Ways to Reduce Operating Expenses

Shop around for office products and save money with online tools.

By Angelo Mendola On Mar 28, 2018

According to the publication Office Products International, smaller offices with one to four employees spend as much as $1,844 per employee on expenditures such as office supplies, computer consumables, tech equipment, furniture, janitorial supplies, and break room products.

Office Depot offers New Jersey Business & Industry (NJBIA) members exclusive savings with free shipping on orders over $50 that are under 50 pounds. Amazon often has Add On deals featuring some of the lowest prices on the web. Costco offers savings on bulk items such as toilet paper and printer paper. Some companies will even let businesses negotiate contracts with them.

One can save even more money with online tools. Wikibuy, Honey and Ebates are three good resources for saving money when making purchases online.

When there’s not enough work for a full-time human resources, accounting or information technology employee, outsourcing makes the most financial sense. A company like Paychex offers cost-efficient human resources along with a system that employees can use to view their paychecks. AccountingDepartment.com offers US-based virtual accountants that serve as – their website suggests – an accounting department. Domain Computer Services and similar companies offer everything an in-house team could do and more, such as fully manage IT services and cybersecurity, without the full-time salary and benefits package of an on-staff employee.

Having a good rate, service and technology from a payments processing and technology provider is key.

Payments processing and technology is one of the most overlooked areas when it comes to reducing operating expenses. Oftentimes, businesses get comfortable with their payment processors and, as a result, shopping around for a better rate on their processing does not cross their minds. It’s also common for companies to think they already have great rates or that switching processors is difficult, which is not always the case.

When a payments processor does not offer a good rate, coupled with a lack of responsive customer service from a knowledgeable team, businesses lose money. In addition, not having the right payments technology can result in: payments not being processed correctly; sensitive information being at risk, and more time than is needed being spent on processing payments. With Priority’s MXTM Invoice, for example, sending invoices and receiving payments takes minutes and is simple. With MXTM Express, businesses can accept payments on-the-go using an iPhone. Both are completely secure and easy to use.

In following these tips, businesses could save thousands of dollars each year.

About the Author: Angelo Mendola is president, chief operating officer and co-founder of Priority Payment Systems Local. The Red Bank-based company is an industry pioneer in payments technology and merchant services.

 

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