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Small Business Tips for Saving Money in the New Year

By Kristin Gabriel

Republish: EasyPublish™ Published: 31Dec2008 Word count: 578 Viewed: 133 time(s) Get Free Content For Your Site

Having a successful business means keeping accurate and timely financial information because a clear financial picture will allow you to monitor your business and its successes.

Make sure that you also keep all your records like canceled checks and other business documents in a safe place. Put your receipts in the proper categories throughout the year so it would be easier to total them at year's end for tax purposes. You are not required to keep records in a formal set of books so make sure you choose the best record keeping system, which is one that works best for you.

You may not always get paid right away for a product or service that you have already delivered, and today it is harder than ever before to secure alternative financing through banks or venture capitalists. So the bottom like is that accounts receivable factoring could help.

Factoring is an extremely fast way to turn your receivables into cashrather than waiting up to 90 days for an invoice to be paid. Following are some other money saving tips:

1. Take a look at all work expenses. Rather than eating in restaurants every single day for lunch, and getting that latte at 11 am and 4pm, bring your lunch to work from home often to save money, plus it is probably healthier. If possible, commute to work with other employees to save money on gas.
2. Do not purchase lottery tickets. Recreational money taking activities, including gambling, must be stopped.
3. Cut back on any incidentals. Read through one of your credit-card statements and review those monthly fees. Cut back on dry cleaning and cancel any club memberships you don't use. Remember that the magazines often just stack up so cancel unused subscriptions.
4. Begin to save money. Review your saving habits, and if you have not saved much then set aside a reasonable amount you could look at like it is just another monthly bill. Start saving and keep at least $10k in your savings account for emergencies.
5. Draw up a Savings Plan. Think about reaching a specific savings goal so that after that your savings money could become automatic contributions to a mutual fund or other stock-oriented fund.
6. Iliminate credit-card debt. Pay the entire balance off your credits cards in full and on time every month. Or transfer your credit-card balances to one single card with a lower interest rate as soon as possible.
7. Don't get late fees. Are you getting hit every month with extra finance charges because your credit-card bill is regularly due before you've received your paycheck? Call the credit-card company and ask to change the due date.
8. Set up or contribute to retirement fund. Contribute as much as you can to a tax-deferred retirement plan. You'll get a tax break, and some employers match part of your contribution.
9. Review your estate plan. If you do not yet have a will or living trust, now is the time to do it, but if you already have these documents, just review them.
10. Think about invoice factoring for much needed cash. After the holidays and New Year begins, some people find themselves broke. One solution is single invoice factoring, which could enable you to receive funds in less than 24 hours, from invoices that have yet to be paid by your clients.

Have a happy, healthy and prosperous New Year!

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