5 Time Saving Tips for Stressed Finance Managers

by Redeeming Riches on October 2, 2017

Whether you manage the financial department of a small, large, or mid-sized business, keeping on top of cash flow can quickly become a stressful experience. In an ideal world, incomings and outgoings would run smoothly. However, anybody who’s ever managed finances for a company will know that things don’t always go to plan. Invoices aren’t always paid on time, cheques can bounce, and sometimes bills can be higher than expected.

So, it’s no surprise that many finance managers begin to feel that there simply isn’t enough time in the day to organise and streamline everything. Thankfully, there are several things that you can do to save time and get on top of your business’ finances without losing your head. Here are our top tips:

Tip #1. Set Up Regular Payments

Depending on the type of services or products that your company sells to its clients, you may be able to save time and energy by setting up regular payments for them. A direct debit is a quick, hassle-free way to ensure that you receive the funds owed to you for a long-term service or contract.

Rather than relying on your clients to pay you the amount owed manually each month, having them set up direct debit payments, which can be done with ease using a reputable supplier such as AccessPay, means that the money will be taken directly from their account and transferred to yours, providing a more convenient and efficient solution for everybody involved. Since the payment is automatic, there’s also less risk of you not receiving the funds on time.

Tip #2. Use Invoice Factoring Services

If one of the main reasons for your stress is invoices are not being paid on time, then an invoice factoring service may be able to help you. These services work to ensure that companies have the funds that they need at the right time, regardless of whether clients have forgotten to pay on time or are having trouble making the payment for any reason. Although it usually comes at a cost of a certain percentage of the invoice, using a factoring or financing company will ensure that you have the necessary funds in your business account on time – this can help to ensure that your business’ priority bills are always covered.

Tip #3. Send E-Invoices

If you invoice your clients with a paper invoice sent in the form of a letter, then you are probably already more than aware of the kind of problems that this can cause. Whilst printing off an invoice and sending it is a very simple process, it can be all too easy for your client to forget about it, especially in today’s digital world where most of our priority payments are made online. Instead, a good online e-invoicing service can be an excellent solution. This will let you send invoices directly to your clients via email, allowing you to skip the waiting time and making it easier for your client to pay you straight away with just a few clicks of the mouse.

Tip #4. Invest in Cloud-Based Accounting Software

When it comes to accounting software, there is a huge range to choose from. However, if you’re going to invest in accounting software for your business then it’s definitely worth going for a cloud-based solution. Cloud-based software is superior to regular accounting software in numerous ways; it can provide you with real-time insights into your business’ finances, allowing you to store, track, access, update and even analyse your data from anywhere at any time, using any connectible device such as a laptop, tablet or smartphone.

Tip #5. Outsource

Lastly, if you are beginning to feel the pressure of managing business finances and are struggling to get on top of everything by yourself, then you might want to consider outsourcing some of the work to another professional. In general, it’s a good idea to keep any tasks that you know you can do well for yourself and outsource anything that you feel somebody else’s strengths may be better suited. Alternatively, you can outsource the tasks that are running smoothly at the moment, giving you more time and energy to dedicate to the current pressing issues.

Did these tips help you? We’d love to hear from you in the comments.

Google+ Comments

Related Posts