5 tips to save money in business

5 tips to save money in business
5 tips to save money in business

As we all know, running a successful business is about a lot more than just selling a product or service. There are a whole host of other things we have to do to make sure the business runs smoothly, and one of the most important of these activities is the bookkeeping and accountancy.

Predicting cash-flow, accurate invoicing, and making sure you know how much tax you owe (and when!) are just some of the many accounting tasks needed on an ongoing basis. However, getting the advice, support and help you need doesn’t have to be expensive – call us here at Millhouses Accountancy to find out. There may also be a few other ways you can save money quickly with the right know-how. Here are 5 ways you may be able to save money in business

  1. Claim the tax relief your eligible for. A big frustration from many small businesses is that they just don’t get the proactive advice they need. They say things like ‘why didn’t my accountant just tell me I could claim for this’ or ‘why did they let me carry on paying for that when I didn’t need to!?’ Sometimes you just need a quick chat with your accountant without having to wait weeks for an appointment and then ‘paying through the nose’ for it. All small businesses could do with someone on their side, keeping an eye out for them to make sure they’re not missing something. Is your current accountant doing that for you?
  2. Shop around for your accountant to save money on your accountancy and bookkeeping. If you’re accountant has things like big expensive offices, expensive cars parked in their car park, and a posh reception, you know where a good chunk of the fees you pay are going. However, remember that posh offices don’t necessarily mean better accountancy. Maybe it’s time to shop around and see what you could save by changing.
  3. Efficient invoicing can save you money as well as make you money. How efficient is your bookkeeping? Are you invoicing every job correctly, and on time? Also, are you chasing outstanding invoices to make sure you get paid? You can massively improve all of this with a good bookkeeper and accountant. It’s probably not as expensive as you think either. In fact, there’s a good chance that this could actually ‘pay for itself’ in terms of making sure work is properly invoiced and paid to you.
  4. Get a full review of your accounts and bookkeeping. Often, in many businesses, things have just been ‘ticking along’ for a few years. Surely, ‘if it ain’t broke, don’t fix it’, right? Actually, no. Taxes change. What we can and can’t claim for changes. Especially in these current uncertain times when many businesses are ‘feeling a pinch’, there are many schemes and types of support available to businesses or all sizes. Is it time to get a full review of, for example, what you’re paying and what you’re claiming tax relief for?
  5. Make sure you make your tax payments on-time and in full to avoid fines. Late payments and mistakes can be very costly. And HMRC are not always as understanding or flexible as you’d like them to be. The best advice? Do it right first time and pay on time. Also, you’ll be able to avoid sleepless nights worrying about deadlines and payments when there’s a good system and process in place

if you’d like to speak to a specialist accountant & bookkeeper about any of tips above, simply give Millhouses Accountancy a call today on Sheffield 0114 345 0960 or get in touch through the contact page

Jason Scholey

Jason Scholey