6 Strategies for Your Small Business to Save Money
With the economy’s ups and downs, every small business owner is looking for ways to cut costs and stay afloat. Luckily there are creative ways to do just that. Here are some suggestions from the professionals at Remote Quality Bookkeeping you should try:
On average, a company spends around $180 to create a one-page document. As most business owners know, costs can add up quickly, so why not try going paperless? It lowers storage costs, printing costs, and paper costs. Moreover, it improves the efficiency of the office as well. You can scan documents or keep them completely digital. This will also make it easy for a business to share them as needed in mere seconds, saving them time and money.
Outsourcing services is a great way to save time and money. Almost 27% of small businesses outsource a part of their work for overall efficiency improvement because it’s more cost-effective than hiring an employee. Many small businesses also use it to remain competitive. You can outsource bookkeeping, payroll services, accounting, marketing, and much more these days.
0% Credit Card Balance Transfer
Small businesses can save money by transferring their debt balance to a 0% intro APR card. It can help them save money on interest charges and pay down debt. For example, if you had a $5,000 balance with a 17% APR, switching to a 0% APR will save around $862 on interest.
If you’re using some heavy equipment periodically, it may be better to lease it rather than purchase it. Leasing the equipment helps a small business avoid large upfront costs. Purchasing equipment also isn’t a one-time cost, as it will require maintenance and repairs down the line.
Collect Cash In Advance
When you extend credit to your clients, you can collect a small portion of the cash upfront. This helps the company reduce risk and maintain a steady cash flow. You can also save money and time in collection efforts. For example, your small business can set a rule that a 25% down payment must be made on purchase.
Use Free Tools and Apps
Many small businesses start with very little investment. That doesn’t mean they need to fall behind on companies that don’t. Technology is critical for success, and every business owner wishes they have the best at their disposal. But they can get expensive. Fortunately, you can use many popular tools and apps, such as Hatchful, Burst, etc.
Looking to Save Money? Outsource Bookkeeping To Us!
Outsourcing some services will help you save money but hiring the right bookkeeper will save you both time and money. Remote Quality Bookkeeping is a cost-effective bookkeeping firm for you to hire reliable outsourced bookkeepers. We offer cloud bookkeeping with a team approach. Our cost-effective bookkeeping and accounting services will handle all small businesses’ bookkeeping needs.
Contact us for more information on our professional bookkeeping firm.