Utilise that extra hour? How payments platforms save you time and money

3rd Nov 2020
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We all have those administrative tasks that are uninteresting, but just need to be done, the important but not urgent – it takes employees up to 10 hours each week just to get through their finance admin. As a result, 45% of employees work overtime just to finish working on administrative tasks.

The sum of time dedicated on admin-related or accounts-based tasks prevents us from achieving our more important and valuable goals. Whether it be a career or personal goal, finding the time to squeeze in the non-negotiable work with the mundane tasks in twenty-four hours can be daunting.

The thought of having so much to do in so little time is stressful and it’s difficult not to fantasise about adding more hours to your day.

So what did you do with that extra hour last week, and if you given an extra hour, what would you spend it doing?

Focus on a passion project or hobbies

Given an extra hour, 22% of people would dedicate the extra time working on their passion project and maybe you would too. Not everyone has the same set of interests and priorities, which is exactly what makes a passion project special.

Embarking on one based on your skills and interests – be it graphic design, web coding, photography, mentoring, or starting a side business – a passion project highly enriches our well-being. Identify the best activity that inspires you and do the work for yourself, not because you have to meet a deadline. You’ll learn many new valuable lessons along the way that can be translated into valuable skills to use in your job. 

Make a strategic business plan

With so many time-wasters distracting us from work like catching up on emails, browsing social media, tracking payment reconciliations, and checking to see who’s paid you and who hasn’t – taking the time to properly review the books can be overlooked.

Based on a 2018 LinkedIn survey, 29% of adults would use the extra time to review their financial situation, and COVID has led people to do just that and start streamlining their outgoings in their personal lives even without the extra hour. A sufficient amount of time and focus needs to be dedicated when tracking revenue stream, sending payments to the right client or account number, and following up with unpaid invoices. There’s no room for error when it comes to managing finances. For small business owners, delayed payments mean they are unable to replenish stock and equipment, and with an estimated 42% of invoices suffering late payment, it’s something you really do need to keep on top of.

Using the right financial tool in your daily life can save you from needing an extra hour in your day to review finances. An all-encompassing payment service like Ordo can seamlessly send and receive payments to the right person. Getting paid quicker with instant money transfer whilst staying on top of all payment statuses avoids hassle in working through the quagmire of delayed payments.

Spend extra time on health and wellness

Maybe an extra hour in your day would mean time for daily physical and mental activities like running, yoga, a walk in the park, a trip to the gym or meditating. A twenty-fifth hour in the day would surely give us less of an excuse not to engage in a workout or take the extra time to cook up a healthy meal.

Almost half of working professionals claim there’s not enough time to squeeze in exercise as part of a daily routine. Yet 52% of employees are aware of the importance of having a healthy mind and body. A big part of being able to achieve daily tasks and goals requires a properly functioning body. Finding the right balance of work, exercise, and rest can contribute to your overall wellness. 

And looking after your mental health is also important and benefits from exercise and healthy eating, and this is no more important than now whilst we’re all under restrictions to combat COVID. Try to keep things into perspective, control what you can to ease any anxiety. If there’s some tech that helps an aspect of your business like an accounts package to help with your accounting, or a service like Ordo that helps you feel in control and on top of your finances, so much the better. And with Ordo now integrated with QuickBooks, Xero and Sage, your bookkeeping, accounts management and finances can be moved straight to the “done” pile! Phew! 

The bottom line:

We all long for more time to meet deadlines, dedicate efforts to our hobbies or a passion project, and maintain good physical and mental health and fitness habits. Although administrative work and time-wasters get in the way – prioritising the important tasks can help you achieve your more satisfying and worthwhile goals. Creating an extra hour each day may not be possible, but choosing where to dedicate your time and efforts is what will matter in the end. 

Make your financial life, at least, a little easier for yourself, and try Ordo today; it’s time to streamline that 10 hours of admin and use those hours for what you really want to be doing.