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7 Easy Ways to Save Money On Your Business Expenses
One of the major concerns among business owners – big or small - is cutting down costs and increasing profitability. Day to day expenses can eat into profits and leave you short of your revenue target. And if not controlled, it may have a significant bearing on the financial health of your enterprise. While some people have their expenses in check, others find it hard to bring it under control. Fortunately, there are many ways to minimize spending and to save money on expenses. Let us quickly look at 7 surefire ways that will help you keep close track of expenses without crippling your business.
Go for Bundled Services
Have you been paying separate bills for internet and phone services? Chances are you are paying a lot more than you should in a normal situation. As a business owner, you should consider bundled voice and data services than separate services. Package broadband and VoIP deals is the way to go as they’re cost-effective and cheaper in the long-term. Talk time to shop around and compare what ISP providers offer in your city or town. You may find a better deal that gives value for value. What’s the point here? With a bundled service, you can avoid expensive call rates and enjoy better connectivity around the clock.
Pay Your Bills on Time
Many businesses rely on credit to keep the business running. As a rule of thumb, always pay your utilities or supplies taken on credit right on time. Paying bills promptly helps you avoid late fees and unnecessary penalties. Start by paying all high-interest rate bills like business credit cards and then recurring utilities. When you pay on time, you can avoid penalties and late fees, save hundreds of dollars every year, and establish a good credit score for your business.
Use Energy-efficient Bulbs
Like it or not, lighting and energy costs constitute a considerable part of monthly business utilities. The cost, in larger premises, may run into several hundred dollars per month and if not checked can eat into your income. While that may be the case, you can save energy and lower your utility bills by using energy-efficient light bulbs. We urge you to replace all candescent light bulbs with compact fluorescent bulbs and energy-efficient LEDs. While they may cost more upfront, they often translate into greater energy savings in the long-term.
Buy EER-qualified appliances
Just like light bulbs, appliances also contribute significantly to your power utility bills. Sometimes, they can account for more than 20% of energy use within your business premise or office. Consider replacing your conventional ceiling fans, cooling fans, or heating appliances
with energy-efficient wants as they qualify your business for rebates and green energy tax credits. We also recommend that you use ENERGY STAR certified appliances because they’re energy efficient compared to other appliances in the market.
Plan for taxes
You have probably heard this saying, “death and taxes are certain in life”. For a business, the latter is true. You cannot run away or shelve your financial obligation to the IRS. Whether you are a small business or an established enterprise, you have to keep track of taxes and fulfill your tax obligations to Uncle Sam. The best way to handle your tax obligation is to create and adopt an accountable tax plan. Talk to a financial planner or tax advisor if you have problems creating and implementing it. Also, consider deferring income and accelerating tax deductions on your business. That way, you will be able to avoid a fat tax bill and hefty penalties at the end of the year.
Sometimes, business owners spend money on items or services that they don’t really need. Seriously, do you need to organize staff parties at an expensive venue or hire a taxi for a short distance? You need to review your expense account and cut back on things that don’t add value to employees or business a whole. Whatever you can do away with in the office expenditure, do away with it as it only increases your expenses and eats into your profits.
A lot of people still spend a significant amount of money on office supplies such as stationery, receipts, and journals. Back then, it would be understandable to have them but today that’s no longer necessary. The world has gone digital. Businesses are digitizing their records and doing away with paperwork. Instead of recording business or accounting entries manually, use online booking tools such as Quick Books and Microsoft Excel. And if you have been printing and sending ordinary mails and flyers to clients, consider sending out emails instead. Bottom line:
Managing day to day expenses is key to improving cash flow and profitability in business. As you can see, lowering business expenses is not as difficult as it seems. Simple things such as tracking your expenses, paying bills on time, planning your tax, and subscribing for bundled services can help you slash business costs and save a great deal of money. Replacing conventional appliances and lighting devices with energy efficient and EER certified models will also go a long way in reducing energy costs and power utilities in the long-run.