Anyone running a business will know that efficiency is one of the most important factors in keeping costs down, particularly for small and medium-sized businesses and those that are newly established. Companies of any size can save time and money by looking at their systems and processes to identify areas in which they might be able to work more efficiently.

When it comes to managing an organization’s finances, there is a balance to be struck between increasing efficiency and maintaining high standards of accuracy and attention to detail. Financial issues can be costly and time-consuming, so ensuring that there are suitable safeguards in place to avoid errors is vitally important.

As technology evolves, there have been a range of software and hardware advances that have revolutionized the way that businesses handle payments, both incoming and outgoing. Computerized systems allow individual transactions to be identified and verified, online transactions allow payments to be made from all over the world, and cryptocurrencies have removed the need for anyone to use traditional ‘money’.

What about checks?

They have long been a popular choice for businesses and individuals, and checks are still the payment method of choice for a number of people who appreciate the many advantages of using checks:

•  No need to carry large sums of cash around
•  Easy to use everywhere from international transactions to paying friends and family
•  Checks produce an automatic paper trail
• Payments can be mailed
• Checks are cheap for customers to use
• Lost or stolen checks can be stopped or cancelled

The flexibility and versatility of checks have been improved by the modernizing of the systems in place to process them. The fast pace of financial technology means that checks now offer a viable alternative to payment methods such as debit and credit cards or direct transfers.

How to keep on top of your finances

There are a few simple things that can make handling your finances easier:

Automation

One of the best ways to keep your finances in order is to automate as much as possible, and there are plenty of options to make this work for any business. This can save money and time, as well as reducing errors and avoiding delays caused by staff absence or public holidays.

Routine jobs such as invoicing may also involve costly processing and storage, but solutions such as cloud-based invoicing software can reduce the workload involved in keeping your finances in order. Regular payments and those that are time-sensitive can be scheduled ahead of time to ensure that deadlines aren’t missed.

Budgeting

All businesses should consider at least a quarterly budget review to ensure that their spending is in line with expectations. Allocating money for necessary expenditure, routine payments, and any expansion plans that are in place can focus everyone’s attention and keep costs down.

This also encourages staff to think about the impact of their spending and ascertain whether they are getting good value for money when sourcing goods and services for the business. Involving everyone in setting a budget can help keep minimize costs and avoid wastage.

Ask an expert

Although it is tempting to save money by doing things in-house, expert financial advice can pay for itself when it comes to recommending ways to cut costs and save money. A finance manager can help transform a business by implementing efficient systems and establishing money-saving processes that can be rolled out to maximize savings throughout the organization.

Running a business can be a hugely rewarding way to make a living, but it is important to have a good handle on the finances in order to be able to adapt and grow when necessary. Specialist software is often the key to keeping things running smoothly, whether that’s ensuring that payroll is processed efficiently or taking payments from clients and customers.

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