30 minutes: Managing cash flow: logging into the bank daily or weekly to make sure funds have cleared and the balance is adequate;
45 minutes: Paying bills: Opening mail, reviewing invoices, writing checks, stuffing and mailing checks, filing /storing original documents;
15 minutes: Reviewing notices or responding to inquiries from vendors;
60 minutes: Recording transactions in an excel spreadsheet;
30 minutes: Logging in to various websites to schedule EFT transactions because you want to save money in postage;
35 minutes: Pulling reports, verifying sales tax data, logging in and paying sales tax amounts for one location monthly;
45 minutes: Managing payroll files and corresponding with employees regarding pay issues, past W-2’s, or incorrect hours;
1 hour monthly: Calculating potential manager bonuses based on net income and agreements: 1 hour monthly
20 minutes: Shuffling through paperwork for any issue: 20 minutes;
15 minutes: Reporting to franchisor: 15 minutes monthly.
All of this adds to about 20 hours per month. That’s the minimum! Even If you have the average outsourced accounting solution, they are providing the transactional piece, which is recording the bills that YOU PAY, and recording the daily sales information manually from your POS system. At best, you get an income statement a few months after period end, and nothing to help you manage your business. What is your time worth?
Are you ready to save at LEAST 240 hours each year and still add value to your organization?