UK businesses are said to “waste” 120 days a year on admin. That’s the finding from a recent Sage study. Yet alongside this sobering statistic, the report claims that if companies increase their productivity by 5.6%, this could lead to an increase in GDP of £33.9 billion a year. And this is a low estimate.
Below we’ll share our tips for increasing productivity in the workplace. Find out how you can save time on administrative tasks and get back to what you do best.
3 business administration tips
Accountancy, HR, tax and the generating and processing of invoices are just some of the administrative functions that although essential, can drain business resources. Here’s three ways that you can drive efficiencies in your business administration process.
1. Prioritise – workload and time management
Small and micro companies are said to feel the strain of time spent on admin the most. Their admin costs outweigh those of medium or large businesses, placing extra pressure on overall business numbers.
It is therefore imperative that admin workload is prioritised so that the highest priority tasks are worked on first. Simple lists or online task management tools provide visibility on what is to be done, by whom and when. Increased visibility of administrative tasks can also help to identify any bottlenecks. Maybe that scheduled meeting could be reduced to a call or email? Do you and your staff have access to the information you need readily? Keeping accurate, accessible records will save you time and reduce mistakes.
2. Outsource
One of the quickest ways to save on admin time is to outsource your requirements.
Sage’s study highlights accounting as the most time consuming admin task, followed by generating invoices and taxation. Hire an accountant to take care of your accounts and save time invoicing by making the switch to Direct Debit for payment collections.
Outsourcing your company’s Direct Debit processing to FastPay is significantly cheaper than dealing with your Bacs payments in house. With no need to buy Bacs software, pay for ongoing support, licensing or upgrade fees, our Direct Debit Bureau service is the shortcut to minimum admin and maximum efficiency. For companies who do not have a SUN (Service User Number), our Managed Direct Debit service provides the same great efficiencies, allowing you to collect quickly and efficiently. No matter which of our services you choose, it will always be your company’s name and branding that appear on your customer’s statement and documentation. In short, we do it all while you stay in charge.
3. Use process automation
Office automation software and office digitalisation tools allow you to do more than just leave paperwork behind. By using technology to streamline processes, administrative tasks such as communications, scheduling and data entry can be completed automatically. A simple email sorting system with labels will help prioritise your contacts and cut down on the reported 6.3 hours that employees spend each day on checking their inbox. For the more technologically inclined, functions such as visitor management and expense management can be fulfilled virtually via the use of online apps .
Prioritise, outsource and automate are our three admin time saving tips. The question now is, how will you spend the time gained?
Contact the Direct Debit specialists at FastPay
If you would like to find out more information about FastPay’s range of Direct Debit solutions, speak to a member of the team on 0161 737 5290.
Alternatively, you can get in touch and request a quote using our simple contact form.
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