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Tip Of The Week

Know what you can claim on tax and any tax incentives you may be eligible for. — tip by Sophie's Bookkeeping

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Cost savings are usually associated with tangible items. However, it is important to remember that staff time is an expense that can be saved by making their work flow and tasks more efficient.
This can involve reviewing repeatable tasks to see if certain things can be removed or done differently.
Sometimes it may involve purchasing new equipment. This will have a capital expense but over time the savings will cover the initial investment.
Training staff can also yield cost savings in the way of more efficiently working staff.
Cost savings should be looked at long term. Businesses should avoid short term cost savings such as not replacing old equipment, firing staff or replacing stock with low quality equivalents.

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