19th May 2016
We all welcome opportunities to save on overhead costs, improve efficiency and increase profit. The good news is that there are plenty of ways to save money in the workplace.
We give eight simple tips to start saving today:
1. Go Paperless
You can lower storage costs, printing costs and improve overall efficiency by running a paperless office. By scanning or emailing documents, you can send and share information effortlessly, saving your business time and money.
2. Use the Cloud
Make a paperless office more achievable by adopting newer technology. Companies such as Microsoft, Dropbox and Google all offer cloud-based technology. Embracing cloud technology is not only safer, but also allows you to access documents almost anywhere, at any time.
3. Save on Printing
Printing can be very expensive. If you do need to use paper, decrease your usage by 50% by printing double-sided. Additionally, a very effective way to cut costs is by swapping new ink cartridges for refilled cartridges – saving around 60% on ink costs.
4. Use Technology to Avoid Travel
Companies like Powownow offer free conference call facilities. This will enable you to coordinate remote meetings therefore helping you to save both time and money.
5. Work Smart – Outsource
Outsourcing support helps to minimise staff and their associated costs such as; sickness, holidays, office space/equipment and energy usage. Furthermore, it is beneficial for accessing the right expertise, for providing additional support when business is affected by cyclical or seasonal demands or if you simply do not have the space for permanent in-house resource. Find out more about our outsourced services here.
6. Use a Good Accountant
We all want to ensure our tax bills are kept to a minimum and a good accountant will know what type of allowable expenses you can deduct legally from your accounts each year to minimise your tax liability. Having a proactive accountant will also ensure that you do not receive any fines from HMRC; there are many forms and deadlines a business has to meet each year, from p60 filing to annual returns.
7. Review Your Subscriptions
Subscriptions to professional supplements can very beneficial, however, if you are subscribing to magazines that you never read or can be read for free online, perhaps it is time to cancel and save in the process.
8. Switch Your Broadband Supplier
With a number of broadband providers in the market, they have to offer competitive prices so shop around to see how you can reduce your monthly amount. Gone are the days where we simply accept a price and renew contracts. When your contract terms are close to expiry, call your provider to discuss how they can reduce your monthly cost – most will want to retain your business so it is worth suggesting to them that you are thinking of moving to another provider. The likelihood is that they will offer price incentives to encourage you not to switch.
Original content written by SmartPA Partner, Sarah Sharp.