Although many business expenses are tax-deductible, such as utilities, wages and benefits, office supplies, business insurance, business travel and software subscriptions among many others, cutting back on them is something a lot of businesses try to do, particularly when needing to improve their cashflow.
Fortunately, there are a few ways that businesses can save on costs, and consulting with tax services in Coral Gables may well give you access to even more than those detailed below:
Interest rates
If you own credit cards, you may find that those banks are willing to respond to requests for lower rates of interest, especially if you’re a loyal customer who has been with the same bank for many years, and has continued to make payments in a timely fashion.
It may also be worth asking the bank whether you can refinance any other debt to achieve a lower rate of interest, like revolving lines of credit or instalment loans.
Telephones
For many businesses, particularly those who’ve been operating for a long time, they continue to rely on the same telephone hardware and same service they purchased when the business was first created. But using and maintaining this can be costly.
Consider whether you might be able to transition to a VoIP service, or Voice Over Internet Protocol, which can be integrated with mobile phones and other types of devices, very easily.
Internet
As many people tend to do, whether they own a business or not, sticking to the same internet provider is easier and more convenient than shopping around for a better, more affordable service. But if you’ve been paying for the same plan for more than a year, you might be missing out on other options that are cheaper, or more efficient.
Software
Many businesses simply can’t function without online software tools, but over the months and years, these costs can add up. Take a few minutes to sit down and review your bills to check exactly what you’re paying in terms of software fees. Look at who is using the software, and why, and then cancel everything that isn’t absolutely essential, while limiting the number of users so that only those who really need to use it, can.
Data storage
In recent years, the cost of data storage has dropped considerably, making it pretty affordable. However, it’s often the case that businesses overestimate how much capacity for storage they’ll actually need, meaning they may be paying for more than is necessary.
Try carrying out an audit once a year of your storage requirements, and if you have a lot of storage space that’s going unused every year, talk to your provider about different levels of capacity.
As any accounting firm in Miami will tell you, business expenses are part and parcel of running a company, and tax deductions can be helpful in reducing the costs associated with these. But that doesn’t mean that it isn’t still a good idea to look at reducing essential expenses where possible, to save money on your monthly and annual bills. After all, many new and small businesses need all the help they can get when it comes to boosting their bottom line.