If you’re the owner of a small contracting firm (especially if “small” means just you), you’ll be all too aware that financial admin can be a lot of work. This is especially true when the financial year comes to an end, so many contractors find themselves swamped with paperwork every March and struggle to keep up.

Now is the perfect time to make a resolution, if that situation sounds familiar. There are a few steps you can take now (and throughout the coming year) to stay organised and reduce the burden without hiring additional manpower.

Ultimately, finances should take top priority in any business, especially in an industry where you’re never sure where your income might be coming from a few weeks or months down the line.

Take our advice and try some of the following ideas to make sure you’re less stressed out at the end of the 2019/20 financial year…

Take a strategic approach every day

Each day you’ll usually come across small tasks that contribute towards keeping your financial records organised. Filing things in the right place as quickly as possible, keeping duplicates to avoid data loss and updating all your records appropriately will make a huge difference in the long run.

If you fail to take this approach, even if it’s because you’re “too busy”, is very likely to cost you time and money further down the line. If you say that every day, but eventually have the huge task of getting all your financial admin straightened out at the last minute, then you need a new strategy.

Make the most of technology

Modern contractors have a lot of papers, documents, emails and other files to deal with, but it’s never been easier to use software to lighten the load. Almost every common administrative task can be done faster using a computer, or even a phone.

For example, your take-off and estimating process can be streamlined hugely if you still use the traditional method (with paper and pens, or even spreadsheets). RapidQuote is a revolutionary all-in-one program that speeds up the process dramatically, even for people who aren’t that confident with computers.

Speeding up and simplifying your estimating process with RapidQuote is just one example. Although not directly relating to financial management, it certainly has a clear impact on your bottom line if you’re wasting a lot less time on project preparation. The same is true of any process that you can digitise for efficiency.

Figure out what’s important to you

It’s common for contractors to have similar long term goals, with “growing the business” obviously being a widely shared one. However, in the short term, that process isn’t going to look the same for everyone.

Instead of struggling to keep up with day-to-day tasks while chasing a vague vision of success, it makes much more financial sense to sit down and establish what specific areas are holding you back. Are you relying on an out of date system? Is one of your processes too long-winded and slowing everything down?

Short term goals that are measurable and realistic will often turn out to be among your most important accomplishments and empower you to make real improvements when it comes to the financial health of your business.

Make a meaningful change today

As we’ve explained, using RapidQuote take-off and estimating software is a fantastic solution for contractors who simply need more hours in the day.

You too can start cutting out all the frustration of preparing quotes, and see results very quickly. It all starts with a free demonstration and a chat with our team! Click the green button in the top right corner to book your appointment online to see how it works.