Improvements in technology can help you make a huge leap in productivity. You can make faster decisions with better information. Using technology can be a game-changer for your business. In fact, if you don’t apply the latest tech tools, you may fall behind your competitors. Use these tips to operate more efficiently.
Better finance decisions
Today’s accounting software is much easier to use. You can quickly learn how to input accounting transactions and generate useful reports. If you can access these reports on a timely basis, you can make better decisions about your finances.
QuickBooks Online is a great accounting system for small businesses that is easy to navigate and use. The software provides clear instructions on how to post accounting transactions. Once you enter your transactions, you can generate dozens of standard accounting reports.
Say, for example, that you want to closely manage your cash flow. QuickBooks can generate reports on all of your accounts receivable balances. You can review the amounts due from each customer, and how long the balance has been unpaid. This report can help you plan your collections and increase your cash flow.
Smart ways to process payroll
Processing payroll can require a huge amount of time, especially for larger companies. Payroll processing is complex and the tax rules change frequently. ADP Employment Tax & Compliance Services estimates that there were 17,000 tax rule changes proposed in 2012 alone.
Using a payroll service can help you save time and money. You can collect payroll data from each employee and send it electronically to the payroll firm. This includes information on salaries, hourly rates and tax withholdings.
When you need to run payroll, the outside firm can calculate all of the withholdings and compute the net paycheck amount. You can also ask the payroll company to transmit your funds to each employee’s account. Outsourcing this process can save you time, money and frustration each pay period.
Assessing your website and social media marketing
It’s essential for all companies to develop a great website and consistently market online. However, you need some tools to determine if your marketing efforts are effective.
To visualize this process, consider this example: You sell hiking boots and outdoor equipment through your website. To market your product, you post content (blogs and articles) on hiking and biking topics.
Google Analytics provides dozens of tools to assess your online marketing efforts. The tools in Google can measure all sorts of activity:
· Content traffic: How many people read a particular blog post? If they click on your blog, how long do they stay and read articles? The longer they stay, the more engaged they are. An interested reader may visit other pages on your site and eventually buy your product.
· Opt-in button: Many websites with content offer the reader an opt-in button. The viewer can click on the opt-in button and become a subscriber. Subscribers are great, because they’re providing their email address and want to see more of what you have to offer. Google can tell you the percentage of viewers who opt-in. If your opt-in button isn’t driving enough traffic, you can make changes.
· Conversions: If you offer viewers the ability to buy products on your site, Google can provide many statistics to measure how effectively your site performs. In a broad sense, you’re measuring conversion. Conversion means the number of prospects you’re converting into clients.
Smart decisions about technology can allow you to do a lot more with less. You can use technology to do more work in less time, and to assess your decisions. Make an investment in technology to grow your sales and beat your competition.