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4 ways automation will streamline your business

Automation has been called the third industrial revolution – and with good reason.

We’ve investigated the best ways to enhance your workflow without breaking the bank.

Payroll

Are repetitive administrative tasks really deserving of your time? Automating your payroll functions will cut down on boring paperwork and manual calculations. More importantly, it will ensure you are compliant with regulations.

The most common payroll programs – MYOB, QuickBooks and Xero – all offer free trials or free licensing for small businesses.

Accounting

Automating your accounting is the most effective way to reduce errors. Your forecasts will be on point, and you won’t have any trouble with the tax office.

In addition to common software packages, Prospa recommends using our automated tools to avoid costly errors:

  • All-in-one EOFY tool (including checklist and expense tracker).

Marketing

Digital media analytics are becoming more advanced. They can be used to pinpoint key segments and tailor marketing campaigns to different demographics. Some of the best tools around include:

  • Google Analytics will help you analyse website traffic and pinpoint all-important keywords and campaigns to drive SEO traffic.
  • A number of sites offer free SEO tools to maximise performance, like Found’s SEO Audit Tool, and UpCity’s SEO Report Card.
  • Facebook Analytics is your one-stop shop for understanding platform engagement. This Kissmetrics explainer will help you get the most out of the data.
  • Run your business through a tool such as Moz to review your overall online presence and update incomplete listings.
  • Services like Hootsuite offer cross-platform social media management and analytics all in one place.
  • Comparison services such as SimilarWeb measure your online performance against competitors.

Cash flow

Setting up different bank accounts for incomings, outgoings and savings can keep everything in order. Be sure that your bank provides reporting in CSV so you can feed information into spreadsheets, like Prospa’s cash flow forecast calculator.

For another source of funds to keep your cash flow positive, try generating a passive income stream. Affiliate online marketing, or renting portions of your real estate or assets are popular options.

The key to taking advantage of automation is to put the time you’ve saved back into something worthwhile. Use that time to focus on providing great customer service or developing a new product to rock the market.

Keen to streamline your business with the click of a button? Call Prospa on 1300 882 867 or apply online for a small business loan so the automation revolution doesn’t leave you behind.

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The information in this post is provided for general information only and does not take into account your personal situation. Nothing contained in this post constitutes advice or an endorsement or recommendation of any kind by Prospa. Any links to third party websites are strictly for informational purposes only. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information as at the date of publication, Prospa, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.

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