There are many ways for businesses to discover where and how to save. Many of these ways are not immediately obvious. Let’s take a look at 5 surefire ways for your business to save money.
1. Track Your Expenses
Your expenses may shock you, especially when you are not paying attention. Tracking your expenses will provide you with a great deal of information. For example, you may be signed up for a variety of monthly services that you never even use. When you are armed with new insights, you can make better money management decisions.
No doubt you are busy, but volunteering can do a great deal to help your business. Volunteering gives back to the community and also helps to boost your profile in your community, as it is a highly effective form of networking. Often businesses undertake volunteer work for a charitable organization, but fail to adequately keep track of expenses; however, not knowing this information can serve to dramatically increase your tax bill. A firm that specializes in business accounting services can help you track down these details so that they can be used to lower your tax bill and save you money!
Here is a list of some of the volunteering expenses you should be tracking:
- Out-of-pocket costs, such as supplies, phone calls or any expense that was used for your volunteering efforts.
- Car deductions for mileage. The standard mileage rate for deductions is 14 cents per mile and other fees such as tolls, gas and parking fees.
- Travel expenses such as conventions, overnight stays and related expenses.
3. Switching Funds? Proceed Carefully
When it comes to switching funds, be careful, as there very well may be a penalty. If you move money between funds, then be aware that the IRS will consider this a sale. Proper accounting advice can be essential in this decision making process.
4. Evaluate All Expenses
You are busy running to the day-to-day workings of your business, but you should never be too busy to pause and evaluate your expenses. If that isn’t a responsibility that your organization can handle internally, consider turning to experts to help you make sure that you are not literally throwing money away.
5. Hire an Experienced Accounting Firm
It is vital to remember that since no two businesses are exactly alike, customized assistance can prove to be nothing short of transformative. With the right financial management solutions you might just discover a few new and exciting ways to save money.
Myrick CPA provides clients with professional, personalized services and guidance in a wide range of financial and business needs. Our services include planning and tax preparation, payroll, and financial reporting. Our business accounting services use the latest technology to enable the outsourcing of your accounting needs. Contact us today.