Taking a step back from the day-to-day to look at the big picture is one of the hardest but best things a business owner can do. Digital solutions like automating payments may help you find extra time. The following steps may help you find the solutions that can help your business.
1 Track the time you’re spending on financial tasks
For one month, keep a log of the hours you spend on these tasks:
Making deposits:
hrs.
Paying vendors:
hrs.
Billing customers:
hrs.
Payroll:
hrs.
General accounting tasks
(like reconciling your books):
hrs.
What’s the total time you’re spending on financial tasks? hrs.
2 Investigate whether automation and online banking can help
You may be able to:
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Use mobile deposit1 and save time on trips to your branch.
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Automate payments to reduce time dealing with vendor invoices and billing clients.
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Take advantage of account alerts2 to help you spot discrepancies in your accounts more quickly.
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Automate payroll so you can spend less time processing timesheets or payroll.
Based on the amount of time you tracked in step one, take a moment to think about how much time you might save each month.
3 Consider hiring part-time staff or third-party consultants
To save more time, think about where you might be able to strategically bring in extra help, like part-time workers or third-party consultants, to free up time.
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Personal assistant (digital, remote, or in-person)
-
Accountant or bookkeeper
-
IT consultant
-
HR consultant
Remember, experts may work more efficiently and spend fewer hours than you do on these tasks, and the cost of their services may be less than the value of your time.
4 How will you spend your newfound time?
Having a plan for what to do with freed-up time can help ensure you use it efficiently. For instance, consider setting aside time for:
-
Market research
You might also research and review:
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Growth opportunities
You may be able to free up time to focus on the most important parts of your business by taking advantage of automation and online banking. Start by figuring out how you’re actually spending your time, and then seeing if you can free up time to plan for the future. Contact your Wells Fargo banker.
- Mobile deposit is only available through the Wells Fargo Mobile® app. Deposit limits and other restrictions apply. Some accounts are not eligible for mobile deposit. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply. See Wells Fargo’s Online Access Agreement for other terms, conditions, and limitations.
- Sign-up may be required. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply.