Being organized is crucial when running a business, and that means keeping on top of your admin. That’s easier said than done, as there’s all sorts of paperwork, such as HR and finance, and it can soon pile up. Allowing that to happen will harm the efficiency of your business, which is why it’s best to get it organized sooner rather than later.
Here’s some advice on how to do this:
1. Invest in regular training and development
Organizing regular training for your admin staff is a good way to attack admin from the outset. A business administration course is a useful way to provide them with potential systems or strategies for tackling admin the business will encounter.
Provide induction training for new employees, and create a manual so that employees have a reference to which they can turn if you’re not available.
2. Dedicate time to taking care of your business admin
Admin is something of a nuisance, and it can be tempting to procrastinate, but if you dedicate regular time to your admin, you’ll start to complete it more quickly as time goes by. Some tasks will be daily, others weekly, monthly or yearly.
Create a reminder in your diary of the deadlines for completing tasks, and schedule time into your calendar to perform the tasks themselves.
3. Keep records of income and expenses for filing taxes
Like everyone else, businesses have to pay taxes, so you should keep up-to-date records of your expenses and your income, and be making sure you use all the right tax forms, so that you can declare your taxes correctly. Not keeping accurate records of your business finances can land you in hot water with the Inland Revenue Service (IRS), as well as prevent you from managing your finances optimally.
Storing receipts is an important part of this. Since expenses are deductible, the IRS may ask you for proof of your expenditure.
4. Use online accounting software
Either way, online accounting software can help you to stay on top of your book-keeping much more easily. It can integrate with your bank account, pull transactions and then match them up with the entries. It’s also useful for any reconciliation of accounts.
5. Integrate the Cloud into your tools
Businesses generate a mountain of paperwork, and it’s not easy to find room to store it all. Documents can become lost, too. Storing files on the Cloud keeps them safe and accessible. If you’re on the road and need to access them, you can do so from your devices.
6. Outsource your admin and accounting
Outsourcing your admin and accounting is an excellent way to free up time for you to do business-building work. Virtual assistants, for instance, can perform a wide variety of tasks, from liaising with clients on your behalf, to setting up appointments, to chasing invoices, and more. Their services are also reasonably priced and won’t incur a huge cost to the business.
Meanwhile, outsourcing your accounting will keep you on the right side of the IRS. Additionally, as well as understanding book-keeping, accountants build knowledge in other areas, such as initial public offerings (IPOs) and the stock exchange and develop commercial awareness. Although they might not be experts, they can offer you advice on these issues and on your business admin.
7. Review and refine your systems
As different aspects of commercial life evolve, some of your processes and systems can become dated and inefficient. Review them and refine them regularly, keeping your eyes open for any that are no longer yielding the efficiency they once did. Speak to people in the business to identify anything that isn’t working anymore and understand why. Their valuable feedback will help you to make the right improvements.
Naturally, running a business incurs a lot of admin, and you’ve got to stay on top of it so that you and your business can operate efficiently. Hiring the right tools and people will help you to implement suitable systems that minimize the amount of effort it takes to stay organized.