Decrease Business Expenses
Posted On: 26/06/21 - 0

Some Practical Tips To Decrease Business Expenses

 

You may be visiting your small business accountant  to seek assistance for various business accounting and tax planning services so that you are compliant with the laws which will in the end save you some of your hard earned money. However, there are a few things that you can do on your end to decrease business expenses. Doing your bit will help you save a few dollars every month that you need to run your business more cost effectively. Listed below are a few basic tips that you can start with to cut down on business expenses.

Firstly, Efficient Use Of The Most Suitable Technology

Whether it is taking appointments for your salon, dental clinic or managing books for your fitness centre, use industry specific software and applications to manage that valuable information. Avoid using bookings and diaries for these tasks. This way, you will reduce the costs of inventory used and this is a wonderful way of streamlining your time that is better spent in other income generating activities.  Plus, you will be able to keep a better track of your accounts, appointments, inventory control, sales generated, etc.  There are many software packages that are available by industry.

Secondly, Go Green

More and more people are switching to better ways of using natural resources, and many businesses are  getting serious about doing their part to decrease their carbon footprint.  You too can do the same. Change your way of using resources to contribute to nature and save business costs as well.   Many offices are opting to go paperless.  Some bakeries are doing their part by not throwing out days old baking but donating it to shelters.  Some salons I know are not throwing out old towels, but donating them to animal shelters. 

If we all did just a little bit, imagine how big of a collective difference we could make. Opt for several other eco-friendly office supplies and equipment to go green. The one-time investment costs of these office essentials can bring down your monthly budget considerably. In addition to this, many prospects that are concerned about the carbon footprint will be looking for these benefits when shopping around for a new service provider.

Thirdly, Cut Down on Advertising Costs

In today’s modern world, you will find a lot of inexpensive methods of advertising your business and the services you offer. Cut down on expensive outdoor and print advertising and turn to social media advertising and word-of-mouth instead. Outdoor, TV, print, and radio ads are known to be the most expensive forms of advertising. If you are currently using this type of advertising  for your business’s benefit, you are spending a significant amount of your business budget. Opt for less expensive means and save a significant amount every month.

Finally, Be Punctual With Payments

Whether it’s your tax payment or payments to your vendors, make sure you pay everything on time. If you miss out on any of your tax instalments, you will have to pay extra as a penalty. Late filing penalties with the CRA can add up very quickly. The same applies to loans, vendor payments, insurance premiums, and other financial liabilities. Be on top of the deadlines and clear all the dues before the penalty hits.

If you haven’t hired an accountant for your business, it’s time to outsource your business accounting now. Another way to save money is by comparing the services and quotes offered by various small business accountants in your area, and selecting the one that offers the best value for your money. Look for an accountant with competitive fees and quality services so that you don’t end up paying more than you have to.

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