At ATS Accounting & Tax Edmonton, we know that running your business is a huge task, especially when it comes to keeping in check your business expenses, wages, income, and other money-related items. It becomes exceedingly difficult if the monthly budget has gone overboard and you get drowned by the thought of how to manage other things when this happens. Such a situation can be avoided if you create a plan in such a way that you have some dollars left even if you go overboard. Here are a few things suggested by our financial experts that you can try to cut down on expenses and save money.
Spending on Supplies
Your partial monthly expenditure or business expenses go into buying supplies for your office, but that does not necessarily have to be the case. Wholesale shops are set up for a reason – for you to purchase supplies in bulk at a reasonable price. Instead of buying stationery only when needed, it is better to buy supplies for at least two-three months all at once. This way you can bargain and buy in bulk at an attractive price. Besides, you will not have to keep commuting repeatedly as well. Keep in mind that you should buy things in bulk that have a long expiry duration.
In addition, for other resources like furniture and equipment, you can buy some of them second-hand. You do not need to have everything new. All you need to have is tidy furniture and functioning equipment. Thrift stores and second-hand shops are places that should always be your first preference.
Cut Down the Production Cost
When it comes to production supplies, keep track of every last material. Usually, companies overlook this due to the workload, but in case the suppliers try to increase even 1% in the bill, it later adds up to a lot in your office budget. Renegotiate with suppliers over the expenditure on supplies every month as it is not very time-consuming.
Even though the required software is a one-time investment, but you should still consider opting for free downloads and trial versions. You can access free software from a website called Download, or you could install trial versions if you want them for a limited time. Student versions are also quite cheap than the usual ones.
Master in Marketing
Marketing is one of the most costly investments a company has to make. Marketing is not that difficult and you can do it yourself in case you have more time than money to spend and want to limit your business expenses. All you need to do is learn the basics that you can conveniently look up on the internet. A lot of marketers have their websites, podcast lists, webinar channels, and other information resources.
Smart Powerstrips
You may have heard about powerstrips – the rectangular box-like structures that have multiple sockets in them that help in distributing power equally to all the outputs. However, a smart power strip does not just distribute equal power but also conserves around 50% of energy. It immediately shuts off the power distribution to the plugs that are on stand-by mode. A smart powerstrip helps a lot when you have multiple desktops working all day in a workspace.
Cancel Subscriptions
You must have subscriptions that you no longer need, and they add up to a considerable chunk of money when not cancelled. You can easily cancel subscriptions with a few emails rather than paying for something that is not benefiting you. Just cancel those recurring services like newspapers or monthly periodicals and minimize your business expenses.
Post Jobs Locally or on Social Media
You will learn to do this via marketing, but it is better than spending money on job posting sites as they are expensive. Hence, market all the vacancies you have and promote posts on your Instagram or Facebook pages. Post social media job updates and you could even provide employees with a weekly chance to post updates for social media marketing, and in return, they get to learn something new. You can also send your job listings to local university career portals.
Natural Light Location
Natural light has two benefits. Firstly, you reduce your electricity cost, which saves up a lot of money. Secondly, natural light is more recommended for workspaces as they increase the productivity of your employees. Working on computers the entire day can be draining, and every person can have a lifted spirit by getting a little sunshine and an outdoor essence. So open the curtains and blinds and let some natural light in.
Online Over Offline
Try to limit the use of paper. Not only is this eco-friendly but it will also save you money. Use Google apps or other business platforms like Slack. You can instead have documents backed up online in the cloud, making it less likely to be misplaced.
In case you have a meeting outstation, keep your first preference to have the meeting via video call or Skype. Travelling can be extremely time and money consuming, instead save both by going online and you can spend the two factors on other projects. You can talk to your small business accountant to know more of such “go digital” tips.
Not only do all these tips help you save money, but benefit you in several other ways. You learn new skills through marketing and increase productivity in your workspace, which is essential for an office. Moreover, once you start saving from your office budget, you will slowly practice this in your personal finances as well. There are more methods in which you can save this money, for example, it helps in keeping personal taxes on track. These work great for small businesses as they have more experience in this field. Now that you have learned how to save money, where will you spend this money? Probably in your next monthly budget? You could instead invest the money, something that your small business accountant will generally suggest you do. Our primary goal as trusted advisors is to be available to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you. Request a Free 15-minute consultation with one of our financial advisors today!
