QuickBooks managing director Gary Epstein says: "If you can measure it, you can manage it." Applying to time, Epstein says managing your time more effectively can improve your income.
Entrepreneurs often tend to overextend themselves and work more than the average working-hour week. The admired workaholic entrepreneur of the 1980s is now more than often considered as a pitiful character. Burning the candle at both ends is no longer fashionable. Business owners want success, but they also want a life.
Work defines us but should not consume us. Epstein suggests business owners should make a habit of accounting for all working hours.
"Measure the number of hours you are losing in chargeable time every week, these figures may horrify you," says Epstein. It is important to identify what your biggest time wasters are and put a plan into place to reduce them. A common time waster for SMEs is managing the `books`.
"QuickBooks is all about providing the business owners with more muscle and control, enabling them to spend more time running their business and less time focusing on doing the books. It is all about getting a life," comments Epstein.
Using reliable accounting software can help you work quickly on tasks ranging from invoicing and receiving payments, to paying bills and managing payroll. QuickBooks enables business owners to change an estimate into an invoice, and then receive payment from the customer in three easy steps.
It is important to track accounts payable in a timely manner to ensure you know how much your suppliers owe, and when payment is due. A good supplier relationship can be damaged due to sloppy account systems.
Another way to measure your worth is to work out how long each job takes. Compare with the time you quoted or charged. From those results, change the way you do things and identify where the mistakes were made, and try not to repeat them.
"With small improvements and adjustments to your time management, you may see your income soar," comments Epstein.
For more information, please contact QuickBooks on (011) 291 7300 or go to www.quickbooks.co.za.
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