Stay Ahead of Law Changes & Protect Yourself Against Being Audited: Corporate Transparency Act and Reasonable Compensation

3 Ways to Run Your Business More Efficiently to Save Time and Money
Small business owners have very limited resources. Because of this, they have to make smart decisions about their time and money. Some of the best ways to save on both will likely surprise you. Below we have highlighted three tips to make your business run more efficiently.

Communicate

Communication is the key that keeps a business together. Strong communication can increase productivity and resolve any issues in the workplace. Failure to effectively communicate can lead to employee conflict, a hostile work environment, and lost revenue. When you communicate with your employees, you must speak with clarity. You need to say enough to make sure that your message is clear. When speaking to your employees take a few extra minutes to make sure that you’re saying what you mean. This will save time clarifying points later made during the initial conversation.

Save Time with Training

Training can help you ensure that time is spent where it is most beneficial in your business. Identify where your employees have commonly experienced setbacks. Your employees may be encountering roadblocks in their daily tasks, such as getting stuck on an order because they are waiting for information. They may resort to starting new tasks while waiting on a manager to verify or assist with the original task in an attempt to multitask, which will almost always waste more time than it saves. Train your employees on possible mishaps that they can address themselves to reduce how often they need to wait for assistance. Transparency in your processes lets everyone stay informed and helps you save time. You can look to other industries for inspiration on how to streamline processes by pinpointing bottlenecks in your business. Methods such as SMED are commonly used in manufacturing to decrease time spent waiting to begin or set up a process. For your business that may look cross-training, setting up a database to reference, or software that automates a mundane task.

Automate Your Payment Methods

You need to make money to be successful and to stay in business. The faster your customers and vendors pay the better. You need to put a payment process in place so you won’t have to chase money. There are three key ways you can automate your payment process: use a payroll system, customized PayPal buttons, and recurring invoices. Automating your payment process leaves you more time to focus on other aspects of your business.

If you want to run your business more efficiently, consider implementing one or all of these strategies. Automating the payment process, improving your training, and communicating effectively, are all valid ways to save you money and time. Don’t be afraid to experiment and discover what works best for your company.

Looking for more ways to save money when running your business? One long-term money saver you may not have considered is outsourcing your bookkeeping and hiring a professional tax preparer.

The Molen & Associates Difference

Mike Forsyth

“Super helpful and timely. This is our first year with them and we look forward to trusting them with our taxes and business books for years to come.”

Caitlin Daulong

“Molen & Associates is amazing! They run an incredibly streamlined process, which makes filing taxes a breeze. So impressed with their attention to detail, organization, and swift execution every year. Cannot recommend them enough!”

Sy Sahrai

“I’ve been with Mr. Molen’s company for few years and I felt treated like family respect and dignity. They are caring, professional and honest, which hard to find these days. Love working with them.”

2024-2025 Tax Updates

2024-2025 Tax Updates: Key Changes, Strategies, and What You Need to Know As we approach the end of 2024, it's essential to stay informed about the tax changes that will impact your upcoming filings. The Internal Revenue Service (IRS) has announced several updates for...

Required Minimum Distributions (RMDs): What Are They and Why Are They Required?

Required Minimum Distributions (RMDs): What Are They and Why Are They Required? As retirement approaches, understanding the rules around Required Minimum Distributions (RMDs) becomes crucial for anyone with a retirement account. RMDs are mandatory withdrawals that...

HRA 105 Reimbursement Plan: A Comprehensive Guide for Businesses

In today's evolving healthcare landscape, businesses of all sizes are searching for cost-effective ways to provide health benefits to their employees. One increasingly popular solution is the HRA 105 Reimbursement Plan. This plan offers flexibility, tax advantages,...

Do I Need to Pay Taxes on Payments Received in Cash?

Receiving payments in cash might seem like a simple and hassle-free way to manage your finances, especially if you're a freelancer, small business owner, or even just doing a few side gigs. However, while cash payments are convenient, they come with responsibilities...

Bonus Depreciation: Maximizing Tax Benefits for Businesses

Bonus depreciation is a powerful tax incentive that allows businesses to accelerate the depreciation of qualified property, thereby reducing taxable income and enhancing cash flow. This article delves into the intricacies of bonus depreciation, its eligibility...

Which Accounting Software to Use – QBD, QBO, Excel, NetSuite, Wave, Xero, etc.

In today's digital age, choosing the right accounting software is crucial for businesses of all sizes. With numerous options available, it can be challenging to determine which software best suits your needs. This article will explore some of the most popular...

Personal Property – Primary Residence Capital Gains Exclusion: How Does This Work?

The capital gains exclusion for the sale of a primary residence is a significant tax benefit available to homeowners in the United States. This exclusion allows taxpayers to exclude a substantial portion of the gain realized from the sale of their primary residence...

Personal Property – Primary Residence Capital Gains Exclusion: How Does This Work?

Personal Property – Primary Residence Capital Gains Exclusion: How Does This Work? The capital gains exclusion for the sale of a primary residence is a significant tax benefit available to homeowners in the United States. This exclusion allows taxpayers to exclude a...

Compensation and K-1 Reporting for Partnership Owners

As a business owner of a partnership, understanding how your compensation and earnings are reported and taxed is crucial for managing your finances and staying compliant with IRS regulations. Unlike S-Corporations (S-Corps), partnerships cannot pay their owners a W-2...

W-2 Salary vs. Distributions vs. K-1 for S-Corp Owners

W-2 Salary vs. Distributions vs. K-1 for S-Corp Owners As an S-Corporation (S-Corp) owner, understanding the distinctions between W-2 wages, distributions, and K-1 profits is essential for managing your tax obligations and business finances. In this article, we will...

Request an Appointment Today

2 + 2 =

Call us at

Pin It on Pinterest

Share This