How little details could cost your company big money.
If you’re trying to run a company, chances are you miss little details from time to time. While these small expenses or mistakes may not seem important at that moment, over time they can compound and have a huge financial impact on your business. Here are some of the most common overlooked details business owners should avoid.
With the rise of direct deposit and programs that make it easy to automatically pay your employees, it’s easy to forget something as little as a pay stub. However, it is mandatory by law that each employee receive a pay stub with every pay check. While failure to provide a complete pay stub results in a fine as little as $50, this fine could add up tremendously. Imagine that you have 15 employees and you forget to give out a pay stubs one payday. This little mistake could result in a penalty of $750, and that’s just for a first offense. A subsequent missed pay stub can result in a $100 penalty.
If your company has relied on the same phone service provider for a long time, there’s a good chance you are overpaying on your phone bill. Invest the time it takes to compare different providers to ensure that you’re getting the most out of your money. Alternatively, consider exchanging your phone service for a VoIP (Voice Over IP) service, such as Skype, to save some cash.
While offering your employees coffee and tea is often a necessary expense, make sure that you’re buying these supplies in bulk to get the best deal possible. This means being vigilant about your supply and planning your shopping trips accordingly. Sent the intern out on the third emergency coffee run this month? That Starbucks bill is definitely going to add up!
Keep these small details and expenses in mind and save your business more money every month. To find out ways you can save on your business insurance, contact the insurance experts at Moser Group Inc. in New York.