here in Australia, chances are your competitors are and they’re already reaping the benefits.
The lower your overheads, the lower your selling price can be. They don’t necessarily need to be but that’s usually a good way to increase sales and market share.
Building an offshore team to help manage the day-to-day activities of your business will be challenging but also rewarding and very cost effective.
3. Gain Efficiencies Fast by Outsourcing
Outsourcing to a business (like us or similar) who already knows how to systemise a business and hire, manage and work with offshore employees is a great way to cut out a lot of hard work and gain efficiencies quickly.
If you need any outsourced support feel free to get in touch with ProAMS. Our Accounts Department services are designed for SMBs who would prefer to outsource all financial functions leaving you to concentrate on running your core business.