How much of your day is taken up with administrative tasks? Studies show that the time spent on administrative functions represents $346 billion in lost productivity nationwide each year. As your business grows, so does the amount of time you spend on bureaucratic tasks, creating what can feel like an admin trap. That trap makes it challenging to devote time and energy to increasing admin requirements and still focus on growing your business.
Investing in business management tools can streamline critical business processes, freeing up valuable time and resources so you can be more productive. Here are a few of the areas where the right tools can help you escape admin trap and increase your productivity.
A software-based accounting tool frees you up from unproductive manual tasks like data entry. Accuracy increases, reducing the chances of costly accounting errors that take valuable time to fix. And intelligent accounting tools prioritize your data, keeping the most important financial information front and center so you can make informed decisions without having to hunt for the information you need.
Today’s workforce management solutions significantly reduce the time you spend on HR processes and tasks. From recruiting and benefits management to time and attendance tracking and vacation scheduling, the right tool eliminates manual tasks and automates key functions. Self-service features increase employee satisfaction while freeing up managers for other tasks. And customized reporting means you can quickly identify problem areas that affect your productivity.
Late payments are one of the biggest threats to your profitability. And manual payment methods like checks slow down your cash flow and create extra processing time. An automated ERP solution can streamline your payment processing, from issuing invoices to recording, tracking, and depositing incoming payments. Many tools allow your customers to issue payments digitally, greatly reducing the energy you have to spend chasing down lost payments. That energy can be spent on growing your business.
As your business grows, managing your payroll becomes more complex – and errors become significantly more costly. And if you’ve outgrown your payroll software, payroll reporting can be cumbersome and time-consuming, increasing your admin burden and impacting your profitability. Intelligent business management software that adequately supports your payroll functions can streamline the payroll process and reduce the risk of costly errors.
In addition to investing in technology, it is critical to invest in the digital skills of your workforce. The more comfortable your employees are with the digital tools available, the more they’ll use them, and the more time they’ll have to spend on more strategic tasks – leading to a more productive work environment.