How to get the most out of your business spending
Your business spend isn't just sunk money. Here's how to get more from your hard-earned dollars.
There are also a few ways to make your money stretch that little bit further. We've partnered with American Express to bring you 5 ways to squeeze every cent (and more) out of your business spend.
Keep track of expenses
The number one way to get more for your money is to keep a close eye on what you're spending – and that means more than just scanning bank statements at the end of the month.
If you can, set up instant bank feeds for your accounting software. (For example, MYOB allows for automatic integration with American Express.)
This means you can see real-time spending and quickly spot unnecessary expenditures. If you provide employees with business cards, you can track their spending too.
The American Express Qantas Business Rewards Card allows members to provide up to 99 additional cards for employees at no extra cost,1 so business owners can see who is spending what, where and when.
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Collect points on your business spend
If you put business spending on a rewards credit or charge card, you can use the points collected to help offset business expenses – you'll practically be getting more for your money.
With the American Express Qantas Business Rewards Card, members can collect 2 Qantas Points per $1 spent on select Qantas products or services, 1.25 Qantas Points per $1 on everyday business spending and 0.5 Qantas Points on utilities, insurance and government spending.2
These points can then be redeemed for everything from cinema and dining vouchers to flights and rental cars.
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Invest in professional development
Professional investment – for both business owners and employees – can pay dividends.
Not only can it equip you and your employees with the skills needed to push your business forward, but it can also keep staff motivated and engaged as they feel fulfilled and see their employer investing in their future.
Identify areas of weakness within the business to find targeted professional development opportunities that will have a real-world impact.
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Upgrade or increase equipment
In a similar vein to professional development, upgrading your equipment can improve or broaden your offering to customers. If upgrades aren't possible, investing in more machinery might be.
Upgrades like this can increase your output or help you deliver a better product to customers, all of which can increase revenue, making your investment worthwhile.
Plus, investments like this could be tax deductible, which brings us nicely to our next point.
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Talk to a tax expert
A tax specialist will be able to keep you in the loop about any tax incentives that make financial sense for your business.
They'll also be able to advise you on everything that is tax deductible, including personal development, content subscriptions and business equipment. The cost of talking to a tax professional can even be tax deductible.