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:
General accounting tasks
(like reconciling your books):
What’s the total time you’re spending on financial tasks? hrs.
2 Investigate whether automation and online banking can help
Automate payments to reduce time dealing with vendor invoices and billing clients.
Automate payroll so you can spend less time processing timesheets or payroll.
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.
Personal assistant (digital, remote, or in-person)
Accountant or bookkeeper
4 How will you spend your newfound time?
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.
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