3 surefire ways SMEs can save money

Last Modified 16th of February 2021

In today’s economy it is so vitally important for businesses to find ways to cut costs and save on operating expenses wherever possible. This is especially essential to the longevity of small to medium size enterprises when competing in a world of mega-corporations with unlimited budgets. Here are 3 surefire ways SMEs can save money!

1. Technology

Technology is a wonderful thing. Not only can SMEs do their part to save the ecology but they can ensure the continued existence of their business at the same time. Investing in laptops and iPads not only saves paper but also the cost of operating computer systems. Also, VoIP phone lines and Skype for Business are much more cost effective than hard wired lines and with VoIP it isn’t necessary to pay for a slew of mobile phones either. Then there are digital signature capture modules that link to servers as proof of delivery – cost effective and ‘green’ as well!

2. Office space

It isn’t always necessary for SMEs to have private offices so many businesses have taken to sharing office space with other businesses. Not only does this help with the cost of renting space, but Internet can be shared, phone lines, receptionists and even security which is a wonderful way to cut down on a large portion of operating costs. If you have a business with extra office space available, try renting some out! It’s a great way to bring in a bit of extra money.

3. Tax allowances

Many companies wait almost until it is time to file a self assessment before investigating what kinds of allowances may be covered and, as a result, may not have the supporting documentation necessary to declare all the allowances which could reduce the amount of taxes owed. A good accountant will be able to help your business stay organised throughout the year so that everything is in hand when it comes time to report. How does this save money? The savvy business owner will be on guard throughout the year to keep track of anything which qualifies for an allowance (write-off) and to avoid those products and services which aren’t recognised by HMRC.

Bio: These tips are offered by Liptrott and Woosey, a team of young and enthusiastic Manchester accountants with a totally fresh approach to accounting.