Electronic invoices, E-checks, and digital statements will all save you money, time, and energy. They will also make everything so much more organized and easy to find, which will make your bookkeeper happy : )
Pay Annually
Fixed reoccurring monthly expenses such as memberships and subscriptions are likely to be a lot cheaper when you pay them annually. Not only would it save you money, but it will also save the time and energy needed to process and record these payments every month.
Budget Your Savings
With a budget, you can easily create a savings plan, which you can start by putting away a fixed percentage, say 1% every month, and increasing it gradually. A budget is also the best tool to control overspending and overusing your credit cards. By seeing how much you really spend, you can easily find where you can make some cuts with little to no effect on your day-to-day operation. Another tip would be to overestimate your monthly costs. That way, you will likely end up with excess funds that can go directly go to your savings account.
Lease Your Equipment, Don't Buy
By leasing your equipment you not only avoid the big upfront cost, but also save a lot of money when it comes to repairs, upgrades, and maintenance since many of the leasing agreements cover those expenses.
Get Some Money Back From Uncle Sam
Did you know that the IRS allows you to review and amend your last 3 years of tax returns? A good accountant will be able to find missed deductions and get some of that tax money back. It is a low-cost service that can yield a great return.
Manage Employee Spending
It is no secret that people tend to spend more when using a company card.
By setting guidelines for EVERYONE to follow, from travel expenses to office supplies, you will able to save money effortlessly.
Also, costly mistakes can be avoided by providing pre-paid cards or by requesting bank alerts for transactions above certain amounts.
Don't Overlook Expenses
Don’t underestimate the small amounts, as they can quickly turn into big savings. Subscriptions and memberships do tend to be automatically renewed and never looked at again. Make sure to re-visit them on a quarterly or bi-annual basis to see if you still need them and use them.
Ask for A Discount
You never know unless you ask… Many suppliers will be more than happy to provide small discounts in order to keep their customers happy, especially the ones who pay on time (hopefully that’s you). A sub-tip to that would be to re-negotiate your current agreements if possible. Vendors want to insure their cash flow stream so they are often willing to adjust the current prices rather than lose you as a customer.
Bartering is a Win-Win
Sometimes we need to go back in order to move forward. Exchanging goods and services without ever exchanging money might be the oldest form of commerce. Bartering can save both parties a lot of money, as long as the values of their products and services are reasonably equivalent. Talk to your vendors, most likely they also are looking for ways to hold onto cash.
Shop Around
Make sure to check at least 3 different providers before agreeing and paying for services and products. Comparison shopping is worth your time and energy. Whether it is a software provider, insurance, or bank service, make sure to search for the best deal for your business.
