When your accounting and payroll systems are properly set up and work effectively, they free up time and enable you to focus on developing your business.
Regardless of where you are in your business cycle, some things always remain the same. You need to get the numbers right, manage cashflow, and look after your employees, customers and suppliers. It’s not always easy, but it’s important to avoid getting bogged down in day-to-day crises. Don’t be afraid to look for help if you need it.
Payroll and bookkeeping are two of the most time-consuming administrative processes in many businesses. Streamlining these processes will give you more time for other aspects of your business.
Payroll can be a time-consuming task and is a process where it is crucial to avoid mistakes. Check that you are up to date with all of the latest changes including the new rules regarding reportable benefits which we explained in a recent blog. Make sure that your system is set to cope with the additional leave entitlements that came into force in 2023 and that you are correctly recording all relevant data regarding your employees’ benefits, pay and conditions. If you require assistance, contact GroForth for details of the support services our team can provide.
Bookkeeping and accounts
Examples of basic tasks to carry out include checking debtors and chasing any money that you are owed.
Cashflow is crucial so look for opportunities to improve your working capital.
The current inflationary environment makes it more important than ever to control your costs. Check that your 2023 purchases are correctly coded. Recording this data accurately and on time will save you a lot headaches when it comes to preparing your budgets and forecasts and accounts.
Other administrative tasks include
- reconciling balance sheets,
- checking profit and loss accounts,
- ensuring fixed assets are correctly recorded,
- bank reconciliations
If backlogs have built up, now is the time to deal with them. If you don’t have sufficient resources in-house, outsourcing can be a cost-effective option, but, as with any business decision, there are pros and cons to consider. For tips on how to go about this, check out our article on the business case for outsourcing.
The last quarter of the year is a good time of year to review your administrative processes. Streamlining your bookkeeping and payroll is a great way to improve your overall operational effectiveness. If this is a priority for your business in 2024, contact GroForth to find out more about how our services can help you.