4 Tips for Better Business Management

4 Tips for Better Business Management

You’ve got the vision and the drive to turn your dreams into reality. The problem is that running a business also requires administrative tasks and financial know-how that can get in the way of you being truly successful. OnDeck notes that it’s important to know which tasks you need to do yourself and which ones can be delegated. Stay Humble Hustle Hard lists some options for streamlining or outsourcing tasks to allow you to focus on what really matters to you.

1. Managing Inventory

Managing inventory used to be a tedious and sometimes overwhelming manual responsibility for business owners. In the past few years, though, inventory management software and apps have exploded onto the scene. Many of these are completely free and offer syncing options for multiple users, allowing you to easily share the load of inventory management with others on your team while keeping your books correct.

2. Outsourcing Finances

It’s easy to get bogged down in the details of money management when you don’t have a background in accounting or payroll. Keeping up with the laws and regulations on taxes and paychecks can feel like a full-time job, keeping you from the work that you really want to be doing. This is why outsourcing accounting and payroll to online services is such a smart move.

Accountants are always useful during tax season, of course. They can ensure that your estimated taxes are correct and paid on time, save you from steep penalties associated with late and unpaid taxes and find you applicable deductions that shave down your overall tax bill. For the rest of the year, these experts can keep, analyze and interpret data to help you make better financial decisions for your business. They also can prepare profit and loss sheets and other informational reports for investors.

Payroll is another area best left to the professionals, and online payroll services have made it easier and more cost-effective than ever. If you’ve struggled with calculating how many hours your employees worked just by looking at their timesheets, you can input the times your employees worked on QuickBooks’ at a glance timesheet, for instance. From this, their expected pay will be automatically calculated. 

Tools like these remove the possibility of human error. Just make sure you include overtime and breaks, so you don’t go against Fair Labor Standards Act regulations. According to Mediafy, payroll services are flexible and often offer many features that you can choose from. The best ones offer benefits that may be attractive to your business and employees, including same-day direct deposit, time tracking, and tax penalty protection. Research which service has the best features for your company to take another stressor off your plate. 

3. Organizing Paperwork

Copying and filing paperwork used to eat away hours each week for business owners if they didn’t have a designated secretary or assistant to handle the task. Managing your paper load is far simpler nowadays with document management software and apps. With many of these, you can simply take a picture of the document and file it away in the app, which can convert it to any kind of document you may need to call up in the future.

Having your files and documents, including reports, at your fingertips allows you to use data and analytics to inform decision making. Remember: without adequate data and analysis, you’re not as capable of forecasting or setting accurate and doable targets. 

4. Working With Contractors

Gone are the days of scouring the Yellow Pages for help you can trust. It's a breeze to go online to research contractors in your area. You should read reviews and get quotes upfront online before making direct contact so that you can compare your options. Check to make sure any contractors you consider are in your area and offer the services that you need.

Don’t let your valuable work time get eaten away by administrative tasks. Equip your business for success by using management tools for those tasks that need to stay in-house and outsourcing the rest. You will have more time to dedicate to growing your business. 

 

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