Cole Consulting Group

Three simple steps for optimising your finances (& apps the experts use)

As business owners we wear multiple hats, but we’re usually only experienced (and qualified) in a few areas! 

It can become overwhelming, especially when the everyday financial responsibilities like invoicing, quoting and bill payments start piling up, alongside everything else you need to do in your business. This is when the cracks can start to appear in the system.

If the thought of your extending to-do list and the impacts that mistakes could make is causing anxiety, we’re about to show you how to optimise your daily finance tasks in three easy steps that’ll save you both time AND money.

Refining your daily financial processes

Identify the problem

We’ve all put off the chunky and seemingly painful jobs to make way for the smaller and easier daily tasks like sending invoices, paying employees and bills, or even scheduling appointments. But are you really saving time by prioritising the small tasks?

Ask yourself: how long does it take you to do all those small tasks manually? Get a pen and notepad and record the tasks and the time it takes to complete them.

By identifying the recurring and tedious tasks we can find ways to automate and simplify the process to become easier and a less prominent part of your day.

Opportunity costing

What else could you be doing with your time and resources if these daily finance tasks were taken off your plate?

Rather than poring over your accounts, you could be working productively with your staff, spending time with your family or redirecting resources in another profitable area of the business.

Now, let’s use that motivation to map out what aspects of your finances can be automated and streamlined. Xero’s accounting software is your friend here.

Optimising & automating

Let’s start by writing down the answers to these questions:

  • How are you paying your bills and employees?
  • How do you schedule your work?
  • What does your inventory look like?

How we streamline these tasks can depend on the nature of the process and your industry. Here are a few examples that our team have encountered and provided solutions for.

Supplier bills

No matter what industry you’re in, there’s usually supplier bills that need to be processed and paid. We can automate that process by integrating platforms that specialise in supplier and document management like Dextor Hubdoc with your Xero account.

Scheduling your team & appointments

If you’re a trade business, manually organising the whereabouts of your team and contractors can be a logistical nightmare. Integrating platforms like Servicem8 and Tradify with your Xero account will automate everyone’s calendars.

If you’re a beautician, a healthcare provider or any service-based business that requires bookings, platforms like Timely and Square are great. It even sends out automatic reminder texts to clients!

Staff wages

Paying wages can be a straightforward task, but once you start incorporating overtime, penalty rates and any other wage anomalies that often occur, it’s easy to make a mistake. Platforms like Deputy are a go-to for helping you understanding and automatically implementing the various interpretations of rates.

Imagine if you could be in control of your finances

The top three reasons why our clients need their finances optimised is because they’re running out of time, they’ve made mistakes, or they feel like they’re not in control of their numbers.

If this sounds like you, then it’s time to reprioritise. We all have our areas of genius and outsourcing your accounting and bookkeeping will give you a professional in your corner, a trusted advisor and confidence in your numbers and processes. You’ll be setting your business up for future expansion, success and security.

If you’d like to take control of your finances and master Xero like a boss, Cole Consulting Group have developed an online course called ‘Be the Hero of your Xero’. The eight step-by-step modules are designed to take the guesswork out of your business’ finances and empower owners to keep their finger on the pulse.

Alternatively, you can get in touch with a member of our experienced team to discuss how we can partner with you to implement a bespoke strategy for your business today.

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