Running a business obviously isn’t a cheap expense, but most of us make use of budgeting so that we understand how much money is coming in and how much is going out. Well-trained accountants can tell you more than just how much money is being used or spent. They can project earnings and estimate how much your company will be making in the future—it’s worth hiring an accountant that knows what they are doing.
However, there are nasty surprises that can pop up when running a business. No matter how big or small your company is, there are expenses that can make a huge and sudden dent in your budget, and if you don’t have a skilled accountant around, you’re most likely going to miss some of these important expenses. Running a business cheaply is very possible, but never underestimate hidden fees.
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Let’s start with paper. Paper isn’t very expensive on its own, but there are many different types of paper that your business might need. For example, if you make regular use of labeling machines and small printers, then you might need specialized papers that can cost more than a regular stack of A4 sheets that you use for photocopying.
If your accountant makes use of desktop calculators, then you’d be surprised at how much a spool of ribbon costs. The spools are used as ink so that the desktop calculator can print of figures and numbers. Very few businesses use desktop calculators, but it’s a crucial tool for many experienced accountants and they swear by it as opposed to using computer software.
Even if your employees are extremely careful with all the equipment in your business, something will end up breaking. Whether it’s a pricey Apple computer or the lone copy machine in your office, broken equipment will slow down your business and create complications.
If your business’s server hardware breaks, it’ll take several days to get the system back online unless you have a well equipped in-house IT team. In addition to fixing hardware and ordering replacements, you might end up having to use data recovery services if storage devices were damaged in the process. Loss of data is a business-destroying accident, and the best method of prevention is to use cloud storage services or have several backups ready in case of an emergency.
If your company is sued, then you’d better be prepared for a lot of extra money (or a legal team) to fight off the complaints and lawsuits. Legal fees can be incredibly expensive, and it’s even worse if you aren’t able to successfully defend yourself in court.
If your business is susceptible to angry customers, then it might be worth the hassle and money to hire a legal team to handle it for you because it’s much more efficient in the long run. However, the best method of prevention is just to have your employees practice good customer service manners, always make sure your products are as they are advertised, and never use underhanded methods or shady tactics.