For those in a trade business, it is critical to have all of your business systems working at their best.
Are they strong and compatible with each other? Are they helping you reach your business goals? Do you understand the processes and feel confident in their functionality?
Or are they competing against each other and leaving you frustrated with a lack of results?
Now is a great time to take a closer look at some of the business systems you have in place to ensure they are built to help your company grow.
Automate Wherever You Can
Technology can handle just about all of the tasks you need it to do through automation. The more you turn over your manual task to a computer, the better off you’ll be.
Automation gives you more time to focus on your operations and minimize frustrations along the way.
Nearly every area of your finances can be automated, this includes:
- Job costings
- Bill collecting
- Internal communication
- Centralizing receipts and invoices
- Payment processing
- Bookkeeping
- Project management
- Profitability analysis
- Creating bids and change orders
- Financial forecasting
- Business planning
- Payroll management
Each of your business systems is able to operate more efficiently and accurately when they are automated like this. It eliminates the risk of human error and ensures timely completion.
Automation also leads to better data and reporting, allowing you to make better business decisions.
Tools for the trade
Here are a few tools we (Argento CPA) recommend for trade businesses. They all work well together and offer industry-specific benefits.
Knowify: This is a great place for trade businesses to start as you can then integrate most everything else into Knowify for easy management. It is designed for the trade industry and includes financial management, project management, invoicing, and much more.
QuickBooks Online: A must-have for most companies, this tech tool helps you with auto-tracking of your expenses and your income. It can also sync all of your transactions automatically. It will help you to create real-time reports and bi-directionally syncs to Knowify.
Wagepoint: For Canadian companies, Wagepoint is the go-to in payroll tools. It can help you with managing your employees’ benefits and sick pay, too.
Dext: This is a super easy tool to use for capturing your receipts. It can pull all necessary data into your logs for them as well.
Stripe: For those that need a tool to accept and send payments, Stripe is a go-to option that works for most needs.
Plooto: This technology solution automates your business’s accounts receivable and payable, pulling that information right from QuickBooks.
Keep Your Team in the Loop
As you begin to make these changes, know that it is always important to keep your team in the loop.
If you are reworking existing systems or you are adding new tools, be sure your team is up to date on what is happening. You may need to provide training where necessary to ensure they can do their job at the best level possible.
Keep in mind that your systems can only be as successful as the people who are managing them. Be sure to set them up for success.
Simplify Your Processes
Work to simplify any processes possible. The more complex your processes are, the more time there is for your employees to wait around for the information they need.
Consider a total reboot. Look at each system and process you are using right now. Find out how you can make adjustments to see significant improvements in operations. When you do this, it lets you get the most out of your technology and makes things easier on your staff.
Carve out Time to Check-In on Your Business Systems
Get in the habit of regularly managing your systems. That is especially necessary for your finance systems. Be sure your data is still being tracked promptly and accurately and you are getting reports that help you manage your business. Look for any bottlenecks to work on. When you find them, see these as an opportunity to make improvements.
Make it a habit to do this type of check-in for your business systems. Doing so helps to make sure you have a pulse on your finance functions at all times and gives you insight into what is happening throughout your business.
Work with an Accounting Partner Experienced in Building Business Systems and Streamlining Finance Functions
Building your business systems and streamlining your finance functions is one of the best ways to improve efficiency and set your business on the right track for growth.
Identifying which ones will work best and implementing them into your existing processes is the toughest part. For assistance, consider reaching out to Argento CPA. We are experienced in building business systems and streamlining finance functions for trade businesses. Contact us today to learn how we can help!