Many of us are still working from home, and some have decided to work from home for good while the pandemic remains with us. For those new to this world, what kind of tax write-offs, if any, could we be looking at for 2020?
We've made it through this unique and very different tax season. So, what does that mean? We start looking ahead to next year! Many of our clients are friends are still working from home, while others have decided to work from home for good. If this year has taught you anything new about your professional life, its if you are a fan of working from home or not. We know and recognize that it's not for everyone, and we also understand the reason why so many companies are still having their employees work from home. If anything, we appreciate the safety of it and we are trying to find the silver lining. This year has meant saving money on gas, saving money on takeout, getting rid of that morning commute, more time in comfortable clothes, spending time with our families, and for some, it has meant a whole makeover of their homes, especially their backyards! For those who don't own their own small business and don't work from home regularly, when you did move home, one thing that might have made the transition less painful was the possibility of writing off your new expenses in your 2020 taxes. Will this be a possibility? Could there be an even bigger silver lining waiting at the end of all of this?
There have been many silver linings to this experience than many of us have tried to focus on, but like it or not, it does cost extra to work from home. You're buying supplies, buying new office furniture, getting better wifi, and possibly paying a ton more in child care. Wouldn't it be nice to be able to write all of that off or at least a part of these expenses on 2020 taxes? Unfortunately, due to a tax reform in 2017, this opportunity was eliminated, according to Kiplinger and AccountingToday. Granted, this decision was made years before we knew what the coronavirus was and it was thought to be a good idea to eliminate this possibility. According to AccountingToday, the reasoning behind this change was that a "doubling of the standard deduction would help offset the pain of ending or cutting itemized deductions". That idea was nice at the time, but for all of us working from home and through the pandemic, it's not much help at all. Before this tax reform, you were able to write off your business expenses that were not paid back by your employer. These expenses included part of your home as an office, and much more. Sadly, if your company has sent you home during the pandemic, this will not be an option. With so many of us struggling with this reality, and with potentially limited funds as it is, what is the best way to recover from it? AccountingToday suggests the best route to go is to approach your company and try to negotiate with them. When it comes to federal taxes for your employers, tax code does allow them to reimburse their employees for certain costs during periods of disaster. The IRS has stated that is current pandemic does qualify. It will be up to our employer to choose what costs the will and will not cover, but if you approach them with a reasonable list of items, that can be a great place to start (i.e. wifi, child care, cost of buying new supplies).
If you're working from home for your company, but also have a second job or a small side hustle, there might be a small tax break in there for you. According to Kipling, as long as you meet all the proper requirements, you will be allowed to claim deductions for your business expenses and your at-home business expenses for your own company.
WORK FROM HOME
If you are self-employed, this might be one of the greatest advantages for you right now. Those who are self-employed are still allowed to deduct business expenses with the Schedule C Form 1040 when filing. Your small business must be your only form of income, and the space you work in must only be used for work purposes, according to H&R Block. This means that your kitchen table won't count. If you do use a small corner of your home or a specific table just for work, then that will count. One of the biggest things you must do is keep meticulous notes and records of your expenses if you plan on writing these expenses off. Many self-employed individuals get flagged when they file and get stuck with an audit. Make sure you're reading to back up your deductions at a moment's notice. If you have a building outside of your home that you use only for work (like a barn, shed, garage), it can also be written off. Also, if you work outside of your home for your own business, but have been forced back to your home for safety reasons, you are allowed to write that off on your expenses too. According to H&R Block if you own your own business under a 1099, and you meet all the standards created by the IRS, you'll be allowed to write off all of your direct expenses for your small business. You will also be able to write off a portion of your indirect expenses too! But please take caution, you will still need to keep good records of everything.
This year has brought its fair amount of challenges. Many of these challenges could reappear when filing your 2020 taxes. Make sure you speak with your company about your expenses before just assuming they won't help you. If you're self-employed or work under a 1099, make sure you keep excellent records and understand everything about your writeoffs to avoid an audit. Hang in there everyone! We know this is a personal and financially difficult time for all of you. We are always here to help. Don't forget! If you're looking for the best tax accountant in Summerville, the best tax services in Summerville, the best Quickbooks services in Summerville, and the best payroll services in Summerville, we are still here for you. Tax season may be over for some and just starting for others, and we will be here for you no matter what!
Your job may not be one you can do from home. What happens when your bank account is dwindling and unemployment is running out? Are there other options available to you?
The state is opening back up, but that doesn't mean everything is following suit. It doesn't mean that everyone is going back to work, and unemployment isn't going to last forever. What happens if it's impossible to work from home? Many people are still without jobs for the foreseeable future and need some help right now. If your bank account is needing you to look for a job now, what can you do to gain temporary or new employment during the age of a pandemic?
Starting a job search for temporary employment or starting your career path all over again during the pandemic may be the last thing you want to do, or think you can do, right now. But, think again. Due to the growth in technology and the ease it gives to the world of business, working from home is easier than ever before. It's become much more accessible to find these jobs and to do them from the safety of your couch. Every day more and more jobs can be transferred online. As long as you have a computer, a phone, and a good internet connection, you're already set up and ready to go. Thankfully, the remote job market and its popularity were on the rise before the pandemic hit. Please note, if this is a path you're taking, you need to be diligent in going after and getting these jobs. You need to create and stick to a schedule, and you need to show up every morning and get the job done. This can be very difficult when you're working from the comfort of your home and in your PJs.
Working remotely and on your devices can seem daunting if it's not something you've done before. No need to fear a lack of skills, training, or education, there are jobs of all kinds for all levels of skills and abilities. If you still feel unsure, there are thousands of YouTube videos available, free of charge, and other free resources that can help you along the way. With the world changing so rapidly and the need for a job becoming apparent, we wanted to share some great jobs, opportunities, and tips for working at home. We want to help keep you safe and keep your finances under control.
Even if you don't have a specific degree in teaching, there are opportunities out there for you. Many online programs will accept a bachelor's degree in any subject. Teaching English online to students overseas or who have English as a second language is a great example. There are online and virtual tutoring opportunities as well. You might not be teaching these students directly, but you're helping them develop their skills. There are opportunities for you to create videos on a huge amount of topics for educational purposes. This can help you flex your knowledge and your creative skills in subjects you're already passionate about. If you do have a background in education and administration, you could also find remote jobs to help develop curriculum and help plan and manage the current and upcoming school year. You can teach at all levels from kindergarten to college. It's a fun, unique, and creative opportunity that can be full or part-time.
This field is huge. If you are a creative individual or you are very precise, have strong research skills, and can write an excellent business report, then these jobs are for you. Again, your skill sets and background can vary to get into this filed depending on your specialties. Blog and content writing for social media and websites have boomed during the pandemic and in recent years. You can be a copywriter or editor. You can edit and proofread papers and projects by students and professionals. Sometimes an extra eye is all someone needs. You can work with authors who need help with the stories they're writing. You can even begin blogging, writing articles, or writing books yourself. There are jobs to transcribe radio, video, and voice interviews too. Writing jobs and positions range from being full-time positions to working project to project. In most situations, you can create your schedule. Doing these jobs can be a little tricky, be warned. Make sure they are legitimate positions. If they sound too good to be true, they usually are. Make sure you do your research and you and a real interview and contact person when doing these jobs.
We chose this category because of the massive amounts of opportunities that have arisen in the tech world and jobs driven by the tech world. Data entry is a great entry-level job in this world. If you're very organized and have a wide knowledge of basic software and email, a virtual assistant can also be an excellent opportunity. You can help someone order their groceries, answering emails and phone calls, run their website, and social media pages all from the comfort of your home. For those who are more tech-savvy, companies like ZOOM, Microsoft, and more have positions available to you. Companies are looking for customer and tech/IT support that can also be done from the comfort of your home. The range of opportunities is huge, you just have to go looking!
Stepping into the remote world can be hard if it's your first time. Hunting for a particular job like this can take time. But, be diligent. Trust in your skills and what you can offer. There is something out there for you. Look for free resources online that can help you learn more. Trust in the technology, and it will do the rest. Don't forget, friends! If you're looking for the best tax accountant in Summerville, the best tax services in Summerville, the best Quickbooks services in Summerville, and the best payroll services in Summerville, we are still here for you. Tax season may be over for some and just starting for others, and we will be here for you no matter what!
With the world as we know it changing every day, we have been trying to stay on top of what's happening to help our clients and ourselves. We want to use this changing knowledge to protect our finances, our employees, to know if are eligible for assistance, and how to help our clients navigate through these strange times. Today we are going to be talking about Employee Retention Credit.
Hello, Summerville! We are so excited to see our beautiful town get back to some sense of normal. Everything about our daily and professional lives continues to change, but we are relieved to see that individuals and businesses continue to move forward. One of our main focuses these past two months has been how the current pandemic is affecting our finances. There has been a lot of help thanks to tax day being pushed back, the stimulus relief fund, and the CARES act. Each has seen its ups and downs for individuals and small businesses, bringing a mixture of relief and frustration.
Most of the financial help that we hear about day to day is that for personal finances, but businesses of all sizes have needed just as much help through these difficult times. Many have been required to operate at 50% capacity due to safety protocol during the pandemic while others have been completely shut down after they were deemed nonessential. With the signing of the stimulus relief package and the CARES act, businesses of all sizes were put into consideration. Small business loans and other forms of relief were immediately put into action, although their first big wave was not received well nor handled well.
Just like you as an individual, businesses have been on top of filing and working towards a way to help their companies survive so their employees have a place to come back to when this is all over. Most employers who were able to apply for any kind of assistance did so in March, but there are still opportunities and things to apply for if your company hasn't already. In this blog, we are going to be talking about one of these forms of assistance that is still available to businesses, and that is employee retention credit.
WHAT IS IT?
You may or may not be familiar with this term or what kind of help it provides. This is a business relief provision that encourages employers to keep employees on the payroll, even if they're not working. It helps provide relief to unemployment offices to limit the number of people applying for unemployment. It was also created to help guarantee that employers will have returning employees once they can open up again. Thanks to the creation of the employee retention credit, the government will reward your company for keeping your employees on your payroll and for deciding to choose this assistance. It is refundable tax credit taken against certain employment taxes that can equal up to fifty percent of an employee's wages that you, as an employer, are still providing. The tax credit is fifty percent of up to $10,000 in wages per employee that has continued to be paid by the employer. This means that your company can be awarded a $5000 tax credit per qualifying employee. This was created as a business relief provision. The money your company will be receiving is a refundable payroll tax credit for qualified wages that will be paid or have been paid to your employees between March 13th of this year until December 31st of 2020.
You and your company are eligible if you have been directly affected by COVID-19. If you have been forced to work at half capacity due to safety precautions, or you have been forced to shut down entirely because you are a nonessential business, you are eligible. No matter the size of your company, you are still eligible. Your company is eligible for this tax credit if your gross receipts for this current quarter are less than what they were in the same quarter this time last year. You are NOT eligible for this tax credit if you are a governmental employer, or if you are self-employed or a small business that has taken small business loans or other small business loans created to help with issues caused by the pandemic.
WHAT TO KNOW
Once you have decided to pick this type of relief, you can begin claiming it right away by reducing your payroll taxes sent to the IRS. If it ends up that your tax credits exceed your payroll taxes, you can ask for a refund directly from the IRS. If your company has over 100 employees, the only wages that can be obtained are of those who were full time and are not working right now. If you have under 100 employees, you can claim all of your employee's wages regardless if they are working or not. Wages up to $10,000 can be claimed, and this does include how much your company pays towards health insurance for each employee. Since you can claim 50% of this $10,000, the max credit you can receive is $5,000 per employee. The tax credit will be repaid to you after subtracting your share of your employee's social security taxes, and it will be treated like you overpaid your taxes, and it will be returned to you.
In comparison, the Paycheck Protection Program (PPP) was also created to offer similar benefits to businesses. You can't apply for both or receive benefits from both, you have to pick one or the other. When deciding which is best for you and your employees, always pick the aid that will help you and your employees the most, not one or the other. Since the applications for the PPP were suspended on April 17th of this year, this will now dictate your choice of what is available to you and your company. As the country slowly begins to reopen, pay close attention to how this will affect your business. You may be able to go back to work at full capacity, and you may not. There could potentially be more aid coming, we will just have to wait and see what the coming weeks will bring. If you and your company have been unable to receive any kind of benefits, keep your eyes open for this opportunity.
These have been difficult and confusing times. You aren't wrong in feeling overwhelmed and confused. We where are here to support you, Summerville. You are not alone in your fight. Also don't forget, if you're looking for the best tax accountant in Summerville, the best tax services in Summerville, the best Quickbooks services in Summerville, the best IT services in Summerville, and the best payroll services in Summerville, we are still here for you. Tax season may be over for some and just starting for others, and we will be here for you no matter what!
There are warnings on how to prepare for the coronavirus in your personal life, for your family, in your home. But what about how to prepare for your company and guiding your employees? How will the virus impact your company and what is the best way to deal with it as a business owner? What is the best way to work with your employees to help them through the current state of affairs?
The coronavirus - or COVID-19 - has been no stranger from any news platform, social media platform, or any conversation you have. With cases hitting the United States at a growing rate, it's common for big-box stores like Sams Club and Costco to start selling out of paper towels, toilet paper, water, and canned goods. We have seen the virus starting to shut down universities, grade schools, nursing homes, and local businesses. It is also starting to impact our imports, changing how people are traveling, and all the while there is a rising fear of what this could mean for our country and as us as individuals.
Business owners and companies are going to have to deal with new things and issues they've never had before. Managers, human resources, bosses, and project managers will be dealing with anxiety, panic, fear, worry, and doubt from employees. What then? It's time to create a focus of keeping them calm, pushing business to keep operating as normal, and being an understanding leader. All the while you'll need to keep the possibility of shutting down out of necessity, safety, or practicality in the back of your mind. This could mean the loss of income, production, employees, and employee's wages and benefits. Outside the worry of catching the virus, quality of life-based on monetary needs will start weighing on you and your employees. What's going to happen next and what is the best way to handle it?
Legal, emotional, and practical worries are making their way to the forefront for many managers. The CDC and a handful of other government organizations have released all kinds of material on how to prepare, clean, and deal with daily business operations. Take advantage of these resources, they are there to help and calm you through this unknown period. When it comes to working with your employees and steering your company through this unknown period, there will be many things to consider. Read carefully through this list and see how it can help or continue to help your company.
One of the hardest parts of this situation is to separating fear from fact. If your employee is nervous to travel because someone "might" be sick next to them at some point in their travels, this might be fear put on by the media - not because it is an actuality. Also, please be aware that acting differently towards someone in your company, or anywhere, who you feel might be more likely to pass on the virus because of race or where they come from is a nasty form of discrimination and can be grounds for a lawsuit. Overreaction from anyone because of how someone looks and where they come from, will lead to some very sticky issues and situations. We do suggest that before you do make any of these choices to keep your company running smoothly, that you receive counsel from medical professionals, the CDC or proper law advisers.
Panic and fear can destroy a healthy situation, a strong company, and the employees within it. As a leader of your company, set a good example. Be prepared, but don't be afraid. Stay educated on the topic, follow the CDC procedure, and keep up with the statistics of the situation. The media can quickly take something and blow it out of proportion. In this situation, keep your employees calm, and have a plan for what might be ahead. Respect their wishes, and work together to keep healthy and safe.
If you have any questions, are looking for more guidance, or just need a little bit of comfort follow the links below to learn more.
It is so easy to start a new year with a power-packed list of resolutions, that come February will find itself in the bottom of your trash can. For you and for your small business, create a list of financial resolutions that you can really stick to. Let this list make 2020 be your most successful year yet!
Let's shake up the beginning of this new year with a set of resolutions that you can really and truly stick to. New Year's resolutions aren't just for dieting and working out. They can be utilized to give your finances a boost. It's a new decade and it's an exciting time for you and your small business. This new year doesn't have to be a burden for you or your company. Take 2020 and turn it on its head by beating it to the finish line with resolutions you can be proud of! Keep in mind too, that even though these resolutions have been specifically picked for your company to thrive, you can also apply them to your personal life. Let's get going!
This won't be the easiest list of resolutions to follow, but the important ones never are. We can guarantee that each one of these is worth sticking to and the will help you and your company in the long run! Cheers to 2020!
Running a business is hard, anyone can acknowledge that. Today, one of the biggest downfalls of any company is its bookkeeping. Simple mistakes and errors can not only make the running of the business difficult but it can also be its downfall. Try and avoid these easy bookkeeping mistakes to make your business run smoothly.
Bookkeeping is something that all businesses, big or small, have to do. The pen to paper bookkeeping for many is a thing of the past thanks to amazing online programs and applications, like Quickbooks, that do a lot of the hard work for you. For some, making and keeping a note of everything by pen and paper is still preferred. But your bookkeeping and how you handle it is just as uniquely personal as your business model and strategy. But the biggest factor, however you decide to do your bookkeeping, is to avoid some of the most simple and common mistakes out there. Today we will be discussing how to avoid these common mistakes to keep your small business working smoothly no matter what!
The First Steps
When it comes to the point where your small business can grow and expand, that is so exciting! But it's so easy to overlook the important steps of your full bookkeeping to successfully make those steps. Many new business owners will just do the bookkeeping themselves. They rush the process, they don't account enough time or attention to the process, and completely mess up a good chunk of all of it by doing so. Our first recommendation is to work with a professional. If you don't want one full time or on staff, at least learn from them how to properly do everything that needs to be done. Take more classes, attend seminars, or even bend the ear of professional bookkeepers. Or hire someone like us at Hoods, who can help you understand Quickbooks and how to properly use it for your company! Most importantly when you sit down to do your bookkeeping, take your time and breathe.
This might be obvious, but it still needs to be said. You have to budget for your small business or the outcome could be a disaster! You raised and created the fund to create the company in the first place. So you know that your bank account doesn't have unlimited spending for the year or years to come. You need to plan how the money of the company will be spent, or in other words, what will your budget be. A budget will help you track your accounts and records, any issues can be corrected quickly, you can plan for any emergencies, keep the company running, and pay your employees. In 2018 alone, 61% of small businesses didn't create a budget. How scary is that? A lot of young companies don't have a full appreciation of what a budget can do for the company itself. Without one there is no way to evaluate the performance or even the goals for the company. You also can't continue to develop the business without one, and you can't see any growth either.
One of the most important steps in bookkeeping is the reconciliation of your books. This is making sure all of the bank accounts, credit cards, and all the reports match and you have proof to show that they do. This is a huge step when it comes to paying your taxes based on how much the company made, how much was spent, and how much was paid to the employees. These factors will all factor in how much you owe the IRS come tax season. Not doing this properly can lead to over or underpaying your taxes. This might have you re-doing your taxes, owing more, and possibly accruing late fees. Not to mention the hours spent on the phone and in front of your computer to fix these issues. You can also become a victim of fraud, have bank withdrawals that were not authorized, several other bank errors, and the disappearance of money you can't account for.
It Doesn't Mix
Many small businesses start in garages or home offices. Some of the greatest companies of all time have started this way. But don't make the mistake of mixing your home and business bills, expenses, or taxes. Make sure you know exactly how to write off business expense items and what they are before doing so. The IRS is very well versed in what you can and cannot call business expenses from your home, so don't try and fool them. Even if you make an honest mistake, it can still hurt you come tax time. Separate your credit cards, your living space from your workspace, your landlines, and cell phones. Keep meticulous records of expenses and receipts, mileage, and time. Don't muddy or blur the lines between home expenses and business expenses. This will make your life and dealing with the IRS much simpler!
There are a lot of small moving parts to bookkeeping, but all of them have to be well oiled to keep the machine running. Don't rush, make sure you know what you're doing, and never be afraid to ask for help. We are here to offer you the best tax services for your business and to help you do your bookkeeping with Quickbooks. Don't let your small business become prey to these easy mistakes. Take the time to educate yourself and keep your bookkeeping focused and accounted for.
You can research ways to save money, make more money, support your employees, and help your business grow. But did you know one of the best tools to help your business grow and flourish are blogs?
Have you spent time reading some of the most popular blogs for small businesses? Can you name three? Don't laugh, but the world of blogging isn't going anywhere. If anything, it's coming back stronger than ever. Newspapers and magazines have been slowly disappearing in paper form and reappearing online. Just like any website, you do need to dig to find credible sources, BUT when you do find them - you are being handed some of the best in the moment 'need to know' information that can help your business grow.
Blogs can help you stay up to date and in the know for your industry. It can help you stay educated (for free!) on new trends, and it can even help you stay creative as you are being inspired by others in your industry. Take the time to research some of the most popular and influential blogs in the world of your business and make time to read them. Use this blossoming tool to help your company grow. Maybe even use this inspirational too to help create your own blog! Having a blog of your own helps those magical SEO (Search Engine Optimization) numbers grow. Blogs make you and your company look more attractive on search engines. Blogs can help you become an online traffic target and they can further push the idea that you are an expert in your industry.
If you're still a little skeptical, here are some of the most popular business blogs out there today. Some of them might even sound familiar!
Harvard Business Review
Google Small Business
This is a very very very small number compared to the number of business blogs out there. We would recommend starting with these three, just to get your feet wet. Then see what happens next! You just might find the exact blog you're looking for with these recommendations or with a number of others waiting for you. You have a lot of material to catch up on, so get to reading!
You know a lot about the taxes for your company, but there still might be some unknown surprises along the way.
There are black and white things you know about taxes, preparing them, and paying them. But as a new or experienced small business owner, there might be some things you didn't know about your taxes. As we enter the fourth fiscal quarter of this year, keep these possible unknown facts in the back of your mind. This might prepare you for possible painful surprises or surprise you with some relief.
So, what did you think? Were any of these a shock or a surprise? With an unknown future and a lot of changes that are a possibility, is your small business prepared? Do you have someone helping you with your taxes, or have you been using Quickbooks to help you prepare for whatever might come your way? With the knowledge of these facts, always know that Pathways is here for you with any question you might have. We are here to help you come tax season and in any season.
Quickbooks is the amazing software that we recommend to all of our clients and what we use ourselves to do taxes and keep all of our finances in line. But for those who are still new to the program, here are five of the most commonly asked questions answered for you to get started!
We can't say enough how amazing Quickbooks is, and the reviews alone and it's personal success speaks very highly for the product. The installation of the software does take a little time but it is worth it. The software is proven to very stable and reliable. It is also a huge time saver for you and your business. It saves time on bookkeeping and paperwork because a lot of this work will now be done automatically thanks to this incredible software and all that it can do for you and your company!
It should also be a relief to you that you can constantly find out where your company stands if you are making or losing money and if you are in a healthy place or not with this software. Also, when it comes to all the financial software that's available for you to use for your small business, it is incredibly affordable. You can run your company on this amazing software for only a few hundred dollars. It is also totally customizable for what you want and how you want to use it for your business. It is very flexible and adapts to small businesses of all kinds.
We could go on and on about why we support Quickbooks so much. But don't just take our word for it. Here are five of the most commonly asked questions answered for you, so you can really see how incredible this software can be for you!
1. Is the Cost of Quickbooks Tax Deductible?
Yes it is! It is tax-deductible according to IRS publication 946 which says "off the shelf computer software is qualifying property for the purposes of the section 179 deduction." So don't be afraid to buy this for you or your small business, you can write it off at the end of the year. And who doesn't love a program that will help your busy grow and it will save you money?
2. Can I add my Accountant, Bookkeeper, or Tax Pro?
You sure can! You can invite an accountant or any of your bookkeepers or Taxpros to collaborate with you for free with Quickbooks online. Once they accept your invitation to collaborate, they can work in their accounts on their own time. If you part ways with any of these persons, you can also deactivate their access at any time as well.
3. Is Phone Support Included?
Phone Support is offered to you during the free 30-day trial Quickbooks offers you when you first sign up and is included with your paid subscription to Quickbooks online. For you to have Phone Support for Quickbooks online, your account must be current. If you are more interested in the Quickbooks Desktop Pro version, phone support is offered for an additional $89 for 90 days after you purchase the software.
4. There is no contract, correct?
This should be a sigh of relief for you. No, there is no commitment or contract. You can switch between plans whenever you would like to and you can also cancel any of your subscriptions at any time. The online version of Quickbooks even offers a free 30-day trial for you to try out the program and see if its a fit for you. If you end up buying the desktop version, there is a 60-day money-back guarantee.
5. Is it easy to get started? If you have five minutes, then you have enough time to get started. Five minutes is all it takes to get up and running with Quickbooks once you sync all of your bank or credit card transactions to Quickbooks online. It will take a little longer to download the desktop version, but as mentioned above it is worth the time it takes to do so.
We hope that if you have been considering using Quickbooks, that this will finally convince you of its potential. If you have any questions or would like more tutelage for this software, please feel free to contact us!
There are so many ways to cut corners and save a little extra for your company this year, but if you think a little more on the creative side - you might end up saving more money than you expected!
Saving money for your company is something that I am sure is always on the back of your mind or is your main focus every time you hit a new fiscal quarter. There are so many options out there that can help you save a few dollars every month and sometimes a little bit every day. But here are five unique and interesting tips that could seriously help you save money consistently for the rest of 2019 and into 2020!
2. Spring Cleaning Comes All Year Round
Have you noticed the huge trend in personal sellers on eBay and a huge slew of apps and websites that have been created specifically for the need of a personal seller? Well, there is a huge reason for that! A little extra cash goes a long way, especially when it comes to your bottom line at the end of the fiscal year. Has your office become cluttered with unused equipment, office supplies, and even gifted items that are just not being used? Take the time to do a big office clean and get rid of everything you don't need! Sell these items on eBay, the Facebook Marketplace, or any number of personal seller apps. You will end up putting a few extra dollars back into your company's pocket and giving your office a much needed deep clean. You can also save time and productivity and give this task to your interns instead of one of your full-time employees. You aren't taking away from your employee's workload, your interns are gaining experience, and you are getting money back from inexpensive labor!
3. Change Up That Work Week
Have you been dreaming of working a three or four day week? Do you think this option might make your employees excited too? Without cutting down the productivity or work that needs to get done at your company, use this idea as inspiration. Giving yourself and your staff a few extra days off during the month or giving them more opportunities to work from home is not only a great perk, but it's also a huge cost saver. You're cutting back on daily business operation costs by closing down the office, and this creates a natural productivity increase. The promise of getting a few extra days off by working a little harder during the early part of the week will help get tasks done and keep employees very happy with the promise of a three or four day weekend.
4. Make a Difference When Printing
Printing and toner cartridges can easily cost $50 a piece if not more every single time you buy one. If you're choosing to print all business materials in your office and allow your employees to have full use of your printing services, constantly buying new cartridges can get very costly very quickly. So, using recycled materials can become an excellent cost-saving option. Shop around for retailers that sell recycled cartridges and make the switch. These used cartridges aren't just cheaper, but a lot of companies that sell recycled cartridges also offer additional rewards for using them. This could turn into another money-saving opportunity for you in more ways than you could expect! Also, not only are you saving money you are also helping save the earth with this excellent green option.
5. Use Those Powerstrips
Did you know that most of the electricity that is powering your office equipment, almost 75% of it, is used when all of your electronics are turned off? That gets pretty costly at the end of the month when that bill is due. Invest in some high-quality power strips to plug in all of your appliances and electronics into. When you and your employees leave at the end of the day just switch them all off as you walk out the door. Just leaving a computer on overnight, depending on how many computers you have in your office, can add an addition $200 a year in unnecessary energy consumption.
Saving money can be easy if you just take the time to think about it. And sometimes you can earn rewards AND help save the planet while saving money too. As you start to think about the end of the year budget and what your 2020 budget is going to look like - keep these unique and interesting options in mind.
The Pathways Team