Everyday we use devices to make our lives easier, simpler and more efficient. As new technologies, trends and ways of thinking emerge many are willing to take the plunge to try out something new and see what the benefits are for them. However, when it comes to managing finances many small businesses are often conservative, sticking to tried and true methods of managing finances. Why is this?
At this year’s Reckon Roadshow coming up in May and June I plan to challenge these traditional methods by asking 5 simple questions:
1. Are you still invoicing your clients the same way you did 5 years ago?
Look at your mobile phone, is it the same one you had 5 years ago? Probably not. We update our mobile phones for the same reasons we should update our invoicing practices – better features, greater customisation and more efficient usage. So when was the last time you reviewed your invoicing process?
2. Are you still doing your monthly bank reconciliations the same way you have always done it?
Are you still getting your monthly bank statement in the post (or via email) and sitting down to review it line by line? We’d hope not, sure it’s important to check transactions from your bank, but how are you recording those transactions? Today technology can connect you more closely with your bank to make the reconciliation process faster and simpler.
3. Do you know the true profitability of each project you run?
Understanding exactly what works is essential to staying ahead of the competition. In the past performing a post-mortem on a project was the best way to determine this. Now technology exists to get a greater understanding of the true profitability of your projects. Are you ready to take the guesswork out of your project planning?
4. Is your Accountant a true value add business partner to you in your business?
When was the last time your accountant went beyond the books and really helped you understand the direction your business was heading in? If you wanted to determine your staff’s satisfaction levels, would you ask your accountant? We’ve developed programs to help your accountant become a proactive part of your team to give insights into all aspects your business.
5. Do you prepare and manage a budget for your business?
We all know the importance of setting a budget and then seeing how we are tracking against it. Everyone has the best intentions in this area and what we’ve found as we’ve gone around the country is that a large percentage of people set their budgets and then tend to forget. Let us show you how to easily set up a budget for your business and then actively manage it. You can also set up a number of different budgets depending on what you are looking to achieve.
This year at the 2014 Reckon Roadshow, we’ll address these questions and demonstrate the benefits of modular accounting software, and other new business technology, can improve business efficiency.