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You can’t buy time…or can you?

Owning a business often comes at a cost; less time with your family, additional hours in the office or little to no holidays just to name a few. We’ve all heard the old saying, “you can’t buy time” and we’ve probably also said to ourselves at some point, “if only I had a few more hours to get this done”. Although you can’t magically increase the hours in a day, you can buy ‘people power’ to free up more time for focusing on tasks that have a larger impact on your business or enhance your personal life.

Here are our 3 tips to buy back your time so you can focus on items that deliver high value outcomes:

Tip 1: Get yourself a Bookkeeper – Completing data entry can be very time consuming and frustrating especially when there are other tasks you could be focusing on. A good bookkeeper has the skills to process your financials in a timely and efficient manner which in return reduces the amount of admin time spent on your business. Many of our clients who have engaged us to do their bookkeeping have commented that they feel much more in control – their financials are up to date, cashflow is more manageable, reports are readily available for review and they now have the ability to invest time into how and why the business is performing the way it is.   If letting go of the control reins makes you feel a bit uneasy consider a cloud based option where real time data can be easily accessed 24/7, allowing you to keep your eye on the numbers.

Tip 2: Utilise Technology – Reducing admin time spent on your business is easier than ever with the plethora of web-based business solutions, digital add-ons and apps available on the market. One product in particular that we have seen create significant efficiencies for clients is called Receipt Bank.  Available for purchase at a low cost the add-on integrates with your accounting software to automate manual processing and data entry. You simply scan or photograph your document, upload it to the app and the app will read and prepare the account coding before sending it back to you for approval.  The final step is to publish the invoice onto your accounting software. If you already have a bookkeeper, utilising this software in most cases will save the business time and money as the app reduces the amount of processing to be performed by your bookkeeper.

Tip 3: Hire a cleaner and/or yards person – A bit closer to home, consider how much time you spend on the weekend or of an evening cleaning and completing the mundane tasks around the house instead of spending time with your family, heading away on a getaway, enjoying your favourite hobby or having some R&R.  Hiring a cleaner or yards person can free up a significant amount time to regain some work/life balance. Just as you are good at what you do, so too are cleaners and yards people - it’s their job, they are thorough, efficient and can probably get the job done in half the amount of time.

If you would like to explore how cloud accounting software and bookkeeping services can help create efficiencies for your business or if you require assistance reviewing, planning and setting your business goals and objectives please speak to your usual Hanrick Curran advisor or alternatively contact Matthew Beasley, Nathanael Lee, Simone Gordon or Donavin Van Rooyen on 07 3218 3900.

Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.

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