Image via Flickr by Alan Cleaver
Your company’s paperwork is never going to go away. It’s something that always has to be done. Rather than trying to do your payroll, taxes, accounts receivable and payable, and all of your other duties, send it to an accounting firm instead. You can keep invoicing in-house to maintain direct control, but the accountants can take care of the rest of the financial busywork. Accountants are in the business of making sure your company stays out of trouble, so you can focus on the important parts of the operation.
Accountants have a duty to make sure their clients’ financials are in order. That includes ensuring that you’re licensed properly to do business in your locale that you’ve filed incorporation papers, and that your corporation is in good standing with the state. It’s worthwhile to pay an expert to do these things for you and take the stress off yourself.
Rent Equipment Rather Than Buying
There are times that your operation needs to do some heavy lifting, or your company might be in the business of heavy lifting. However, industrial equipment gets expensive even when you buy used. A better alternative is to rent the equipment you need. You’ll still get the bells and whistles that make the job go faster and the machinery easier to operate. But you’ll get it at a cost that won’t drain your accounts, and you’ll keep the equipment only for as long as you need it. Plus, you’ll get the benefit of deducting some or all of the cost of the rental on your tax return.
Outsource Human Resource Issues
State and federal laws require that you inform your employees of their rights, and you have to offer health insurance if you have over 50 full-time equivalent employees. There are also workers’ compensation issues that can come up if someone gets hurt on the job. Going to an outside firm for your human resource needs is another way to lighten your load. Employees will have someone to talk to when they have an issue with workers’ comp or if they need to learn more about the regulations that affect their employment. You’ll spend less time having these discussions and have qualified people doing the job for you.
These are just some of the ways in which you can boost your productivity without spending more on manpower. You may have to dip into the reserves at first, but you’ll wind up getting that money back in terms of time saved.