How To Do Your Financial Admin in 30 Minutes
Running a small business in Australia is a rewarding endeavour - but it comes with its fair share of administrative tasks - particularly when managing your finances and preparing for tax season. If you've ever found yourself drowning in a sea of receipts, struggling to calculate your tax deductions, and spending countless hours on financial admin, this blog post is here to rescue you. In this post, we'll explore the various aspects of small business financial admin, understand how accounting systems like Thriday can save you precious time, and reveal the top tips for streamlining your financial admin to just 30 minutes per week. Let's dive in!
How Long Does Financial Admin Take a Small Business?
First, let's address the elephant in the room: How much time do small business owners typically spend on financial administration? The answer can vary, but it's a time-consuming and often daunting task for many.
On average, small business owners in Australia spend 6 hours each week on financial admin, including tracking expenses, categorising receipts, reconciling accounts, and preparing for tax filings. As your business grows, so do the complexities of managing your finances, making it even more time-consuming.
How Does an Accounting System Save Time?
Implementing an accounting system is one of the most effective ways to reclaim your valuable time and simplify your financial admin. But how exactly does it save you time?
- Automation: Modern accounting systems like Thriday automate many aspects of financial admin. They can connect directly to your bank accounts, categorise transactions, and generate financial reports with minimal manual input.
- Streamlined Processes: These systems provide a structured workflow for financial admin, making it easier to manage tasks like invoicing, expense tracking, and reconciliation. This reduces the time spent on administrative work.
- Real-Time Data: With up-to-date financial data at your fingertips, you can make informed decisions quickly - no more hunting for outdated spreadsheets or sorting through paperwork.
- Accuracy: Accounting systems reduce the risk of errors, ensuring that your financial records are accurate and compliant with tax regulations.
What Do Accountants Spend Most of Their Time On?
Accountants play a crucial role in helping small businesses with their financial admin, especially during tax season. Understanding what accountants typically spend their time on can provide valuable insights into how you can streamline your financial admin:
- Data Entry: Accountants often spend significant time manually inputting financial data, including receipts and invoices, into accounting software.
- Reconciliation: Ensuring that all financial records match and are error-free is time-consuming. This includes reconciling bank statements with accounting records.
- Tax Preparation: Accountants are experts in navigating the complex world of tax regulations. They spend considerable time ensuring businesses comply and maximising their tax deductions and claims.
- Financial Analysis: Beyond compliance, accountants offer valuable insights through financial analysis. This involves reviewing your financial data to identify opportunities for improvement and growth.
Top Tips for Saving Time on Accounting
Now that we've established the importance of efficient financial administration let's delve into some practical tips to save time and make this process more manageable:
- Stay Organised: Create a system for organising receipts, invoices, and financial documents. Use digital tools like Thriday to scan and store receipts, making them easily accessible.
- Regularly Reconcile: Don't wait until tax time to reconcile your accounts. Periodically review your financial data to catch discrepancies early.
- Set Reminders: Use calendar reminders to schedule weekly or monthly financial admin sessions. Consistency is vital to staying on top of your finances.
- Educate Yourself: Familiarise yourself with your industry's tax deductions and GST requirements. This knowledge can help you maximise your claims and reduce tax liabilities.
- Outsource When Needed: If financial admin becomes overwhelming, consider outsourcing tasks like data entry or tax preparation to a qualified accountant or bookkeeper.
How Does Thriday Do Your Financial Admin in 30 Minutes?
Now, let's get to the heart of the matter – how can Thriday revolutionise your small business financial admin and help you complete it in 30 minutes a week?
Thriday is a next-generation accounting software designed to simplify the financial admin process for small businesses in Australia. Here's how it works:
- Integrated Banking: Thriday provides integrated bank accounts*, allowing real-time transaction categorisation and GST calculations. Say goodbye to manual data entry!
- Tax Compliance: Thriday keeps you tax-compliant by staying up-to-date with the latest ATO regulations. It guides you through the process, ensuring you don't miss important deadlines or deductions.
- Receipt Management: Easily capture and store digital copies of your receipts using the Thriday mobile app. No more lost or faded paper receipts to worry about.
- Real-Time Insights: Thriday provides real-time financial insights, so you always know where your business stands. Monitor cash flow, track expenses, and generate reports with a few clicks.
- Time-Saving Features: Thriday offers time-saving features like automatic GST calculations and simplified invoicing. These features reduce the time you spend on admin tasks.
Top 9 Financial Admin Time-Saving Hacks
To wrap things up, here are the top 9 financial admin time-saving hacks to supercharge your productivity and ensure your business stays financially healthy:
- Embrace Technology: Leverage accounting software like Thriday for automation and efficiency.
- Regularly Update Records: To avoid last-minute rushes during tax season, keep your financial records current.
- Use Cloud Storage: Store important financial documents securely in the cloud for easy access from anywhere.
- Delegate Tasks: Consider outsourcing or delegating financial admin tasks to a professional.
- Stay Educated: Stay informed about changes in tax laws and regulations that may impact your business.
- Set Clear Goals: Define your financial goals and track your progress regularly.
- Minimise Cash Transactions: Rely on digital payments and reduce the need for manual cash handling.
- Simplify Invoicing: Use templates and automate invoicing whenever possible.
- Batch Tasks: Group similar tasks together to work more efficiently.
In Australia's fast-paced world of small business, efficient financial administration is essential. By implementing the tips mentioned above and embracing next-generation accounting software like Thriday, you can free up valuable time, reduce stress, and ensure that your business remains tax-compliant. Don't let financial admin consume your precious hours. Join Thriday for free today and experience the convenience of completing your financial admin in just 30 minutes a week. Your business deserves it, and so do you.