We are always looking for fresh, new ways to be more efficient in our business. Here at Compex, we have some tried and true methods we want to share. This will be a five part blog post. So, once you complete one area, feel free to check out the other posts.
There are five places in your business to assess and potentially implement new efficiency.
Workflow | Marketing | Human Resources | Accounting/Finance | Upper Management
In this post we will be looking at: Accounting and Finance
Automate Your Office Ordering and AP
We understand you can’t automate everything, but there are steps you can take to push the process forward using integrated services. Take advantage of Amazon Prime’s easy re-order or scheduled ordering for regularly used supplies. When you simplify this ordering process you leave the traditional PO and check writing behind. Establish vendor relationships that allow easy auto-pay or use a centralized company credit card and integrate everything with Quickbooks.
We Like: Amazon Prime, Quickbooks
Have Employees Enter Expense Reports
Rather than attempting to track all the receipts and expenses of each department, implement a reporting system for employees to track their own expenses and deliver receipts.
Automate Bank Reconciliation and CC Transactions
Connect your bank accounts to your Quickbooks and make monthly reconciliations instant and easy. No more manual entry! Use Xero, to plug into your credit cards and bank accounts so you aren’t manually entering transactions.
We Like: Xero
Provide Departmental Budgets
When individual employees have their own budgets, expense cards and process for reporting, it cuts out the need to keep petty cash on hand. Additionally, bottle necks are eliminated by removing yourself from the banking process.
Manage Your Reports and Alerting Inside Your Accounting
Have automated emails sent to you for notification purposes. Avoid needless checking up by relying on analytics or machine learning to notify you in the event of a break in pattern for normal payments.
We Like: Microsoft/PowerBi
Don’t forget to check out the other posts in this series!