Spring is a great time to make sure that everything is clean and in order with your business, including your finances. Here are three tips that will help you clean up your small business accounting and finances this spring.
#1 Check All Of Your Subscriptions
One of the things that can really drain your small business account without you even realizing it are subscription fees. Create a spreadsheet that shows all products and services that your business subscribes to that come with a reoccurring fee. For example, the software you use may have a yearly license fee, or the app you use may have a monthly service fee. To make things easier to manage, you may want to create categories based on how often you have to pay for these services, such as monthly, quarterly, or yearly.
This tool will allow you to keep track of all of your subscription services of when payments will be due in the future. It will also allow you to quickly look over your subscriptions and determine if there are ones that you want to keep around or if there are ones that you don't need any more and could get rid of to save some money.
#2 Evaluate Your Equipment
Second, you need to evaluate the equipment that you use in your office. For example, if you have a piece of equipment that you pay a service fee for, make sure that you use it enough to justify the service that you are paying for.
If you don't use the equipment that much, you may want to look at outsourcing the way that you use that equipment. For example, if you only occasionally use a fax machine, you can use an online faxing service instead to lower your equipment costs.
#3 Price Check The Things You Pay For Most
Third, you should price check the things that you pay for the most and make sure that you are paying the best price for them. Doing an audit on your supplies could help you reduce your operating costs. You can contact sales representatives to get better price quotes or do some price comparison online.
For example, you can make sure that you are getting the best deal possible on bathroom supplies. You can also look at all the supplies you purchase to keep your business running. If you don't evaluate the prices that you pay often, there is a good chance that you may be overpaying for simple office and business supplies, and thus driving down your overall profits.
For additional information and advice, contact an accounting firm in your area.