Everyone wants to save a buck where they can, but if you’re a business or business owner, finding places to scrimp and pinch can be especially difficult. With employees to pay for, a lease to maintain, and customers to keep happy, it can be hard to focus on both saving and growing.
Luckily, we’ve learned a few tips throughout our years help you on your way. Below, we’ve outlined our six best ways to save money as a business.
1. Hire Out
Hiring contractors or temporary employees is an easy way to cut down on personnel expenses. You have no obligation to pay benefits for either type, and you don’t need to pay withholding taxes for contractors. By hiring these as-needed workers, you don’t need to keep an employee on staff and pay wages when there’s really nothing for them to do.
Related: How to Save on Employee Costs
2. Buy Used
Most office furniture is in pretty decent shape still when one company is done using it. Craigslist, ebay, and thrift stores are all good places to pick up used office furniture for a fairly low price. While you’re at it, pick up some computer equipment too. Copiers, printers, and monitors all usually it through a resale with only a few nicks and a dust layer.
3. Cut Down on Cleaning
Many offices have a cleaning company that visits on a daily or weekly basis. But does every cubicle trashcan really need to be empty on a daily basis? How often does the hall carpet really need vacumming? If the cleaners come daily, could you cut down to a weekly basis and be fine? What about bi-weekly? Evaluate your real cleaning needs and adjust as needed.
Telecommuting even a few days per week can really add up in savings (think of the energy costs you’re not accruing). If your type of business allows, you may even consider moving your entire office to telecommuting to save on the lease, energy, cleaning staff, equipment costs, and more. This won’t be an option for all businesses, but for some, it may be a lifesaver.
5. Take Advantage of Deductions
There are several deductions available to business owners that are designed to save their company money. For instance, if you frequently travel to visit clients or pay to take them to dinner, those costs can be written off as business expenses. If you keep a home office, that’s another set of deductions that you can look forward to. Each of these means less that you actually owe on your taxes and more money back in your pocket.
6. Hire an Accountant
Hiring an accountant may seem like an added expense. However it can actually save you money in the long run. As tax professionals, accountants receive training to find deductions and write-offs that you may not even know about when filing on your own, and by helping you to file before the deadline. They can save you from having to pay fees that can come with filing late.
Related: How a CPA Can Help You Save Money
For more money-saving tips or to learn how your business can save, give Hacker Accounting a call at 602-375-5251.