Streamline Your Business and Improve Your Results

Founders need to balance their need to control with the ability to focus on tasks that grow the business.

 

You can meet both objectives when you streamlining your business.

 

Streamlining operations is a lot like cleaning out a closet. There’s less to look at, and the items that remain are the most important, and easy to see. De-clutter your business, and you’ll be able to focus on tasks that matter.

 

Changes in tech have made outsourcing much easier for business owners.

 

Marketing

 

Outsourcing is a great tool to simplify your business.

 

When you outsource, you hand off tedious, routine work to an outside party, and the strategy frees up your time. One of the best areas to outsource here is marketing.

 

There will always be an internet marketing company out there that has more skills, time, and experience than you do.

 

If you’re not an accounting expert, find someone who can fill that role for you.

 

Accounting

 

Every business owner must understand the basics of accounting, in order to post transactions and to generate financial statements.

 

Accounting is a cycle that starts with gathering source documents (invoices, receipts) and ends with the financial statements. The cycle repeats every month and year.

 

 Chart of accounts

 

The chart of accounts is listing of each account and the account description, and your accounting software will provide a standard chart of account that you can change as needed.

 

Journal entries

 

Accounting transactions are posted using debits and credits, which you can read about in detail here. A journal entry records all of the needed detail about a particular transaction, including the dollar amount, the accounts used, the date, and a brief description of the transaction.

 

Trial balance, adjustments, financial statements

 

A trail balance is a list of every account and its balance as of a certain date. Accountants generate a trial balance to review the impact of transactions, and to assess the overall financial status of a company.

 

At the end of each month, accountants post adjustments to the trial balance, and the adjusted report is used to generate the financial statements.

 

You can find bookkeepers and accountants who can perform these tasks for you.

 

As more of your business tasks are automated, you need a reliable IT system to operate productively.

 

Technology

 

Another area will always be IT. Because unless you are an IT whizz yourself and this is an area that you want to be working on, then you will want to make sure that you outsource this.

 

Letting IT issues slow you down can cost money, so it’s much easier for you to leave it to the experts and focus on your own strengths.

 

Administration

 

If there’s one thing that you’re going to find that you keep on doing, it’s admin. We all have admin and it always seems to pile up. But, when it comes to being able to push things forward, you can’t let yourself wrap yourself up in everything like this. Instead, you have to make sure that you hire admin help and allow you to push the business and for you to focus on the future.

 

Ultimately, your most important job is to serve customers.

 

Customer Service

 

It’s important to have great customer service when you’re running your own company. And if you’re struggling to stay on top of it yourself, then it’s a good idea to call in some help. Hiring a member of staff to help you can work, but even then you may struggle. And so, it can be more beneficial to your business if you can outsource your customer service to a team that can handle it.

 

Put these systems in place to increase productivity, and to grow your business.

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/