Following the release of fresh data showing a dramatic increase in company expenses, we have some tips for keeping costs under control in the face of rising inflation.
Firstly, are there ways for the Government to help businesses save money?
Despite the Government’s inability to regulate wholesale oil and gas prices, the Federation of Small Businesses argues the government could do more to assist small businesses with property expenses. This could happen by increasing the maximum amount of small business rates relief and extending the energy assistance provided via the council tax system to the rates system.
Furthermore, a sick pay refund for small businesses would provide them with some wiggle room amidst the rising inflation situation.
However, what can businesses do for themselves at this point?
Make sure your suppliers are up to par.
Do a round up of your suppliers and make sure you’re getting your money’s worth. Even the things you might not consider could save you some money, like mobile phone packages and internet providers – you may be able to get the same service for cheaper elsewhere. Cloud-based software could also be more of a cost effective way of general bookkeeping and data management tasks.
Opt for ‘almost new’ equipment
You may want to explore purchasing refurbished or remanufactured goods when you can’t afford to buy the newest technology.
You could save your business a lot of expense by using refurbed equipment such as computers, all whilst not having to give up anything in terms of quality or performance – the items sold by many refurbishment businesses come with warranties!
But bear in mind the purchase of refurbished or recycled products may impact your ability to claim certain reliefs, such as Capital Allowances.
Optimize your space
Check to see if you have too many supplies on hand or whether your office furniture is being used to its full potential in order to get the most out of your available workspace.
You may also be able to locate a more affordable location or renegotiate your lease.
As technology improves and the working from home culture takes force, you could explore the possibility of relinquishing an office altogether and conduct your business from the comfort of your own home (or even on the go) instead!
Make the most of your accountant’s services
In addition to keeping track of your finances, experienced accountants will also provide strategic guidance and point out areas in which money can be saved – so get in touch with your BK Plus contact or contact us at email@example.com for expert business advice and support.