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Overlooked ways to save money
Q: I've followed all the well–known tips for cutting costs around the office, but I'm still looking to save more. Do you have any unheralded saving tips that I may have overlooked?
A: Here are a few tips that you may not have considered. And remember that "preemptive saving" is not only a great way to cut costs before they become an issue, but it will also help save time and effort.
Be your own post office
You would be amazed at how much time and money get wasted by small businesses shuttling back and forth to the post office. Save yourself the hassle by becoming your own little PO. Here's what you do:
Go to www.usps.com/mydesktoppostoffice to download "My Desktop Post Office." This is free software that enables you to do many post office tasks from your computer.
You'll be able to print shipping labels, schedule a pickup, calculate rates, buy stamps, find zip codes, create direct mail and more.
You would be amazed at how much time and money get wasted by small businesses shuttling back and forth to the post office. Save yourself the hassle by becoming your own little PO. Here's what you do:
Go to www.usps.com/mydesktoppostoffice to download "My Desktop Post Office." This is free software that enables you to do many post office tasks from your computer.
You'll be able to print shipping labels, schedule a pickup, calculate rates, buy stamps, find zip codes, create direct mail and more.
Use direct deposit when you can
Replace payments by check with electronic transfers to the U.S. Treasury for your income, employment and other tax obligations. Not only can you save on the cost of using checks, but you can also save yourself issues down the road by staying on top of your taxes.
Using the Electronic Federal Tax Payment System at www.eftps.gov, you can schedule estimated tax payments, payroll deposits and other tax payments at your convenience––something especially helpful if you are frequently on the road for business. This electronic payment method authorizes transfers from your bank account to the government in the amounts you specify on the dates you schedule in advance. There is no cost for setting up or using EFTPS.
Replace payments by check with electronic transfers to the U.S. Treasury for your income, employment and other tax obligations. Not only can you save on the cost of using checks, but you can also save yourself issues down the road by staying on top of your taxes.
Using the Electronic Federal Tax Payment System at www.eftps.gov, you can schedule estimated tax payments, payroll deposits and other tax payments at your convenience––something especially helpful if you are frequently on the road for business. This electronic payment method authorizes transfers from your bank account to the government in the amounts you specify on the dates you schedule in advance. There is no cost for setting up or using EFTPS.
Keep good credit
A small–business owner's personal credit is very important when it comes to secure financing for the business. Maintaining good credit can save your business countless dollars every year.
You can view your own report for free from www.annualcreditreport.com. This is a centralized service created by the three major credit bureaus (Equifax, Experian and TransUnion) for consumers to access their annual reports to which they are entitled by federal law.
Remember, if you detect problems with your report (e.g., a notation of an outstanding loan that you know you've repaid), take immediate action to correct them.
A small–business owner's personal credit is very important when it comes to secure financing for the business. Maintaining good credit can save your business countless dollars every year.
You can view your own report for free from www.annualcreditreport.com. This is a centralized service created by the three major credit bureaus (Equifax, Experian and TransUnion) for consumers to access their annual reports to which they are entitled by federal law.
Remember, if you detect problems with your report (e.g., a notation of an outstanding loan that you know you've repaid), take immediate action to correct them.
Some issues discussed in the expert forum are complex and continually changing.We recommend you consult a professional advisor about your specific circumstances, needs, and applicable laws. More details.