10th August, 2023
With the new financial year well underway, now is the perfect time to reassess your key workflows and processes.
Optimising and automating key areas of your operations can improve efficiency, reduce errors, and free up valuable time, allowing you to focus on strategic activities that drive growth.
Here, we’ll explore some workflows you should consider automating and streamlining.
Bookkeeping and accounting is an integral part of any business, and can benefit significantly from automation.
Accounting software such as MYOB’s comprehensive Business Management Platform and other tools can simplify tasks like invoicing, expense tracking, and payroll, reducing manual data entry and minimising errors.
Furthermore, it can provide real-time financial insights, helping you make informed business decisions.
Preparing and filing taxes can be time-consuming and complex. However, the use of accounting software can automate this process, making it less daunting.
Automating your tax workflow can help ensure compliance, reduce the risk of penalties for late or incorrect filings, and allow you to identify applicable deductions or credits, potentially saving you money.
Plus, check out MYOB’s specific GST software if you want to set up a program to automatically calculate your firm’s GST and lodge your BAS directly from MYOB each year, too.
For businesses dealing with physical products, efficient inventory management is crucial.
Automated inventory management systems such as MYOB’s inventory software can track stock levels in real-time, send alerts when it’s time to re-order and provide insights into sales trends.
This can prevent stockouts or overstocking and improve cash flow by reducing money tied up in excess or slow turnover inventory.
Payroll software can calculate wages, deduct taxes and benefits, and even process payments, ensuring your employees are paid accurately and on time.
An automated payroll system can also generate reports, helping you understand your labour costs better and plan accordingly.
Plus, as you’ll see with MYOB’s payroll system, you can even use tech tools to set up automatic Single Touch Payroll reporting to the ATO.
Building and maintaining strong customer relationships is one of the keys to business success.
A customer relationship management (CRM) system can automate various aspects of this process, from tracking customer interactions to managing marketing campaigns.
Automating your CRM processes can provide a comprehensive view of your customer journey, help personalise your interactions, and identify opportunities for upselling or cross-selling.
Late payments can impact your cash flow and business relationships.
Automating bill payments ensures you pay your bills on time, avoiding late fees and maintaining good relationships with your suppliers.
Also, an automated accounts system can send invoices, send reminders for payments, and automate the collection process for overdue payments.
With MYOB’s invoicing software, you can set up customisable templates for employees or contractors to use, applying your logo and branding so customers always recognise your bills and are more likely to pay them promptly.
In today’s digital age, protecting your business data is crucial.
Automating your data backup process reduces the risk of data loss due to hardware failures, accidents, or cyber threats.
In addition, using software with built-in security features can protect your data from unauthorised access.
Whether you’re launching a new product, planning a marketing campaign, or managing daily tasks, project management is a critical part of your key workflows.
However, managing these tasks manually can be complex and time-consuming.
Happily, project management tools can help automate and streamline these processes.
They allow you to assign tasks, track progress, and manage deadlines more effectively.
You can also collaborate with your team in real-time, share feedback, and make adjustments as needed.
Providing excellent customer service can set your business apart from competitors.
Unfortunately, though, manually managing customer queries and complaints can be stressful, time-consuming, and challenging, especially as your business grows.
Helpfully, customer service platforms can automate many of these processes.
They can categorise incoming requests, route them to the appropriate team member, and even provide automated responses for common queries.
These platforms also enable you to track customer interactions, providing context and helping you offer more personalised service.
Moreover, they can gather customer feedback, providing insights into your service quality and areas for improvement.
Automating and streamlining all these areas (and more) can improve your operational efficiency and help you achieve better results.
Remember that the goal of automating key workflows is not to replace human involvement.
Rather, it’s to free up time so you can focus on strategic activities that drive growth and customer satisfaction.