FOR BUSINESS

Hi, company manager!

We are glad that you have visited this section - it shows that you are not standing in one place and are searching for ways to manage your business even more efficiently. We are with you!

We have been working shoulder to shoulder with businesses and their executives from various fields for more than 10 years. Some of them are market leaders and innovators, others barely make ends meet and can’t catch up with competition. Why isn't every business successful? There is probably no one right answer, but in our experience we have noticed the attribute that unites almost all successful companies - efficiently managed business processes ( accounting is one of them). The productivity of such companies is significantly higher because of the time saved by saying goodbye to unnecessary processes and devoting time to product development, focus on customers and employees.

Through our rich work experience, we have seen, analyzed and reconstructed many business processes. We can surely say that we know what works in a given situation and what doesn’t. Want to work more efficiently? It is usually not worth reinventing the wheel: efficient, effective and time-tested processes can also be implemented in your business. As former Nissan CEO Carlos Ghosn* said -

 Synergies are not just about reducing costs. Synergies can mean market access, product exchange, avoidance of overlaps or sharing of best practices. 
* Carlos Ghosn is being searched for accounting forgery, but we’ll talk about it next time. 

Sometimes such implementations can radically change the daily routine of a business, but to be successful, you must first dare – are we right?

We have prepared this section to share best practices, business tools and examples from the various business areas we encounter in our work. We hope that by reading these tips you will be able to apply at least part of it to your business. We will keep adding to this section, so come visit it more often.

RoboLabs
RoboLabs accountant discussing business strategies with a client

ABOUT EVERYTHING FROM THE START

For those planning to start their own business, the natural question is, which type of business - MB or UAB - to choose?

Frankly, in our view, there is no significant difference in tax or accounting complexity. As everywhere in life, there are certain nuances here, so we invite you to read about them in our prepared review  UAB or MB: which business type to choose?

No matter how you decide, our team will take care of the accounting professionally, and all you will have to do is to take care of the value-creating product or service.

CASH FLOW MANAGEMENT

It’s no secret that one of the indicators of a financially healthy company is good cash flow management, which is why efficient collection of money from customers is crucial. By quickly collecting payments from customers, companies reduce the need for external financing and thus reduce their costs. On the RoboLabs platform, we have developed and implemented several technological solutions that help to collect payments from customers as quickly as possible:

  • Payment initiation integration with Neopay. "Pay Now" button - one, two and paid!
  • Automatic payment reminders for customers. In cases where the invoices sent for the first time "were not received"..
  • E.invoices. Electronic invoices that instantly debit funds directly from the customer's bank account (Yes yes, you read that correctly!).

Read more about these tools in our review Five Technological Solutions for More Efficient Money Collection.

A laptop computer with the RoboLabs system open
Image showing bank cards

CHOICE OF BANK

If you want to automate your processes and work efficiently, when choosing a bank, you should pay attention not only to the rates of banking operations or the location of the bank, but also to the available integrations with the chosen accounting system.

We make a lot of effort to make banking integrations as flexible and customer-friendly as possible, but not all banking and payment institutions are equally technologically advanced.

We share our insights and advice on choosing a business bank in our review The impact of choosing a banking institution on process automation.

BUSINESS CONTROL

It goes without saying that it is not enough just to raise working capital. It is equally important for business control to monitor the next budget line – expenses – as well.

One of the most popular and widely used tools of our bigger clients is document approval tool. Read more about what it is and what the benefits of this tool are in our review -  "When is it worthwhile for a company to use a document approval tool?"

An automated and business-friendly document validation tool can become a helper for a manager without the additional bureaucratic work involved.

People preparing food

INVENTORY MANAGEMENT

Inventory management - both physically and financially - is a very careful process. The accuracy of the accounting and reporting depends on the chosen accounting method - quantitative or total. Different method influences control over missing stock, as well as calculation of the profitability for individual products.

Smart inventory accounting can make all of these steps easier. One of the ways is a properly chosen POS system tailored to your business needs. We share our insights in the article „Which POS system to choose?“ , because this is one of the most frequently asked questions.

Business intelligence

In order for a company to be successful for many years, it is especially important to pay enough attention not only to sales, but also to profitability. With the development of all innovations and technologies, the company manager comes to the aid of various tools that facilitate this part of the work. 

One of these tools may be business analytics. In our latest article,   „Success in Your Hands - Business Analytics Makes Non-Emotional Decisions“,   we describe to a company executive the importance of this tool in teams, projects, and most importantly in the business itself.

People discussing data in a business meeting
Euro banknotes

Profit tax

Every successful company has an obligation to calculate and pay profit tax. Not only the accountant, but also the company manager should know about his calculations and all other nuances.

Here we come to the aid of the company manager with detailed information in the article  „Everything a company manager needs to know about profit tax“ - in it you will find answers about advance income tax, tax rates, what is taxed and why. Also information about the reduction of corporate tax and the consequences of not paying it.

Robolabs- CFO, accountant or bookkeeper?

Accounting – careful and very attentive work. The quality of work in this field is extremely important, and finding a good specialist takes a long time. Managers of some companies choose to hire an internal specialist, while others choose to entrust the accounting to a company providing accounting services.

In the article „Robolabs - CFO, accountant or bookkeeper"“ we discuss the duties and responsibilities of all these specialists, because sometimes it can appear that their work is very similar - with financial and statistical data of the company.

Robo employees working

We look forward to your comments or questions about streamlining business management processes, which you would like to be reviewed in the RoboLabs for Business section. We are waiting for the letter hello@robolabs.lt !

USEFUL LINKS AND TOOLS

We are genetically programmed to complicate rather than simplify things. Let’s learn to subtract, not add.

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