With Interbacs managing your Bacs Direct Credits, you can save time, money and a lot of...
How to streamline payments and save on admin time
Following the pandemic, most businesses have shifted towards remote working, and people have changed their relationship with work. As many of us learn to work collaboratively from our homes, our understanding of what it means to keep a work-life balance has really been thrown under the spotlight. One easy way to find a better work-life balance is by saving on admin time. In this article, we look at how you can achieve this.
According to recent research by Sage, UK small businesses spend an average of 120 hours a week on admin tasks because some firms do not have a proper protocol in place for back-office tasks. The study reveals that if businesses were productively using this time, an extra £33.9 billion could be added to the British GDP each year.
Luckily, there are several ways to streamline your business, including outsourcing simple tasks to make payments more efficient. All of which will ensure that time is not lost through the completion of back end tasks. We will look at the key ones below.
Prioritise your tasks
When most small businesses grow, they often put emphasis on the wrong sides of the business. Because of this, the admin can slip, and the business can feel the strain of needing extra staff. Whilst growth is necessary, streamlining your accounts is also a massive priority. Could that meeting be turned into a phone call? Do you and your staff understand the filing systems, ensuring you can collaboratively gather information as efficiently as possible? There are many ways that an effective manager should be able to prioritise key issues within the workspace. After all, an efficient office is a happy office.
Process Automation software can really revolutionise how your business operates, from content management and scheduling systems for social media posts to collaborative editing software for group projects. There are numerous tools that you can use to enable your employees to streamline their workload, helping them to yield better results.
Businesses can significantly reduce admin time by using a Direct Debit Management System, allowing automatic collection of your payments from customers at regular intervals. In doing so, you can ensure that customers remain loyal as long as you provide a good service.
Furthermore, using Direct Debits will give your business greater pricing flexibility, enabling you to broaden your demographic and allowing your business to collect from a wider range of customers. Accounts payable automation is a game-changer for many of the companies we work with - the reviews speak for themselves.
Take account of all tasks that you carry out as a business within your workspace. Which of these can you outsource to grant more time? Hiring an accountant will both help to remove financial stresses and save you time invoicing payments. Furthermore, a move to using Direct Debits will grant more time for your business, eliminating the stresses of chasing up payments.
Outsourcing your payments to Interbacs will alleviate a great deal of processing time, creating a dynamic that allows your businesses to focus on growth and expansion.
With our DDMS, you will be able to collect funds in an efficient and timely way, reducing the stresses of invoicing. Furthermore, using Interbacs to streamline payments will increase customer retention, as they will be paying for your service at regular intervals that you can control.
Streamline payments with Interbacs
Now that you understand how to streamline your admin processes, what are you going to do to take action and save yourself and your business copious amounts of time?
Get in touch with the accounts payable automation experts today and streamline your payments with us. Interbacs has over 25 years of experience in refining business payment processes. Our team will be only too happy to discuss your exact requirements, so we can free up the time you need to grow your business.