According to experts, recession-proofing your business doesn’t mean that you can’t continue to grow and expand your enterprise. In fact, for many businesses increasing their customer and client base, and taking on new projects will be the key to surviving the economic crisis. New clients and new projects can bring in much needed revenue and propel your business during an industry wide slump.
Increasing the accuracy and efficiency of your company’s accounting procedures is also a key strategy in surviving times of economic hardship in the life of your business. Do you have a system in place so that you’re notified when payments are due or late? How diligent are you in consistently following up with late paying clients and customers? How efficient are you when it comes to tracking and billing for expenses? Diligence in these and other areas can make a tremendous difference for struggling companies during an economic crisis.
And so can keeping better track of the time spent on projects for clients. How much time and money is lost because of inefficient methods of tracking and recording the time you and your employees spend laboring over projects and deliverables? According to recent studies, many firms around the world, especially law firms, are reporting a decrease in the number of their monthly billable hours. However, many companies who have implemented stricter methods for tracking billable hours have seen an increase in reported hours, and in turn, an increase in revenue.
Additionally, for companies that don’t bill by the hour, having employees track and record their time has proved to be a great way of determining which employees are most productive. This can be invaluable if business owners or managers have to resort to layoffs, and need an accurate way of measuring past performance.
Choosing the Right Billing and Invoicing Software
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