3 Easy Ways to Save Your Business Money in 2022

Everyone likes to save money right? As busy business owners, we can become far too complacent with our expenses, with the old “it is what it is” justifying our lack of proactiveness. But, I am here to tell you, that there are easy ways to save your business money, and ways you may not have even thought about. Whether it saves you in your business or your personal account, a bit of time here and there can have you making savings which you can then use to invest in your business.

Get a better deal

Seems obvious right? Or perhaps you think you have the best deal? If you  havent done so in the last few months, it can absolutely pay to shop around for better deals. For big business, it is a lot cheaper overall for them to retain you as a customer than to attract new customers so they may offer incentives or discounts to keep you. Before calling, look up their offers online for new customers, look up their competitors offers and make notes.

• Utilities

  • The government provide free comparison tools for gas & electrity which make a great starting point.

• Business Insurances

  • Consider using an insurance broker to find out if they can get you a better deal.

• Home & Contents Insurance

  • Another one where a quick look around other provides could save you money.

• Rent

  • Ensure you are paying an appropriate amount in the current market.

• Mobile/ Phone/ Internet Provider

  • Changing mobile phone providers is a lot easier these days, often with same day porting of your number. If you are on a plan but already own a phone outright, consider a prepaid option, they are usually a lot cheaper.

• Loans

  • Check your interest rate, see if they can do any better. Consider chatting to a trusted broker, or find out if they will offer you a discount for paying out loans almost at their end.

• Superannuation

  • Ensure your super fund is doing what you want it to, ensure your insurances are relevant and you are not being charged excessive fees.

• Health Insurance

  • This is more of a personal expense but well worth a phone call to check exactly what you are covered for, review if that is appropriate and check what other offers are around. The health insurance industry is becoming a lot more streamlined to help you compare apples with apples, and it is very easy to switch funds and take your history with you.

Outsource

Consider outsourcing some of your tasks to save you time and money. By having a professional look over your books, not only will that take the mental load off, you can also rest assured that everything is in perfect order. A great bookkeeper will also have a sound understanding of your business. This relationship means they will be able to suggest ways specific to your business to grow and save. You can read more about bookkeeping services here.

Automate

Where you can, consider automation. So many houses now have ‘Alexa’ or a robot vaccuum to automate their tasks. Why not take this into your business life also.  By sending automated invoices connected to an accounting software, statistics show that it likely to be paid quicker without the person power required for chasing up payments. Automatic reminders can be sent. You can also add extra payment options such as credit card can be added so clients can pay with the click of a button. Payroll can also be easily automated, which is a huge timesaver- and time is money!

At Sum and Substance we understand the importance and need for saving time and money. We also know you are wanting value for your business. Please contact us if you would like more information about our bookkeeping or automation services. We can be reached at (03) 9424 9447 or info@sumsubstance.com.au.You can directly book in a time to chat by clicking here.