Streamline your finances
Managing your company’s money can take a lot of time and effort. As we’ve mentioned, there are invoices to send, bills to pay, budgets to set and stick to. It can take a lot of time just to keep track of things. You can save time, however, by streamlining some of your finances. What’s the best way to do that?
Online banking. Use your bank’s site to set up automatic bill payments. Even if your electric, phone, and internet provider doesn’t offer payments through their site, your bank probably does. Set up as many automatic payments as you can. All you have to do then is remember to deduct the expenses from your checkbook. This saves me a ton of time each month, because I don’t have to remember when bills are due or write a bunch of checks and mail them. And by doing it through my bank, I’m in control of my money going out, rather than giving a company access to my information.
Automatic payments. In addition to setting payments via your bank, you can also pay some of your business items automatically with your business credit card. Purchases are tracked for you and you only have to make one payment to cover several expenses. And you may even earn bonuses or cash back. Just be sure to pay it off each month so you don’t rack up expensive interest charges.
Finance software. If you use a program like Quicken, you can simplify several financial transactions. It can automatically total your accounts for you. Use it to track various categories of expenses. And even download your banking info to make reconciling your account a breeze.
Automatic savings. Set up your accounts to automatically put aside some money for savings each month. Do it at a set time each month, with an amount that puts you closer to your savings goals. Want to save $5000 this year? Transfer $417 each month. Or about $100/ week. Don’t forget your retirement. And sole proprietors should be setting aside money for taxes as well. All of this can be done automatically so you don’t have to spend a lot of time each week or month figuring it out, or trying to remember to do it.
Just a few small steps can save a lot of time in the long run. Give it a try and see how it works for you. What other ways do find are helpful for simplifying your finances?
Image: Newscom
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