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Denver Business Tax Preparation Specialist: Tips to Help Your Small Business Cut Costs

November 29, 2017

When it comes to your small business, every penny counts. This is why it is important for you to make sure everything you are doing is profitable—which includes the day to day tasks of your business. For many small businesses, it takes years to achieve financial goals and the best way to get there is to be diligent about your expenditures both large and small. Learn about the importance of going electronic with files and paperwork, top changes you can make to your property, and go-to ways to work with your local vendors from your Denver business tax preparation specialist.

Go Electronic

One way to cut costs, in some cases by 50 percent, is through switching physical paperwork to an electronic system. To take it a step further, protecting your important documents in a cloud system that is not hosted on one machine that could be destroyed is an excellent way to protect your documents. It also makes it easier for you to access when off-site, and can be shareable with your tax preparer when tax season rolls around. You can use electronic systems for a wide variety of tasks, from taking payments to using e-signatures for forms and documents.

Property Changes

Whether your small business is out of your home, or in its own building, it is important to make sure you are doing everything you can to cut costs. First place to start is with your a/c and heat costs, install a programmable thermostat. You primarily need a comfortable temperature during your business hours. Do not waste dollars on running heating and cooling while you are not in the office, as well as any lights or appliances. You want to make sure everything is off or powered down at the end of the workday. Also, it is important to make sure the quality of your building is sound. Check for air coming through the window, leaks in your roof and more to ensure you do not have any openings that keep air flowing in.  

Work with Vendors

Do you know if you are getting the best pricing when it comes to the services you are using? It is important to periodically check the prices you pay compared to similar services in your area. You can often find premier vendors that cost less than other businesses. Do your research then also have conversations with your vendors to see where costs can be cut. In many cases, some small businesses use bartering when it comes to paying the bills.

One of the ways to help cut costs is to utilize the help of an accountant in Denver. From finding ways to be more efficient in your day to day to assistance with taxes, Bloch, Rothman and Associates has you covered. While you work to make your small business more efficient, be sure to check out the four bookkeeping tips for small business owners from premier Denver accountants. To get started, contact Bloch, Rothman and Associates today.