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Review your processes

Review your processes

Summary:

1. Saving time and money

2. The alternative process

 

 

1. Saving time and money

 

Do you sit down and review how you complete a task, and if it is relevant or not?  You should, you might find you are spending time completing a task which does not need completing or it could be completed quicker with a few changes.

 

Going into a business, it can be easy to see what can be done, when inside your business it can be challenging, because the pressing thing is to get it done, and move onto the next task.  Hopefully, the following can help, based on our experience.

 

Let us take a simple task of entering purchase invoices, one process is.  You receive an email with an invoice, you open that invoice and print it, walk over to the printer, pick the invoice up, walk back to your desk, enter the invoice onto your accounting software and file the invoice away.  Straight forward, and what most businesses will do.  It will potentially take a minute or so to complete the whole task.  What if I said this can completed quicker, saving time and money?

 

 

2. The alternative process

 

The alternative process, you receive the invoice, open the invoice, enter the invoice on the accounting software and either attach the invoice to the software, or file the email under the supplier’s name.  The number of steps in the process has reduced and will likely take approximately 30 seconds.

 

We have now saved 30 seconds of time, if you enter 50 invoices a month that is 25 minutes saved, which can be spent on potentially more interesting tasks.  We also save money, and the environment by not printing that piece of paper.  Money saved it the paper, ink, and electricity, this might not be a lot, but over the course of a year it will add up.  Over a year you will save 300 minutes and save maybe a ream of paper.  All very positive.

 

You may now be asking, but HMRC need paper copies, this was maybe true once, but HMRC say that records can kept on paper, digitally or as part of accounting software.  We have a choice, you may prefer a paper copy, and that is your choice, but if there is a possibility to save time and money, I prefer to go down that route.

 

I used to complete a sales analysis task for one of the first businesses I worked for, and I never understood what the information told me, or what it was used for.  I was new and continued to complete this task for a couple of months.  Then one day I questioned why I was doing it, and the Finance Director responded that it was not used for anything and not needed.  I then asked if I could stop completing the task, to which I got a yes, then I ask about other tasks, some were relevant some were not.  My point is ask, “Because we have always done it this way”, does not mean it has to continue, if you feel like a task is not adding value, or is not needed ask the question.  If it is not needed, stop doing it, focus on something more important and business critical.

 

If you want to find out more or want to talk through any of this contact GMS Accountants.

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