Time is very important for a business owner. Within a day, you only have so much to give to grow your business. Whether it is fulfilling the last minute order, drawing up a proposal or travelling between business meetings, you need all the help you can get to save time to focus on your business goals.

Here are eight ways you can reduce the hidden time and costs associated:

Improve visibility over supplier bills

• Reduce manual data entry by automatically extracting key information from emails or pdf bills from suppliers and by auto-populating bills.

• Use digital accounting software like Xero stand to save an average of 25 percent when it comes to time spent entering bill information.

• You have 2.5 hours more for you to focus on the more important aspects of your business.

Reduce hidden costs, stop bleeding cash

• It’s important to ensure that employees file their claims correctly and promptly.

• Digital methods allow employees to take a snap of their receipt and automatically scan the details to fill out a claim.

• It helps employees create more timely expense submissions and reduces the number of errors and rework required.

Apps like Xero include a host of helpful features like multi-currency, mobile notifications, and rich analytics to streamline the process even further.

Seamless data collection and capture – no more human errors

• Save time by automating administrative tasks such as financial document collection and data entry.

• Accounting practices can be digitalised so you can spend more time analysing data instead of chasing clients and inputting data yourself.

• You can overcome the disruptions caused by human errors, freeing up your time and giving yourself peace of mind to run your business.

Approve transactions quickly based on bank rules

Tools like Xero automatically learn and approve transaction matches based on bank rules the user has applied. This eliminates the hassle of manually approving transactions.

Accelerate invoicing and payment reminders with AI

According to Xero’s data, a third of invoices from Singapore businesses were paid over 31 days late last year. In total, businesses were owed a staggering S$10.3 billion in late payments in 2019.

• Technologies like machine learning and automation are able to create and manage invoices faster

• Platforms like Xero are also integrated with the nationwide e-invoicing framework, which standardises and accelerates the invoicing process among businesses.

Manage payroll and HR effortlessly

• Reduce the time needed to pay staff, so you do not need to spend much time to pay staff and manage talent and handle CPF contributions.

• Lets users drag and drop a spreadsheet of all employees in one go.

• Saves abundant amounts of time (about ten minutes per employee) and set-up errors.

File taxes efficiently and accurately

Consolidating different Excel spreadsheets, physical documents and other things like receipts can be difficult. Plus, this lack of visibility will affect the speed and accuracy at which you file your taxes.

• Business and accounting platforms are programmed with the latest tax regulations, so that you don’t have to worry about keeping up.

• Give you complete visibility over your accounts, you can fulfill your tax obligations quickly and effectively.

Access your business ins and outs anytime, anywhere, on any device

• Xero gives you access to your business and accounting operations while you’re out liaising with clients, closing important deals or meeting a potential hire.

• Stay connected to your business with intuitive dashboards providing all the information you need in one screen and on any device.

Conclusion

Time management is very important as it is truly money for a business owner. Save your time to focus on your business goal.

Find out more about Xero

Call us at +65 6262 0402 or email us at care@acebizservices.com to get the information details on your needs.

Credit:Eight ways to save time for your business in 2020 | Xero Blog