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5 Tips to make your business more successful in the new year | weBlog

January 18, 2024
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As the new year unfolds, companies are focusing on finalizing their goals for the year ahead. We are all used to leap into the new year with a fresh start and your business should be no exception.

Nowadays, it is very important to be prepared for and adapt to global changes in the world, as they directly affect your business. However, these changes are not only related to the economy in general, but also to the development of technology and people’s needs. This brings an opportunity to make your business more successful, expand it and increase the profits. Hybrid work has become an inevitable part of our lives, and consequently most of the processes have moved to online. This includes also processes that previously could not have been done without face-to-face work and paperwork, such as accounting and payroll. Thus, in today’s realities, the core functions in business should be built in such a way that they are streamlined and convenient to use. And this is precisely the approach that will help you grow your business. So, let’s take a look at what innovations you can implement in 2024. Here are our 5 tips to make your business more successful.

Digitalise and automate core business functions

Many businesses are now aiming to go paperless or streamline and automate all the main processes in the company. Accounting, payroll, HR agenda, taxes and beyond – these will always be part of companies, regardless of whether it is a new or well-established entity. Their digitalisation can help to set priorities and remove voluminous tasks from the daily agenda.

Accounting automation will help you manage your accounting documents and workflows with ease, reduce paperwork and check the actual financial status of your company anytime. It also increases the financial department’s current productivity levels by removing time- and resource-consuming tasks from daily work routines. Thus, accounting teams will have more time to focus on higher priority projects.

The automation of payroll and HR administration allows you to keep your employees engaged and provide them more freedom. They can manage numerous tasks on their own, such as access their pay slips, send a ticket to their payroll accountant, fill in data for their yearly tax clearance, request time-off, manage business travels or settle travel expenses. The advantages of automation are limitless, which is why you should start changing your business processes now.

Reduce expenses and save costs

It is no surprise that outsourcing is more cost-effective than running everything in-house. As a powerful business practice, it can help you not only delegate a certain amount of work to another organisation and reduce the work of the in-house team, but also allocate your employees’ capacity for more strategic tasks and hence, save costs by using their time more effectively.

While most companies are able to do the work internally, bringing in another organization reduces the administrative burden and risks, as well as the cost of labour, technology or licenses.

Focus on your employees’ well-being

Nowadays, the importance of employee well-being is one of the most important topics in the corporate sector. In the past years, not only our physical, but also mental health has been challenged with rapid and unexpected changes worldwide, and this experience has a direct impact on our ability to perform our work tasks. It also means that it can affect your business and bring losses.

Harvard conducted a study which proved that an increase in well-being, on average, increases the productivity by about 10% too. Therefore, the work will be done more efficiently. And in the end, this increases the results and profitability of the company.

One of Accace’s outsourcing services is measuring company vitality and social environment. It allows to get a detailed analysis of what affects employee engagement, performance, innovations, and sustainability. From this you can also learn how satisfied your employees are and how they evaluate your leadership style. By analysing this you can build a healthy company culture and employer branding strategy, which will increase the level of employee engagement and satisfaction.

At this time, it can be also difficult to find talents that are perfect for your company. The reason is that the job market has changed, and companies are fighting over specific talents. One of the easiest ways to attract and keep an employee is to take care of their well-being. This will also bring you:

Higher performance levels

Client contentment

Improved employer branding and low staff turnover

Cost-effectiveness, eventually

Manage employees more effectively

As we mentioned before, most companies have already switched to a hybrid work model. Therefore, managing employees has become extremely challenging, difficult and resource consuming. This is where process automation comes in handy, too.

Employees are the foundation of your business, so their level of engagement is important for the performance of your company. The automation of processes that affect them allows your workers to make their own environment instead of adapting to one someone else created.

Your employees’ work lives can be made as easy as possible with an effective time & attendance online portal. These solutions allow employees to manage their T&A online – on their own – through a user-friendly self-service interface: keep track of their worked time, overtime, vacation taken or remaining, request for time off, sick leave and then quickly approve it with their managers.

Modernize your workplace

Effective employee management is primarily about internal processes, but nowadays, it is also about how comfortable your employees feel at the workplace. To nurture such an environment, you should not only aim for a great company culture and pleasant atmosphere in the office, but also to automate certain moments, especially if you have a flexible workspace or apply a hybrid work model. At Accace, we have created a solution that makes possible not only for us, but also for our clients to efficiently manage shared desks in the office and parking spaces. Our reservation system allows your employees to book a desk and parking space before coming to the office, which decreases the administrative burden on your HR department by getting rid of additional admin work or communication, and gives your teams the freedom and flexibility to handle these matters on their own.

In Accace, we have vast experience in outsourcing and our team is ready to advice you the best choice for your business and discuss with you how we can improve your accounting, payroll and HR administration based on your needs.

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