You have filed your small business taxes, and now you are waiting for your tax refund. Many business owners may use their refund money to spruce up the office, travel for business or hire services. Here is a list that outlines some tips on when to save and when to splurge on your business expenses.
When to save:
Although you most likely use office supplies everyday, there’s no need to purchase top-of-the-line, overpriced supplies. Buy supplies in bulk or find sites with discounted prices.
If you travel far for business, you have probably become accustomed to flying. You do not need to fly first class during every flight. Fly business or economy, unless you are traveling for an extremely long flight. After all, whichever seat you choose, you will still end up at the same place.
In the days of social media, you do not need to spend hundreds of thousands of dollars to get your business’ name out there. Try boosting your posts or start a small campaign to bring more brand awareness and followers to your social media pages.
When to spend:
Aside from ensuring any guests to your office are comfortable, you also want to be sure your office appears as professional as possible. If you are going to splurge, new furniture is practical, looks nice, and will be used daily.
Since you likely use a computer everyday, this is something you may want to spend more on. A good computer can last you years with speedy, reliable service. Do some research and purchase a computer that fits best with your line of work.
Good accounting is invaluable. Accountants keep your financials organized, manage payroll, and taxes. While you run your business, your accountant is an asset that keeps your financial assets afloat.
Generally, you should spend on functions you will use daily. Save your money on services that you will use infrequently or can buy in bulk. If you need assistance with bookkeeping or filing your taxes, contact us at (781) 436-5810 or hylencpa.com/contact-us.