Accounting Blog - Page 16 of 16

9Mar2018

Yes, that costs money! Here’s some ways to reduce your small business overhead.

When it comes to running your business, the hardest thing to do is to lower your overhead costs. These expenses can easily stack up and seem impossible to lower, but here are a few tips for getting them down to manageable levels.

Reduce Your Energy Bills

Energy costs account for a good portion of your company’s overhead costs, especially in businesses reliant upon machinery for production. By improving the building’s energy efficiency (e.g. new roofs, energy efficient doors and windows, LED lights, etc.) you can greatly lower your energy bills and start saving on your monthly overhead.

Lower Your Rent

If you have the ability to maintain your manufacturing/production quota in a more affordable facility, it would be in your best interest to switch buildings. Shaving off a few hundred (or even a thousand) a month will lead to significant yearly savings and opens up your budget for emergency expenditures or expansions!

Keep a Close Eye on Your Company Vehicle Mileage

If your business relies on vehicles to carry out any sort of operations, it is incredibly important to keep a close eye on how the vehicles are being utilized and the amount of mileage/fuel being used on a weekly basis. Since vehicles are depreciating assets, a good chunk of your overhead will have to be put toward fuel, maintenance and vehicle replacement. Monitoring your fuel consumption and mileage can save you in both immediate and future costs.

Examine Your Employee Salaries and Benefits

Obviously, looking to reduce your employee salaries/benefits expenditures is a tricky business, but there are ways to do it. First, see if there are ways you can add to your employees’ responsibilities without overloading them and reducing the quality of their work. This can aid in your operations, without requiring the addition of other employees to the team. Second, see where you can hire part-time employees who will not be eligible for benefits. Finally, find creative ways to reduce the cost of benefits without reducing the actual benefits. Example could be providing Health Savings Accounts (HSAs), high deductible plans, voluntary benefits and switching carriers.

And the Best Solution of All…Hire an Accountant to Monitor Your Expenditures!

At the end of the day, the best way to reduce your overhead expenditures is to hire an accountant who can examine your records and conclude where costs could be cut. A thorough investigation into your bills, payroll and financial practices can give you the information you need to make immediate changes to your spending habits. A skilled accountant can also prep your taxes in a way that maximizes your deductions and return.

Reducing your overhead just takes a little imagination and a good handle on your business requirements/employee needs.

Need more ideas on how to reduce your overhead and make your business flourish? Call us at Beaton Accounting today―we’re always happy to help! 631-921-6894

Have a question or topic you wish we’d discuss? Leave a comment or email us at info@beatonaccounting.com

16Jun2016

4 traits of EVERY successful business

A successful business has attentive customer service.
If you don’t know it by now, I’m going to tell you: if you don’t have happy customers, you won’t be in business for very long. No matter if you sell hospital equipment or design houses, your customers should come first, period. You should employ full-time staff whose job is exclusively to listen to the customer and make them feel important—as if they are your only customer. Do this and your business will thrive.
A successful business markets their business consistently.
Repetition is the key to successful marketing. How will people know you exist if you don’t tell them? You cannot expect the customers to just find you. Business isn’t magic; you have to market. With many consumers researching products online, it’s a good idea to spend a lot of your time marketing to them online. You don’t have to spend thousands, or even hire a full-time marketing team. You just need to study your business and what has been successful for others, and then repeat this until the cows come home.
A successful business doesn’t find employees; it finds talent.
We could spend an entire week on this point alone. Any company can just hire people. But only the best companies have a system in place to find the right people. Make sure you have a process that finds competent, capable, committed employees that will fit in with your company’s culture and character. Trust us, it will pay off in the end when you’re not replacing people during busy season.
A successful business maintains an upbeat company culture.
Tony Hsieh, the founder of Zappos, wrote a best-selling novel entitled Delivering Happiness: A Path to Profits, Passion, and Purpose in which he credited his multi-million dollar company’s success to one thing: positive company culture. You want employees to like working at your company. After all, who wants to give 100% to somewhere they dread going? Put a smile on their faces, foster a positive culture, establish guidelines for what happens when negativity pervades.

So there you have it, folks. Four qualities that successful businesses have in common. Even if you feel that your company has lost its way, you can still implement a plan for future success by following these guidelines. If you dream of topping your industry, it’s imperative that you follow the successful actions of other companies.
Want more tips? There’s always advice to be had at Beaton Accounting. Our experts are here, ready to answer your questions at a moment’s notice.
For a FREE tax consultation, call today! (631) 921-6894.

Have a question or certain topic you’d like to see addressed in our next blog post?
Just leave a comment, or e-mail us at info@beatonaccounting.com.

16May2016

How to embrace the digital age with gusto!

The digital age is quickly transforming the face of business. Businesses that fail to keep up with the times are falling prey to digital disruption, losing volume and profits.

Avoid Digital Disruption.

Nowadays, the educated consumer will do a great deal of research before purchasing goods or services. In order to avoid digital disruption, it’s important to invest the money, time and effort to making sure you have good content that potential customers can access. Stay ahead of the curve and you’ll show consumers that you care enough to meet their expectations—and that you’re savvy enough to keep up with the times.

Connect to Your Customers.

A website is great, sure, but you have to do so much more in today’s business world. Customers want to be able to get a hold of you, ask questions, compare prices, do business—from their mobile devices.

Instead of fighting change, you need to better understand how your customers are using mobile devices and social networks. Follow them digitally and you’ll be able to build better relationships and attract more business in the long run!

Continue Adapting—It Takes Time.

In order to stay competitive, you have to evolve with technology. Keep someone on staff whose job it is to constantly brush up on new tech and engage with customers via social media. Develop an app (if applicable) to make it easier for customers and employees to interact with you. Digital tools like this can open portals through which you can bring in clients you never would have sold before! If it’s bringing you money, why not?!

Want more tips? There’s always advice to be had at Beaton Accounting. Our experts are here, ready to answer your questions at a moment’s notice. For a FREE tax consultation, call today! (631) 921-6894.

Have a question or certain topic you’d like to see addressed in our next blog post?

Just leave a comment, or e-mail us at info@beatonaccounting.com.

15Apr2016

What you need to know about enrolling with a new payroll service!

So you’re starting a new payroll service. That can seem daunting at first. You may be asking yourself if it will work out and how to organize your payroll documents. Bottom line, you need to be prepared.

If you’ve never run payroll before, enrollment with your new service will be easier because you won’t need to provide any history.

Each payroll service is different, but there are certain basic laws that each state follows (like EIN numbers) that will help you enroll. Payroll doesn’t have to be challenging to set up.

If you are a new business:

If you are a new business, you must first register with the IRS to get your Federal Identification Number (EIN). It’s free and automatic. Visit www.irs.gov. For existing businesses, move to step 2.
New businesses must register with your state for income tax and employment insurance. (AK, FL, NH, NV, SD, TN, TX, WA and WY do not have income tax.) Existing businesses must find their number and the state’s unemployment rate from a letter, notice or previous tax filing.
Have an account number and routing number ready from your company bank.
If you have employees, you’ll need the following information:
a. Personal information: name, address, Social Security number and email
b. Pay information: birth date, hire date, status type, pay amount and deductions
c. Marital status and allowances from W4 form
d. Direct deposit information (if applicable)

Want more tips?

There’s always advice to be had at Beaton Accounting. Our experts are here, ready to answer your questions at a moment’s notice. For a FREE tax consultation, call today! (631) 921-6894.

Have a question or certain topic you’d like to see addressed in our next blog post?
Just leave a comment, or e-mail us at info@beatonaccounting.com.

17Mar2016

5 Great Uses of Your Tax Refund

It’s finally that time of year again. That time when you receive your income tax refund. The big question is, how are you going to use that money? Many people wait for this time of year to pay off bills, save for the future or splurge on something new. No matter what you decide to do, here’s a few suggestions:

Pay off debt or loans!

Do you have a credit card, car, motorcycle or house payment? Free yourself of the burden of debt and give yourself a little breathing room and pay that debt off!

Save it for a rainy day!

If it’s not one thing, it’s another. That’s just life. Flat tires, sick kids—these emergencies happen and it might be nice to have an emergency cushion on reserve to cover the unexpected. It may not be as fun as a new TV or a grill, but you’ll be happy you have it when an unforeseen event happens.

Travel—see the world!

You may be one of the lucky people whose debt and rainy day fund is already set. So take time to travel this summer. You can easily set a budget for a trip and go places you’ve wanted to go for awhile! Don’t be afraid; cross it off your bucket list!

Have a question or certain topic you’d like to see addressed in our next blog post?

Just leave a comment, or e-mail us at info@beatonaccounting.com.

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