Tax time can be a revealing time for business owners, as receipts and accounting records can clearly indicate spending trends and expenses that exceeded budgets or expectations. However, businesses still have an opportunity to reduce business expenses for the current year and improve their bottom line with a few proactive steps. In today's blog post, we'll highlight three areas in which business can realize significant savings in their annual budget to allow financial resources to be focused elsewhere.
Review Current Business Insurance Coverage
One area that business owners often overlook is in the area of commercial insurance coverage. Many owners simply purchase business coverage such as Commercial Auto, General Liability, or Workers Compensation once and never think about their insurance coverage again unless disaster strikes. If a business has had a major improvement, purchased new equipment, or changed the number of commercial fleet vehicles in use, then commercial insurance coverage may need to be updated to reflect proper coverage. Otherwise, businesses may be paying too much for insurance, or have a gap in coverage for new assets that won't be protected in the event of disaster. In addition, business owners may be able to reduce insurance costs by bundling commercial policies together for maximum premium savings.
Search For Tax Credits or Tax Code Changes
Small business owners, especially those that handle their own taxes or rely on area accountants for tax filing, should make sure that the newest tax credits and changes are thoroughly reviewed to take advantage of those beneficial to their business or industry. Many businesses do not know that they may be eligible for federal tax credits based on individuals hired from specific target groups, or due to energy-efficient business or equipment improvements. These tax credits and changes can greatly benefit small businesses looking to save money in the current year.
Negotiate Better Pricing For Office Supplies
With the growing number of local and online vendors for office supplies, businesses can negotiate much lower pricing for office supply necessities such as copy paper, toner, computer equipment, office supplies, food and beverages, and other paper goods. It is easier than ever for business owners and purchasing departments to complete price comparisons between online and local suppliers to secure the lowest possible price, including shipping and delivery costs.
Aegis is pleased to partner with Houston area businesses to provide top-quality, reliable commercial insurance solutions at affordable rates. Aegis offers a full range of business insurance coverage, including General Liability, Workers Compensation, Business Owners Policy, Commercial Auto, Commercial Property Insurance, and many other options tailored to specific industries. Call the friendly and experienced agents of Aegis today ay 713-850-7622 for more information, or go online to request a free quote today!