Organizing your expense sheets and financial documents is the first step in gaining back control of finances. If you own a business, hiring a bookkeeper is the best solution for legitimizing expense reports, and being able to understand how the business is operating from a financial standpoint.
Expense Reduction Tips
1. Track Automatic Payments:
Many clients come to us extremely frustrated and overwhelmed by the excessive amount of automatic charges being deducted from their accounts. A simple tool, along with bookkeeping assistance, can help you gain control of these transactions. By organizing a spreadsheet that outlines all monthly transactions, you’ll be able to avoid confusion and the chances of missing mistakes or unauthorized charges will be slim to none.
2. Reduce Energy Costs:
Making a conscious effort to turn off appliances that are not being used, and turning the lights off when the office is not occupied, will save a significant amount of money. Furthermore installing compact fluorescent lights will reduce your electric bill tremendously.
3. Take Advantage of Appropriate Discounts:
There is a vast amount of discount opportunities for business owners such as special rates for paying invoices early, veteran discounts and special business credit card interests rates. We recommend reaching out to all institutions you conduct business with and ask if there is any current discounts you can take advantage of.
4. Dispute All Questionable Fees:
If you notice unauthorized charges or late payment fees on your account, always call up and demand an explanation. 8 out of 10 times the company is willing to reverse the charges or reduce them to a lower rate. Many businesses assume they have no choice but to pay, over the course of a year these charges can add up, the phone call is worth it.
5. Shop Around For Services:
There is a great number of companies providing the same exact, if not better services you take advantage of, for much lower prices. If you process credit cards through merchant services, shop around and compare rates, or call up your current provider and request a reduction in rates. Instead of having a landline office phone, opt for an internet based phone, they typically run for half the price. Other services to shop around for include cell phone providers, office supplies, and cable.
6. Reduce Travel Expenses:
The internet is the most powerful money saving tool, offering countless options for reducing business costs. Instead of traveling to clients, try having the meetings online by using popular sites such as Skype or gotomeeting.com. These tools will help you save time and reduce travel costs.
How Can Margo’s Bookkeeping Help?
Heartfelt CFO and Tax Services employs a team of seasoned bookkeepers, experienced in bringing your business finances to a healthy state. Our goal is to maintain your financial records and provide a seamless bookkeeping solution. By applying specific reductions and hiring a bookkeeper to manage the transactions, you will be able to lower costs and increase bottom line profits.
As seasoned professionals in the industry, we specialize in helping you develop an effective business strategy followed by tracking of the results. Along with reducing expenses we also provide accounting techniques to help your business flourish.