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Top 3 Ways to Cut Overhead and Save Money in 2020

by Tracey Hrica, EA Dec 11, 2019 | Share

According to Vinnie Fisher, CEO of Fully Accountable, while there is only a little bit of time left in the year 2019, there is no time like the present to plan your business’s course of action for 2020. By focusing on making just a few small changes, rather than trying to reinvent your business altogether, you may be able to increase your current operating margins by 5 percent or even more.

Taking the time to make just one of these changes may end up being what enables your business to succeed in the upcoming year.

1. Outsource Essential Accounting Duties.

Your business needs smart accounting solutions that take into account your business’s specific needs. Free up your time to focus on running and growing your business, while still making sure your books are clean and ready for decision-making.

2. Consider Going Paperless

You can eliminate many of your paper costs, save on postage, as well as reduce your carbon footprint.

3. Cross Train Your Staff

Some business owners associate cutting overhead with firing people. While this may still sometimes be necessary, developing a fluid staff will be good for both your company’s morale and your bottom line. Rather than firing team members to only eventually replace them with somebody else, consider reshaping their role and investing in training them to contribute in other valuable ways.

About the Author

Tracey Hrica, EA

Tracey Hrica joined the firm in 1995. She is an Enrolled Agent(EA), which enables her to prepare personal and business tax returns and represent clients before the IRS. Working closely with her clients, Tracey’s primary areas of concentration are new client set up and QuickBooks support. As a QuickBooks ProAdvisor, she works closely with clients who rely on QuickBooks for the day to day running of their business. Tracey has expertise in both QuickBooks Desktop and QuickBooks Online.

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