How Much Time Do You Waste On Payments Administration?
Have you ever wondered how much time you waste on those annoying, monotonous administrative jobs? Wonder no more. A new report shows it is about 36% of your time, or nearly two days of the average working week!
It is not just the wasted time that is the big issue, it’s the lost opportunities. The State of Work in Australia report showed time wasted on administration hampers organisational growth as managers find themselves having less time for strategic work, in turn creating unnecessary productivity and revenue losses.
The survey of 300 managers found:
- 95% regularly spend time on administration outside their core job function.
- On average, administrative tasks consume 14 hours or about two days every week.
- 36% indicated that they spend three days or more a week on administration.
- 62% agreed that administrative work leaves them with less time for strategic initiatives.
If this sound familiar there are ways to stop wasting time chasing payments and getting your mind back on the things that really matter.
Tracking your time
Regardless of your position in an organisation time is a limited resource that runs out quickly if you don’t keep an eye on it. Many people in the service industry, like lawyers and accountants, are very conscious of the time they spend on each job because it is reflected in their income. For businesses that don’t routinely track time it is easy to ‘leak’ many hours every week on unproductive tasks.
One of the first things you should do to save time is measure time. Downloading a simple app that allows you to track how much time you are spending chasing payments will give you a good idea of exactly how much time you could save. Here are five of the most popular time tracking apps:
- Timely – https://timelyapp.com/
- Trello – https://trello.com/
- Toggl – https://toggl.com/
- Myhours – https://myhours.com/
- RescueTime – https://www.rescuetime.com/
Using one of the apps track your time, and your staff’s time, for one month to get a good idea of what you are spending on chasing payments. Once you know how much time you are spending you can starting to work out how to spend less.
Make payments easier
If you are spending too much time chasing outstanding invoices you can make some immediate savings by simply changing the way your customers can pay you. Here are some simple things you can do straight away.
- Make sure your clients have multiple ways to pay you, including credit card, BPAY, or direct transfer;
- For regular recurring payments set up a direct debit; and
- Make sure your payments are automatically reconciled to your accounting software.
Partnering with a secure, respected payments platform with direct payment solutions like IntegraPay is the first step to saving you time and money when it comes to chasing outstanding invoices.
Putting your payments in the hands of IntegraPay means you’re with a global integrated payments technology company that processes more than half a billion dollars of payments every year.
We provide subscription and recurring payments, and eCommerce payment solutions for a range of businesses. With IntegraPay as your payments partner, you have access to our certified PCI DSS compliant solutions, backed by our Australian Financial Services Licence (AFSL), giving you the peace of mind that your data and your customer’s data is secure.
With less time chasing your customers for their outstanding payments just image how much time you could spend chasing new customers and growing your business!
Want to automate your payments administration? Get started now at IntegraPay.