Hourly Inc. is a people platform that helps small businesses save time and money by seamlessly connecting the dots between workers’ compensation insurance, time cards, and payroll.
Running a business is tricky, and when you are operating on a tight budget and focusing on growth, administrative tasks tend to fall by the wayside. It is easy to feel overwhelmed. Do not be fooled. Your admin will always catch up with you. It is best to get on top of it from the get-go, streamlining your business and instilling operational efficiency at every turn. As a Small and Medium-sized Enterprise (SME), you are already operating with limited resources, so we have got five ways you can take the stress out of the necessities. From payroll and time tracking to internal communications, we’ve got you covered.
Don’t Neglect The Back Office
Most businesses focus their attention on the “front office.” Whether it is a construction site or a plumbing service the customer-facing component tends to become the priority. Naturally, “the back office” suffers even though it is an integral cog in the machine. Start by adjusting this mindset. Administrative tasks can turn into costly ventures if you do not give them the time they deserve. By streamlining your “back office,” you will only improve the output in your “front office,” ultimately saving you time and money. Once you have made this mental shift, you will soon see the results.
5 Ways To Streamline Administrative Tasks
1. Introduce An Automated Payroll System
Time is something you do not have a lot of as a small business owner. Introducing an automated payroll system like Hourly, Gusto or Quickbooks is one of the best ways to eliminate a tedious, manual task. Instead of pouring over spreadsheets and writing manual checks by hand, the system does it for you. It removes the likelihood of human error, introducing a quicker way to calculate wages.
On top of that, it allows you to manage all different types of payments. Whether it is a basic salary, an hourly wage, or a complex function like double-time and overtime, you can rely on the system to produce accurate numbers. Tax rates are coded into the system, withholding tax for each employee and ensuring everything is above board. Plus, it is easier to make changes, simplifying the process in its entirety.
2. Use Automatic Time-Tracking
Automatic time-tracking benefits you and your employees. It allows you to run a proactive, accountable and profitable business. How? By capturing more billable hours, reducing the time spent manually tracking and accurately diagnosing your employee output. Accurate time-tracking feeds into accurate payroll, an all-around win-win for your business.
Time-tracking manually has far too many negatives. The margin for human error can be hugely detrimental to your business. Instead of guesstimating your employee output, you can now accurately deduce the time spent on particular projects, allowing you to charge clients more effectively. Apps like Hourly and Timely make this quick and easy, tracking the time, task, and location at the click of a button.
3. Understand When to Outsource
A good leader knows when to ask for help. Identify areas in your business where you need expertise, and do not be afraid to outsource. Whether it is marketing, bookkeeping or financial planning — if it is not your forte, it is a worthy investment. Not only will it be better handled by experienced professionals, but you will have more time to execute other important tasks.
4. Introduce A Human Resource Software
There is a range of HR platforms available, including BambooHR, Rippling, Workable, and Zoho People. Whether it is recruitment, onboarding, or leave management, utilizing a central software solution is a quick win for both managers and staff.
5. Get Everyone On The Same Page
You need to be able to communicate with various stakeholders in your business. Whether it is engineers on-site, project managers, or “back office” employees, you all need to be on the same page. Communication tools like Slack are a great way to centralize your updates. Create specific channels for each project, including relevant stakeholders, to avoid multiple updates and miscommunications.
As a small business owner, the last thing you need is a lawsuit. It could completely derail your company, sucking up your funds and leaving you high and dry. It’s worth implementing workers’ compensation insurance for your employees. The risks associated with construction or plumbing jobs certainly warrant this precaution. It is in your interest to protect both your employees and your own business should anything happen. Use platforms like Hourly to link workers’ compensation to payroll — so premiums are based on real-time payroll data (rather than an estimate) — and take the stress out of the auditing process.
Take your business to the next level by automating as many administrative tasks as possible from the get-go. As you grow, it is only going to get more complicated, taking up more of your valuable time. Introducing systems and processes like those listed above will get you in a great place to take the next step.