As a business owner, you’re undoubtedly always looking for ways to cut costs and save money as you grow your company. Unfortunately, for an expanding business, this often becomes more difficult because new expenses keep emerging and it’s getting harder to monitor what’s going on. The good news is that there are some simple ways you can save some significant money such as embracing efficient payment solution such as ACH payment processing. Start utilizing them and you’ll benefit greatly in the long run.
Be Strategic with Office Space
One of your company’s primary overhead expenses each month is rent. Office space is expensive, and it’s imperative that you maximize every square foot. You should also look for ways to downsize your footprint. Eliminating just a few hundred square feet can slash some serious numbers off your monthly payment.
Be very strategic with your office space. Move supplies that you don’t need on hand to a storage unit down the street. You can rent a storage unit space for a fraction of the cost of office space. This tip is a no-brainer.
Cut Down on Business Travel Expenses
Business travel is expensive, but it is also extremely redundant in today’s business climate. Whereas it was once a requirement to hop on a plane to have a meeting with an influential client, you can now manage things from halfway around the globe, thanks to video chatting software and other remote communication tools.
However, there may be an individual circumstance where a face-to-face meet up is mandatory, such as the signing of a major contract or attending business conferences. If your employees are required to travel on behalf of the company, try using a corporate prepaid card instead of a business credit card. The traditional process of business trips reimbursement is over drawn out and convoluted, and petty-cash receipts are easily lost. Using a corporate prepaid card allows you to simplify your disbursement management process, ultimately saving your company valuable money and time.
With corporate prepaid Visa card, staffs can only spend what you allow them. Typically, with traditional corporate expense methods, company personnel would explain and justify costs after completing them. Your staffs often exercise the capacity of payment policy, even if it might not be intentional or planned. The prepaid Visa card grants employees a set amount to spend. This will cause staff to more wisely and carefully budget their business trip expenses.
Go Paperless, Utilize ACH Payment Processing
You’ve probably heard about other business in your industry going paperless, but don’t know the benefits.
For starters, going paperless lessens your need for more office or storage space. For businesses that keep a lot of paper documentation on record, this can free up a tremendous amount of space, and save you money in the long run.
Secondly, your company should embrace paperless payments. Utilizing efficient paperless pay practices such as ACH payment processing can successfully reduce your operating costs. Automated Clearing House (ACH) is a payment solution that allows you to electronically transfer funds from one bank account to another one. It resolves payments in bulk batches through the working day. This process is one of the most efficient payment solutions for both businesses and consumers alike.
ACH payment processing is highly resourceful compared to traditional payment methods. Paper-check payments include various time intensive but essential procedures, such as printing, cutting, signing, verifying, delivery and mailing, then waiting for the mail to arrive, as well as carrying it to the bank and then manually waiting for the check to clear. The complete process is not only time consuming, but also eats up your manpower, such as having to allocate staff to transport these paper checks to the bank during their working office hours. By using ACH payment processing, the entire procedure becomes automated and electronic. Reducing the time required as well as liberating additional manpower for more valuable errands. Additionally, as payments are electronically performed and automatic, it also means less personnel are involved in the payment procedure, which decreases the likelihood of manual errors such as losing or damaging a check. All these can result in tremendous savings in the long run.