In small businesses, people are always searching for the latest ways to save money. One of the most convenient ways of saving money is by accurately recording the transactions in the small business accounts. Simple little changes can help you save money, when you manage your accounts. There are postage costs that can be reduced and even there are costs that can be reduced in bookkeeping. We are providing different ideas for saving money when it comes to accounts management. You can also consult companies that offer Accounting Services Singapore for more tips.
- Email Your Invoices and Statements
Even in this era of information technology there are small business owners who are determined on wasting money. One of the most common ways of wasting money is by posting invoices and statements by mail.
Did you know that it costs up to $5 to send a letter to a client that consists of an invoice or statement by Singapore post?
We will tell you how? The postage in Singapore will cost you up to 30 cents. Then you have to purchase the envelope and paper. There will be cost of printing and the cost for maintaining the printer. Then you have to place the invoice into the envelope and then it consists of cost of posting the letter by physically dropping it in the post box. The total cost is at least $5 per letter.
The best way of sending your invoices and statements to the customer is by emailing them on their email address. When you store customer’s information in your credit application or cloud accounting software, you should make it mandatory for your team to save an email address of their accounts staff.
Now just do the calculations. IF you send hundred statements a month. It will cost you $500 a month. That will incur a cost of $6,000 a year. You can use this amount in your business each year. For more tips like these you can enquire the companies that offer Accounting Services Singapore. Alternatively, you may try to outsource accounting Singapore.
- Include plenty of Information in the Memo Field
If you are using an accounting software like Xero accounting for your business you can enter extra information when recording information about invoices and bills. This information can be added in the Memo field. Many small business owners forget to include information in the memo fields of their accounting program. This can create an issue later on. For example when your accountant uses your accounting program to calculate your yearly taxes, he will need as much information about the transactions as possible. Therefore, if you did not enter information in the memo field, he will ask you questions about the transactions. That will cost you money because accountant will bill you for his services. Alternatively, you can obtain the services of accounting firms in Singapore to considerably lower your expenses.