Business owners of all industries want to be more resourceful (i.e. make more money in less time), but we often ignore time-saving processes. Thankfully, these tolls and ideas can help you reach this goal without spending a ton of time or money up-front.
Here are three ways to run your business more efficiently so you can increase your revenue stream and devote more time to your business, not in it.
- Place Payments on Autopilot
It’s an undeniable fact that your company should bring in revenue to successfully stay afloat. The quicker your customers and vendors pay your invoices, the more cash flow you have to work with each month. Decide to put a payment process in place, so you don’t have to spend time always chasing money. A perfect solution for this matter is Automated Clearing House (ACH) payment processing.
ACH payment processing is a payment option that is not only hastier than conventional payment methods but is also an effective way to cut back on cost, human errors, and procedural exertion. ACH processing proficiencies eradicate the necessity for merchants to visit the bank in order to deposit funds manually, in its place, it offers a highly-streamlined means for retailers to receive electronic checks, having them verified and transmitted directly to the bank through a secure ACH network.
Through using ACH payment processing, businesses can now efficiently lessen the time required to process their ongoing transactions successfully. Not only does this payment process decrease the “freeze time” of when both the payer and payee do not have access to the funds that are currently being transferred, but the tracking of payments is also vastly improved with ACH processing. The businesses weekly cash inflow and outflow summaries may be received on a weekly basis through email, which allows your finance department to have more visible and informed data. This factor alone can be exceedingly beneficial to your business, particularly in situations where time-sensitive choices need to be made.
Financial fraud can be a massive hazard to both the banking and financial industries. Traditional payment systems such as paper checks involve too many activities that require manual obligations, such as the cutting of checks and delivery of mail. When it involves payments, having more human labor can result in an increased probability of human errors as well as greater exposure to the chances of fraud. By utilizing ACH payment processing, businesses can now successfully reduce these unnecessary risks, as the transactions are dealt with automatically and electronically.
- Create Processes for Emergencies
For a small company to be successful in the midst of chaos, emergency practices must be put in place. You don’t want the added stress of dealing with businesses to-dos while you’re managing your personal or family issues.
Make a step-by-step plan for your staffs and clients who work with you on a regular basis. In case you have to suddenly take time away from the business, this emergency document will contain all the contact details and procedures to follow so that other personnel or staffs can keep the business on track with or without you being there.
It is also highly advisable that you should keep some emergency money loaded on a prepaid Visa card. As sorting out emergencies would often require an immediate source of fund, and tapping into your company main account or taking on a loan is never a good idea as it could potentially lead to bigger issues such as debt accumulation. Load a predetermined amount on a prepaid card for emergencies can be a highly effective safety net.
- Utilize Free Cloud Storage Solutions
Instead of wasting time emailing updates and changes back-and-forth, or creating notes inside a Microsoft Word document, you may use free cloud services like Google Drive or Dropbox that automatically synchronize all the files. These services operate no matter whose computer the data is being reviewed on, or what modifications are made to it.
You can may also regularly back up your files using these same services, or buy a cheap external hard drive that you can back up to on a particular schedule. By doing this, your vital documents, and images aren’t connected directly to your computer in the event your data gets hacked.
All of these tips will assist your business in running seamlessly and much more efficiently. Just spend a little time prepping for ACH payment processing and setting up a prepaid card for emergencies, and you’ll be able to reap the rewards later when you’re saving both time and money.