Part 4 - Nailing your finances

Anyone who owns or runs a business anticipates that there will be a certain amount of administration 'stuff' to take care of. However, sometimes the basic mechanics of business management can become overwhelming. Here at Strictly Savvy we have made it our business to help you run your business more efficiently, so if you are drowning in admin or you've forgotten what your actual job is, this five-part blog series might be just the life raft you've been looking for!

Now that we are on the home stretch with this five-part series, and you have (of course) diligently employed each and every one of our savvy tips, we hope you are really starting to notice a difference in your business! Now, let's be honest, the vast majority of us will cringe just a wee bit when we hear the words: finance, tax, GST, PAYE, and accounting. If tackling your invoices and bookkeeping with regimented enthusiasm sounds about as enticing as spending Friday night locked in a public restroom, then these tips are for you!

1. If you employ staff, get on to SmartPayroll and set your crew up with the MySmartPayroll app on their phones. They can apply for their leave on the go and without needing to interrupt your flow during the workday.

Image credit: SmartPayroll

2. If you're selling time for money, get a time tracking tool that links to Xero. (We currently use Harvest, but if I were starting my company again from scratch, I'd be setting up Accelo because of all the additional features! Definitely worth a look). My team track their time using the online timers against projects and clients which then seamlessly flows through to invoices and timesheets. If anyone is using paper or spreadsheet timesheets for billing, then you need to talk to us so we can help save you from double entry and tedious admin.

Image credit: Harvest

3. Xero and Receipt Bank. Sign up to simply load all of your payable invoices and receipts into Receipt Bank via the app (or by emailing) and the tool magically types in all the data for you to review and send to Xero with its attachment. No more mindless and time-consuming data entry! (Not to mention, less room for human error and unbalanced books). I actually didn't believe it when I first heard of Receipt Bank and was skeptical about the accuracy of the system. However, I was proven VERY wrong. And we've all heard of Xero, so I don't need to tell you why you should be using that!

Image credit: Receipt Bank

4. Get Inland Revenue (IR) and RealMe logins. No need to send in paper tax returns anymore, when everything can be quickly done online. The Realme login will also let you file your annual returns and change your details at Companies Office website and recently there have been even more changes made so that you can file GST returns directly from Xero.

5. "Ya gotta keep 'em separated" – Your personal and business expenses should never come out of the same bank accounts! Make sure you have separate accounts and cards for your personal and business expenses to make bookkeeping and accounting easier for you (and your bookkeeper and accountant).

6. Outsource your bookkeeping. If you are not currently working with a bookkeeper or an accountant, it would really pay to re-evaluate and try and find a way to secure some professional help and guidance. Not only will it take some pressure off, it will actually SAVE you money in the long run. Never go it alone. Hire a professional.
I can almost hear the accountants and bookkeepers reading this, screaming out additional tips, so if you happen to be a financial professional and you can think of some more great advice for our fellow readers and business owners, please feel free to share them with us! For the not-so-financially-savvy among us, financial administration can be a complex business area to get your head around, so we like to receive tips as well as to share them.

Our fifth and final blog in this series, we will be dissecting the most efficient ways to communicate. (Sneak preview: We can tell you that yelling down the hallway to a colleague four doors down hasn't made the grade as a top tip). We think with this last set of advice under your belt, you will be running your business like a seasoned professional. (Heck, you might even be ready to run for President of the USA - everyone is doing it…)

Never miss a post by subscribing to our newsletter here.


This product has been added to your cart