How often do you review the ongoing costs of running your business? Is it something you do monthly, quarterly or once a year?
Or are you one of those business owners who does not get into the costs of running the business, or how much you are making? Can you honestly say that you are 100% aware of what you are spending money on and know that it still provides a benefit for the money you spend?
Bookkeeping is not simply recording transactions and keeping everything in good order to the tax man – it is also about reviewing your existing costs and if they are still benefitting your business.
Every business needs certain subscriptions and keeping up to date with their computer software – especially as they rapidly evolve over the year and must be kept on top of.
There may be obsolete software you are still paying a monthly subscription on that no longer fits its purpose – or there is a more effective product at a much cheaper rate than even provides better protection and security. In the meantime, every month you are paying a subscription rate for something that is either costing more than it should or is no benefit to your business.
Phone and Internet
Your business needs both a dedicated internet package and a mobile phone contract to be reachable and communicate with clients and internet users.
However, how many of you are informed about cheaper alternatives within your providers? Case in point: earlier this year, one business owner had slow internet that affected use whenever more than 1 person was using the WiFi. Upon calling the company to voice their displeasure, they were informed they were still on an old expired service and had not upgraded when it was available.
They not only got the fastest internet speed available, but they also got it £10 cheaper a month than what they were paying for their slow, old contract. Now everybody can use the internet in the business and efficiency has gone up. The same can be done with a mobile contract which offers upgrades to cheaper packages with better coverage every year.
Review of Expenses
These are just a couple of commonly overlooked areas, but the truth is your business may be paying out vast expenses on items that have better alternatives – or no longer serve their purpose at all.
This is one of the many areas bookkeeping services can help with for your business. Contact the team at Pebbles Bookkeeping today for efficient money saving through small business bookkeeping solutions.