There are many companies that have zero-reliance on paper, yet for many of the small business owners I meet, it would seem unimaginable to operate daily without paper. If you are looking to make a small change that will make a big difference to your business in 2020, my advice is to ditch paper and go digital.
Recently, for instance, I met with plumber Greg who was having trouble making the sums tally in his books.
While Greg had kept great records for his customer invoices, he had been less diligent with the receipts, something he thought could be processed at the end of the financial year. The trouble was, when it came to reconciling the books and getting them signed off, Greg was unable to find all the receipts he needed for the taxman – in fact, there were three months’ of receipts missing.
Despite searching high and low, Greg was never able to find the receipts meaning that he was unable to claim VAT back on expenses for that quarter. It turned out this was a substantial amount and Greg needed to take a temporary wage cut to make up the loss.
It was a stressful period for Greg and his family, who resolved to make some changes for it to never happen again.
What Greg needed was an affordable and effective way to manage the company books without it taking too much of his time. This is where modern tech can help – and it needn’t be frightening or expensive!
Rather than waiting for a wake-up call like Greg, take a look at which basic admin tasks can be automated.
Ozlop, for instance, can take the stress out of doing the bookkeeping by doing the bulk of the work for you. Simply send us your stuff – bills, sales, expenses etc – and we’ll process them for you. You’ll get the books at the same time every month so you can make decisions based on real figures, rather than on the back of a fag packet!
If you consider how much time and money your business wastes on paper, whether that’s printing materials or simply trying to find records or receipts, then going digital is a no brainer. As well as operational efficiencies, keeping digital records means you avoid mistakes or duplications that could cost your business money.
If you want to learn about how your business can get rid of unnecessary paper in 2020, get in touch with us at Ozlop for a chat.
David Vine – small business specialist and Managing Director at Ozlop, the bookkeeping specialists for owner-managed businesses