Are you worried about your business expenses getting out of hand or not even traceable? Are your running costs feeling incredibly high against what you feel they should rightfully be to make a better profit? Many business owners of small to medium companies feel the same frustrations and want to know how to reduce business expenses and run a better organization. Here are some things that can make a difference.
Payments and Contracts
If your business is making regular payments, then you need to know what they all are towards and, in some cases, which ones may not actually need paying anymore – or at least can be greatly reduced.
Some of the things you are paying for may not even require being paid for at all. Dropbox is a common one for businesses who realise that they are paying £9.99 a month for a service they no longer use when they use the same amount as the free version has. Other companies subscribe to Mailchimp and never even use the service. These are areas that are taking up considerable money when calculated for no reason at all.
The same can be said about your business mobile contracts. Many companies often just extend them without realising a cheaper and better contract has become available in the years since first signing up. If they are hardly used against their contracts, a sim-only plan can be much cheaper also.
There may be some memberships that you are signed up for that are not exactly helping your business.
Throughout the pandemic, many businesses signed up for virtual networking groups or subscribed to online learning platforms/seminar groups that you no longer have the time to take on when your business is running at maximum. The promise of getting back into these things when you have time does not mean that you still have to be paying out on memberships whilst you wait for that time to come around.
Staff for Specific Jobs
The ability to take on staff is great, but sometimes hiring specific staff for areas can leave a lot of unnecessary company spending with wages, NI and pension contributions.
Your company bookkeeping is one of those areas where it is much more cost-effective to hire an outsourced professional in bookkeeping services on a monthly or even quarterly basis, which not only keeps all of your company costs in the green but also keeps your employee costs lower – meaning you save much more by just using them when you need them and not keeping a body around gaining money when you don’t.
Contact the team at Pebbles Bookkeeping today for all bookkeeping services in Manchester and gain expertise to reduce business expenses.