5 Action Steps To Run Your Business From Your Smartphone

Would you like to achieve work-life balance, gain a peace of mind while being in complete control of your business finances? Then these next 5 action steps on how to run your business from your smartphone is a must read!

Did you know that thanks to technological disruption, it is now possible to run your business almost completely from a connected smartphone in your pocket at anytime, anywhere in the world.

You can create quotes, invoices and accept payments on the go, manage your staff, control business performance and make strategic decisions based on KPIs all from your mobile dashboard.

1. Get your books sorted in an effortless beautiful way

When it comes to accurate and live data, such as bank feeds, payroll, POS and much much more, cloud or online accounting is the way of the future. It is the meteor of much-needed change, sweeping away the outdated – dinosaur desktop of accounting software.

Understandably, going through your books can often feel like a monotonous task, which takes you away from what you do best. It deceivingly feels like you can grow your business without the boring chore of bookkeeping. As a result, unsurprisingly, your finances often get neglected. Did you know that it doesn’t have to be this way?

Step into the future and switch to cloud accounting

Once you take a step into the future and switch to cloud accounting, AI will be doing all the number crunching for you while you sleep! Bookkeeping will no longer be a dirty word that makes you cringe at the thought of it and it won’t feel like a giant waste of time either.

Imagine a future where Bookkeeping is a breeze. For the first-time bookkeeping will be the magnifying lens that makes you see your business clearly. You will know whether your business is performing well, whether it is meeting your expectations and which products or services generate you the most profit. You will have all the measured information you need to make the right decisions that can actually help you grow your business, your profits and let you outperform your competition.

Sort out your bookkeeping procedures

To complete this step make sure you sort out your bookkeeping procedures. There are two ways to go about this step. Number one is outsourcing this to a well-trained cloud bookkeeper or number two, otherwise be prepared to establish a weekly routine of transforming raw data of receipts, invoices, obligations, acquisitions, and payroll into meaningful information.

It is crucial for you as a business owner to have the discipline to update your cloud account at least weekly. Automation and algorithms are key success factors and can only work to your advantage if applied to a reliable, timely data process.

If it all sounds like too much, then get a good cloud bookkeeper to do it for you. You will find that it’s one of the best investments you will make for your business and your peace of mind. After all you call a plumber to do the dirty work.

2. Create meaningful KPI

Define what business success means to you. Business KPIs (Key Performance Indicators) should be set around your business goals and reflect your definition of success. KPIs have to be measurable and achievable. Tracking your KPIs will help you make better decisions and improve business performance. KPI’s should include financial and non-financial measures.

3. Set up Business intelligence and analytics

We are living in the era of data explosion. We generate more and more information every day. It’s time for small businesses to embrace big data and adopt innovative technologies. Business Intelligence is a technology-driven process for analysing data from different sources and presenting actionable information to help business owners to learn and react to big data in real time.

The mobile dashboard provides an instant snapshot of business performance and enables you to focus on what really matters. What this means is that it costs you less to make a huge impact on the growth of your business. More money in your pocket at the end of the day!

4. Start using Industry specific mobile applications

Industry-specific business applications had taken a giant leap into the future. Currently, there are numerous industry-based apps that can allow you to automate workflow, rostering, timesheets, invoicing and money collection. These applications multiply the productivity of the team and business management. They will improve your customer satisfaction and retention, simplify booking and invoicing process, as well as improve resource allocation and time management. The industry-specific apps are truly revolutionising the way you run your business today.

Please consult with your adviser on the latest from the world of apps.

5. Adapt

‘It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.’ C. Darwin

Sergiy Kucherenko

CPA

Accountant

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