In today’s highly competitive world of business, optimum utilization of time plays a vital role for a business’s sustainable growth. Considerable time of SMB owners is consumed in Payroll processing, managing cash flows, getting customers pay on time, keeping the costs down and increasing their profitability. As a result, there is no time to focus on the growth of their business. To thrive in a world where seemingly everyone is a competition, it is very important for a business to be dynamic. SMB owners need to wear multiple hats to manage their time and concurrently keep the wheels of their business revolving. Succinctly, they not only need to work hard, but also, work Smart.
So the question is, what are the constituents of a smart business and how are they able to focus on everything at a time and still achieve success?
Smart businesses have Specific, Measurable, Attainable, Relevant and Time-Bound goals that enables them to prevent routine tasks from taking a priority over their longer-term strategic goals. Additionally, Smart businesses usually complete their routine tasks timely and accurately to remain on top of their business, yet they remain completely focused only on their “core competencies”. Therefore, the mantra for any business to achieve success is to be a SMART business.
Barriers to becoming a ‘Smart Business’?
- 1. Time consuming tasks of payroll processing: Payroll processing is an extremely tedious task regardless of how big or small the business is. Continuous changes in state and federal tax and employment law make remunerating employees and filing taxes a complex and a time- consuming process especially for SMBs. To stay compliant, SMB business owners have to spend considerable time on managing their payroll thus shifting their focus from their core business functions and profit – making operations
- 2. Managing accounts receivable process: Managing accounts receivable is a tedious, time- consuming, and resource intensive process for any business, as it involves matching payments to invoices, constantly having to resend copies of invoices, yet concurrently, offering an excellent customer experience. As accounts receivable is the backbone of a business, therefore, SMB business owners are compelled to devote their time and attention to this herculean task, along with focusing on serving their customer. And, in this tug of war, one or the other process suffers. Thus, to become a SMART business, it is pertinent for SMBs to gain efficiency in their accounts receivable process. More and more SMBs today, are considering the option of engaging in external accounts receivables management services which can be an excellent strategic move to reduce costs, avoid cash flow problems and save time.
- 3. Highly Complicated Process of Reconciling the Bank/Account: It is a process of verifying an organization’s financial records and transactions to detect discrepancies, if any, and to reconcile the same. Businesses make deposits and receive numerous receipts from their clients on a regular basis and it is an absolute necessity even if it is a costly and time-consuming task because a regular view of the company’s accounts helps in proactively identifying problems and frauds.
Off late, there is a trend observed in the market, wherein SMBs operating in Healthcare, Restaurants, Non-profit, Technology, Grocery, Retail and Manufacturing industries are partnering with trusted service providers who can provide them with cost effective, customized services like Accounts receivable, Accounts payable, Financial reporting, Payroll and Account/Bank reconciliation that helps them shorten cycle time, reduce costs, stay compliant and automate back office processes, thereby enabling them to become SMART businesses.
At Quatrro, we strive for nothing less than the highest level of customer satisfaction in the industry by providing SMBs, best-in-class Accounts payable, Accounts receivable, Account/Bank reconciliation and Payroll services. Our aim is to transform your business into a ‘Smart Business’.
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