Managing finances as a business owner is all about maximizing profits and minimizing expenses. Choosing either could result in a positive cash flow and a successful company. However, as simple as it may sound, saving money as a business is not the easiest thing in the world. Over the years, business leaders have come up with several ways to budget their money more efficiently with effective payment solutions such as ACH payment processing.
Here are five proven ways business owners can save more money:
1.) Taking Advantage of Self Storage
Apart from money, there are two other precious resources that companies cannot live without: time and space. Space is a commodity that businesses use for inventory, storing old documents, reducing clutter at the office, and a variety of other purposes. Moreover, just like any other commodity, space costs money.
Fortunately, you can take advantage of self-storage to cut down on the cost of space and save more money for your company’s growth. Self-storage, also known as “mini storage”, is a fast-growing industry that’s all about around providing extra affordable space for businesses, organisations, and certain individuals. Renting a self-story unit will give you access to much-needed space for your growing business.
2.) Make Use of ACH Payment Processing
ACH payment processing are payments that are electronically transferred through an Automated Clearing House (ACH) network. This process allows businesses to make direct funds transfers between two distinct bank accounts. As a growing and prevalent alternative option to paper checks, ACH payment processing are generally being used for direct deposits, payment of monthly bills, invoices, subscription-based services and a wide variety of payments that are of a recurring nature.
One of the most significant aspects about ACH payment processing is that banks and other financial organizations like handling them first, so to compensate, people who chose to make their payments using ACH processing will be more likely to get paid sooner than those who are using the conventional methods of paper checks. ACH payment processing can effectively diminish funds processing time.
Businesses using ACH payment processing can also benefit from reduced chances of errors and enhanced security, saving the company valuable resources on both aspects. As there is less human involvement with ACH processing, it will successfully mitigate the probability of manual errors.
3.) Going Paperless
Technology has made it possible for enterprises to handle important documents digitally as opposed to using paper. At first, you may think that it is nearly impossible to run a company “paperless”. However, it could be the most economic change you can do for your business.
One of the most important aspect that businesses tend to overlook is the reliance of paper-pushing practices when it comes to handling payments. If your business decides to adjust to ACH payment processing, you will significantly reduce the dependence on paper. It will no longer be essential to waste time and resources with paper invoices, paper checks and expensive mail delivery charges as well as fatiguing your staff with trips to the bank. Paper checks are old fashioned and ACH payment processing is the way to move ahead. The faster your business adapts, the easier it is for your company to save more money and resources.
4.) Buying Second-hand or Leasing Equipment
In most industries, office equipment takes a huge chunk from the budget of startups. Additional equipment for growing businesses also requires a sizeable investment. This is why you should consider buying second-hand equipment.
Also, opt to lease equipment especially if you only need them for the short-term. Lastly, try to avoid “upgrading” your gear just because a newer version is available.
5.) Don’t Waste Time
Just like space, time costs money. Time can also make you more money if you know how to manage it and use it more efficiently. In the aspect of finance, using efficient payment solution such as ACH processing can greatly save you valuable time.
Maximizing your efficiency with time also takes time. Get in touch with a trusted ACH payment processor for more information on how to get started with this payment solution.