New Year’s Resolutions for Your Business
Welcome to the new year, a phenomenon that Oprah Winfrey describes as, “Another chance for us to get it right.” Millions of people have made (and, to be honest, already broken) promises to themselves.
But while the new year represents a chance to better our personal lives, it also gives us the opportunity to fine-tune our professional ones. Even the smallest changes can yield monumental results! Here are four easily achievable business resolutions to jumpstart 2018.
Resolution #1: Organize
Paper seems to creep into even the most tech-savvy companies. In truth, many businesses rely on paper more than they’d care to admit—especially for accounting. Invoices, canceled checks, and contracts can scatter across desktops and clog up filing cabinets.
Accounting relies on contributions to and from many parties such as customers, vendors, and employees. When you have accounting spread out over paper or multiple electronic systems for each of these transactions, it’s difficult to get an accurate picture of what’s happening. Bills may go unpaid and incur late fees. Invoices aren’t sent out. Cash flow suffers.
A paperless solution for accounting consolidates your material information onto one platform—a platform that digitizes payments, workflows, and document management. It migrates critical tasks such as AP and AR to the cloud, cutting the time you spend on those activities by 50 percent or more. No more hunting for information or digging through reams of paper. A few clicks online and you have payment histories, contracts, and invoices at your disposal.
Resolution #2: Automate
Along with organization, paperless solutions offer your business the chance to automate accounting—without sacrificing control. Accounting automation takes over tasks that often command a lot of time or footwork. Instead of walking a bill from desk to desk for review, automated, digitized workflows shepherd the bill through the entire process. The workflow follows your company’s guidelines, according to each vendor, amount, or more. The system automatically reminds those who are slowing down the process and alerts the person authorized to pay when the review is complete. From there, that person can simply click a button to send an ACH transfer, eCheck, or EFT.
One favorite of many companies is automated AR, which significantly speeds up the collection of payments. The system automatically creates invoices based on the customer’s and company’s specs. It sends the invoice electronically, meaning no reception lag due to printing, stuffing, and mailing. Customers can authorize automatic payments, so that the minute an invoice is sent, a digital payment is on its way to you.
Another valuable component of automation—tracking. The paperless solution for accounting will automatically track every click, every question, and every payment. Every transaction is captured and available in an audit-ready format.
Resolution #3: Mobilize
Is work limited to your office? For a majority of business owners and employees, no. You answer emails at home. Update a presentation while flying. Your work goes with you.
Your accounting should be mobilized as well, meaning anytime/anywhere access from any device—especially a smartphone. Out of the office but need to approve a payment for a bill? Open your app and in a few taps, you’ve authorized a digital payment or sent an invoice.
Resolution #4: Integrate
A paperless solution for accounting is vital. But it’s also vital to integrate that technology with other solutions. For example, Bill.com integrates with QuickBooks Online, Xero, Sage Intacct, NetSuite, and more. Transactions that occur in Bill.com automatically sync with your accounting solution, meaning you always have the most up-to-date financial information at your fingertips. You also get rid of that pesky double data entry, which can take up a lot of time and introduce errors such as transposed or skipped numbers.
Ready to start your new year right?