Nowadays everyone wants to be their own boss so that they are in control of their own destinies. By being your own boss, you don’t have to answer to anyone and are free to do whatever you like. However, in reality it is much harder than that. Anyone who has embarked on the path to becoming their own boss can tell you that their path is full of thorns, but the payoff is much sweeter. One of the biggest thorns in your path is money. However, people make the mistake of thinking that if you can’t have a fancy office space, then you should just give up! They fail to realize that in this case, your home is your biggest asset!
Those who say that you should never bring your work home obviously haven’t tried to build their own startup from scratch. Since your business hasn’t yet been established, banks are extremely reluctant to give you loans. In this situation you need to get creative! Consider turning one of your bedrooms into an office room. You won’t believe how much you’ll save by taking this step!
You only pay the utility bills of your house and not any other office space. There are also other big benefits as well. For instance, you get to cut a huge loss from your income taxes. Costs directly linked to your business can be deducted from your Income tax. So your electricity, for instance, is supplied to both your house and your office, so you can deduct it and save a ton of money from utilities alone! In that case, if your office consumes 20% of your total electricity, for example, you save 20% on your bill every year! Pretty amazing right? If you want to find out more then check out this link http://www.investopedia.com/articles/tax/09/self-employed-tax-deductions.asp#axzz1ObUmcqXS
Now that the bigger costs are reduced, we should focus on smaller processes that eat away your profits. One of the biggest parts of any business is the people who work to make it a success. You reward your employees with paychecks, but have you ever stopped to think how this process is killing your business? I’m not telling you stop paying your employees, just to outsource it.
As an entrepreneur you have to be a one man army and that makes you vulnerable to mistakes. For instance, did you know that IRS penalizes small businesses on a yearly basis for screwing up their payroll paperwork? As much as $845 on average is penalized every year! Moreover, hiring accountants to send out payrolls, bank transaction fees, and other paperwork can cost your business thousands of dollars!
Whereas, if you outsourced the process, you’re not only going to get a flawless and timely job every month, it’ll also save you a ton of money! They make it their mission to reduce your costs. They not only directly deposit to employee accounts but also use cutting edge technology and industry experts to do your bookkeeping. To find out more about such a service visit here payrollserviceaustralia.com.au
August 24, 2017