Wednesday, April 22, 2015
Lease Your Equipment
If you have the funds to purchase equipment outright, it may be tempting to buy instead of lease. The problem with this is that once you own the equipment, it is under a limited warranty. When you lease equipment, on the other hand, the leasing company remains responsible for making updates and repairs. Even if the leasing price is slightly higher than the price to purchase outright, you will still be able to save money by avoiding all of the costs that may come with ownership of the equipment.
Purchasing Time Management Software
Time management software is an area where many smaller businesses have not yet realized the potential savings. Time management software is useful because it delegates tasks to employees electronically. It also frequently updates the status of tasks. When you purchase time management software, you are taking a necessary step for increasing productivity in the workplace. You are also saving valuable time because management will not need to constantly check-in with employees to make sure their work is getting done. Check out http://www.scoro.com to get an idea of the kinds of software solutions on the market today and find a service that's a good fit for your needs.
Automating Report Generation
This is another area where small- to mid-sized businesses do not realize the savings. If you are a business owner, it is likely you do not realize the amount of time that is spent generating reports. If you do not store data electronically, employees must first locate all of the data needed for the report. Then, they must analyze this data to find the information that is needed for the report. Finally, they have to work to put together this information on a spreadsheet, chart, or graph so that it can be presented to the person who requested it. This is a process that can take hours. Why should you still have employees generating reports when software can do it in minutes? Instead of spending hours on reporting, employees can put their work efforts where they are needed most.
By going paperless, you can save countless dollars on paper and ink. You can also save another valuable resource -- time. There are several areas where a company can go paperless to save money. These include using electronic invoicing, storing data electronically, and requiring employees to use direct deposit for their paycheck. These small changes can add up to big bucks, especially over the total life of your business.
Going paperless also applies to filing. Some companies still use filing cabinets. Physical filing cabinets require employees to write or print out files, store them properly, and manually retrieve them. It also has the risk of duplicating data. This is a major waste of time. Instead, purchase the right software and scan your files into the computer, where they can easily be accessed and referenced.
Track Expenses Well
How big is your petty cash account at work? While you may not note the purchases at the time they are made, small purchases will eventually add up. You can combat this by keeping a separate list of purchases made to the petty cash account. Once you see where your cash is going, you will be able to make the necessary changes to save money. This is kind of process management is crucial, simply enacting and automating these elements will result in a boost to your bottom line -- the additional information and ease-of-analysis will make it easier to save even more.
Lautaro Martinez is a freelance writer and business major who contributes articles and advice on issues of interest to the small business communities and the next generation of entrepreneurs who are eager to join it.