Abandoning paper-based processes can improve productivity and profits.
The more a task can be automated, the greater the increase in productivity and the greater the reduction in employee overtime and management frustration. Even though technology can speed up operations and reduces costs, far too often owner-managers continue to embrace legacy behaviours that keep their businesses from being as productive and profitable as they could be.
Implementing some or all of the following suggestions could be the first step to increasing productivity and making the workplace more efficient and more enjoyable.
Use Digital Communication Consider examining the communication protocols in your business.
1) Should communication occur using email, text messaging, productivity app, video conference or telephone?
2) When does communication need to be encrypted?
3) If communication is written, should the recipient confirm receipt?
4) How are mailboxes to be set up for access by interested parties?
Use videoconferencing to keep everyone up to date, for example:
5) Set up webinar or web conferences to reduce travel while maintaining contact among all employees ─ including you.
6) Determine whether online training would be a possible solution for training needs.
7) Use the Cloud to share data and files, but ensure that strict access rules and passwords are in place to avoid breaching confidentiality of employees and intellectual property.
8) Install remote access software on your tablet or smartphone to provide access to office computers so you can be updated at any time.
Digital Integration
If you are still on a largely paper filing system, consider moving to digital.
9) Hire a records-management consultant to examine your filing needs.
10) Design a digital filing system for the business.
11) Ensure everyone files data the same way so files can be retrieved quickly and never go missing.
12) Go paperless by insisting that paper documents be scanned and stored; shred the original unless needed. Where possible, digital documents should be stored in the same digital format in which they were created.
13) Establish protocols to ensure email is filed correctly for all customers, tax and regulatory authorities and employees.
14) Avoid faxed documents where possible. If fax cannot be avoided, set up a virtual fax-to-email number that will allow those that will accept fax communication and transform it to an email PDF.
Streamline Business Transactions
If your business does not have sufficient employees to justify the cost of new software, develop standardized spreadsheets that staff complete for time and expense reports and create an online process for employees to submit data in a timely fashion to the bookkeeping department.
All businesses need an accounting system that incorporates sales, purchases, payroll, accounts receivable, accounts payable and job costing. Even if you do not have the expertise or the need for a full-time bookkeeper, you can use remote communication software or an online accounting platform to enter records online that will provide you with the up-to-date information you need for everyday operations.
All tax data, financial statements, personal and corporate tax filings and enquiries exchanged between your office and your CPA should be encrypted before transmission.
Other uses of electronic technology include:
15) online billing
16) online invoicing from clients
17) accepting and making all payments (including taxes) through etransfers
18) online filing of all CRA and other regulatory forms
Marketing and Selling
Because your website is often the first contact a potential client has with your business, make sure it is attractive looking and the text is well written. That first impression may make the difference between getting and not getting a client.
19) Hire a specialist in website design to update your website.
20) Hire a specialist to service and monitor your website to make sure everything works all the time.
21) Update your website regularly with news concerning key employees, changes in the organization and new products or innovations. This will show that your company is an interesting and ongoing business operation.
22) Collect email addresses using an opt-in service to expand your email advertising or awareness campaign. Be mindful of Canada’s Anti-Spam Legislation (CASL) when collecting and using email addresses.
23) Set up an online sales department for your business.
24) Check out the software packages that allow you to set up an online marketing system, track orders, track sales, change product suppliers and assist in up-selling by connecting the product purchased by the customer with one they may see as complementary.
25) Create pricing rules for discounts, individual and bulk sales.
Use Technology Wisely
Certainly a business can be overwhelmed with the ever-changing technology, but in the final analysis, technology is not about what is available to use, but rather how we use what is available to better our business and personal lives.
How SG Can Help
Talk to one of our experienced professionals about our business consulting and advisory services for more tips on how to effectively use technology in your business. We would be happy to set-up an in-person meeting to discuss your business, accounting and taxation needs.
Author Richard Fulcher, CPA, CA (CPA Canada Business Matters, Volume 31, Issue 5)
Brought to you by SG LLP Chartered Professional Accountants