family running on the beach holding hands

How business owners can make time for personal priorities in the post-pandemic world

July 15, 2021

How business owners can make time for personal priorities in the post-pandemic world

Synopsis
3 Minute Read

To put more time back in your calendar, you need to reimagine one of the foundations of running a business: accounting and bookkeeping.

Partner and Business Advisor

The COVID-19 pandemic experience for business owners has been a stressful and tiring one. For over a year, you’ve been working hard to figure out what the pandemic means for your business, pivoting to take advantage of new opportunities, and creating safety strategies to protect team members and customers. There have been long days that lead into sleepless nights, all without a guarantee of success.

But now, the future is looking clearer and brighter. Across Canada, provinces and territories are making their way through their reopening plans and health officials are optimistic about a return to pre-pandemic life. For business owners, what you’re returning to might still mean a lot of working hours. And after the year you’ve endured, you may be feeling burnt out.

A 2021 Indeed survey found that 52 percent of survey respondents are experiencing burnout. Prior to COVID-19, 43 percent said the same. If you’re feeling the same way, it’s time to make more of the hours in your day and focus on what truly matters. To do that, you need to reimagine the traditional way of operating your business.

That may sound like a tall order, but we can make it easy: start looking at your accounting and bookkeeping. Are you spending hours every week inputting data from bank accounts and credit cards? Does payroll take up significant portions of a workday? Are you struggling to keep your accounts payable and receivable up to date?

For most business owners, it’s likely that you’ve answered “yes” to one of these three questions. And given all the different responsibilities, that is understandable. With new tools, you can change the answers to those questions and set yourself on a better path while freeing up more time in your schedule.

Cloud accounting and bookkeeping uses technology to take care of the time-consuming parts of running business finances. These platforms connect directly to your bank accounts or credit cards and automatically input your data so you’re always up to date. Instead of spending hours at your desk completing data entry week after week, you can get out of the office and spend time with family or friends.

Tech can also help you with payroll. With a few clicks, payroll is a wrap. For some business owners, the training takes longer than payroll itself, meaning you’ve got more time for a long weeknight bike ride or an extended trip to the dog park.

Implementing new cloud accounting platforms also means the centralization of accounts payable and receivable, with tools focused on saving time. Sorting through paperwork and following up with vendors doesn’t need to be something you block out time for every week. Platforms allow you to generate and send invoices quickly, with automatic reminders for outstanding payments. Plus, you can always see what you owe and stay on top of payments.

As the pandemic fades, its time to start enjoying life outside of the workplace. The last year has been trying for everyone and it’s created a clearer understanding of what truly matters: spending time doing what we love, with the people we care about. Adopting a new approach to accounting and bookkeeping can put more time into your week so you never miss the important moments.

To learn more, visit mnp.ca/ease or contact:

Shayne Dueck, CPA, CA
[email protected]
306.664.8315

Insights

  • Confidence

    September 14, 2021

    Uncovering – and preventing - intellectual property theft

    Intellectual property theft can rob your business’ future. Make sure your evidence is solid with these steps – and tips on prevention – from MNP’s Forensics team.

  • Confidence

    September 08, 2021

    How a LifeBook can prepare you for twists and turns

    If ever there was a wake-up call to organize your personal affairs – COVID-19 was it. A LifeBook can help you feel confident that your family will be looked after.

  • Progress

    September 01, 2021

    Three steps for navigating a wealth windfall

    Inheriting a significant amount of wealth can be exciting and intimidating. These three steps will help you avoid making common mistakes.