8 Ways To Save Time As A Hong Kong Small Business Owner, As Told By An Accountant

Running a small business is rewarding, but also very time-consuming.

As a small business owner, you probably envision yourself spending your time on key aspects of your business, such as driving productivity and growing sales. However, there’s no escaping accounting – a legal obligation for your business to stay compliant.

Thankfully, there are numerous ways you can find more hours in your day by reducing time spent on accounting tasks. In this article, we speak to our qualified accountant Yinghua Luo,  who has spent the last two years at Osome helping small businesses save time and money. Whether you are just starting out or have already been in the business for years, read on as she shares useful accounting tips to help your business grow.

1. Planning

As the saying goes, if you fail to plan, you are planning to fail. Make it a point to do some planning for your business before you take the next steps in your accounting processes. Be it the next financial quarter, or the year as a whole, identify and mark out some key dates you have in mind for your company’s growth, as well as crucial tax deadlines to stay compliant with Hong Kong’s laws. To keep tabs on key dates, you can even set up a compliance calendar so you’ll never miss a deadline again

2. Automated Reminders

Automating your reminders can help you with managing your cash flow. Automated reminders can help remind you about when your invoices are due, so you can send an email or alert to your clients to make sure you get paid on time. Other than invoices, you can also set up reminders to make sure you don’t miss important tax deadlines.

3. Automate Processes

Thanks to modern technology, automation has become the name of the game in recent years. By investing in good software, you can also consider automating your payroll and accounting duties such as invoicing, tracking expenses, and generating financial reports.

At Osome, we offer everything in one place from integration, accounting, to reporting – so you can have everything conveniently at your fingertips. Most of Osome’s processes are powered by Artificial Intelligence, then checked manually by our expert accountants to make sure that your accounting remains error-free. Furthermore, Osome’s advanced automation allows you to automatically recognise invoices and receipts, reconcile them with transactions, and update your documents and outstanding bank balance daily.

4. Outsourcing

When you’re managing a small scale business, you may be wearing multiple hats, undertaking the roles of everything from marketing to accounting and performing these functions yourself. However, when your company grows, the paperwork would inevitably increase, and it might not be feasible to execute everything yourself.

In this case, why not consider outsourcing your accounting tasks to a professional? By outsourcing this function, you get to free up some time to focus on your core business and grow your startup. Accounting mistakes can be costly – if you want to avoid the stress, leave yourself plenty of time.

5. Cloud-Based Accounting

Cloud-based accounting allows business owners like yourself access to real-time information on finances. Unlike manual accounting activities that are susceptible to human error, cloud accounting is hosted remotely on a server. The user can send data to the cloud, which will be processed and returned back to the user.

Additionally, sharing financial information with your bookkeepers, accountants, business partners and other employees based in different locations can be difficult with traditional accounting systems. Cloud-based accounting makes accessing financial data convenient, since users with access can simply log in through the web with laptops, desktops, or mobile devices. This makes collaboration hassle-free, and gives your business more room to grow since cloud-based accounting integrates and automates your basic accounting activities.

6. Digital Payment Integration

Many small business owners we spoke to find that processing credit card and bank transactions is time-consuming and takes up the bulk of bookkeeping activities. Spare yourself the headache, and simply sync your credit card and bank accounts to save time on manual entry. By syncing, your credit card and banks will transmit the new transactions digitally, and allow your accounting software to download credit card and bank statements to read your financial data.

7. Accurate Record-Keeping

Record-keeping is the process of recording events and transactions in an accounting system. Since accounting depends on accurate and thorough records, record-keeping is the basic foundation of accounting.

Keeping accurate records of all financial transactions and ensuring that all invoices and receipts are filed correctly makes it easier to reconcile your accounts and prepare for tax time. To keep track of everything effortlessly, you can digitise your paperwork. With your records and documents online, record-keeping can be hassle-free since you can easily search your records from different devices.

8. Regular Reviews

Reviewing your processes regularly with your accountants can help you spot any potential issues before they happen. By doing so, you can correctly address the problems before they pose a bigger threat to your business. You can also make use of the opportunity to identify ways to improve your existing processes.

Focus on What Really Matters

Accounting brings out anxiety in many small business owners, but it doesn’t have to be that way. At Osome, we take the routine off your chest – so you don’t have to do any paperwork. You will also get an Accountant and Corporate Secretary who learn the nature of your business and give you sound advice.