How To Save Money On Technology For Your Small Business

Technology is an essential part of business today, and those that fail to keep up with the changes that come with the advancement of tech are putting the success of their company in jeopardy. While some may be able to get by with minimal reliance on tech, almost all businesses can benefit from the implementation of advanced, modern technology.

A small retailer, for example, can benefit from an advanced POS system and stock management software, and a service provider may be able to make good use of cloud-based project management and automation software. However, the big drawback to implementing these things is understandably the cost of both implementation and maintenance.

Here are some ways that you can save money on tech for your small business:

Understand The Benefits For You

There are some absolutely phenomenal systems and devices available on the market today which can significantly boost the success of a business. At times, technology upgrades can help a business level up from something small and uncompetitive to a corporate entity that dominates an industry. However, you need to remember that not all tech is going to be necessary for you, and while something might seem to be cutting edge and has done wonders for other businesses, this doesn’t mean that it’s going to benefit your own.

Put everything to one side and focus solely on how you can personally implement this technology and whether or not it’s going to serve you better than a cheaper option or if it’s even going to make an impact on your success.

Utilise Great IT Support

One of the highest costs when it comes to technology is having to replace or repair broken devices. It’s not always possible to avoid this, as technology never lasts forever, but a great IT support team, such as Totality Services, can provide you with better security for your tech as well as continued maintenance for those devices, systems, and networks. Not only that, but the IT consultancy that they can provide can steer you towards some great tech opportunities for you and help you find some great deals that you might not have been able to find on your own.

They can help implement new systems in your business, such as cloud computing, enabling you and your team to work from anywhere with ease.

Ignore Extras And Warranties

After agreeing to buy some new devices or software, you’ll be offered some additional extras that might be dubbed as essentials or extremely useful to have. However, as with most sellers, they are likely just trying to upsell, and these added extras and even warranties are simply designed to get that little bit more from you when you buy. There are many tricks that salespeople will employ, and you should always be on the lookout for them. Don’t fall for these tricks. Instead, understand what you want and need from this purchase and stick with it. The last thing you want is to sign up for a monthly payment for a warranty that you’re never going to need.

Remember that your IT support team will likely have the skills to deal with most tech issues.


In conclusion, saving money on technology for your small business requires a strategic and informed approach. By assessing your needs, exploring cost-effective solutions, and leveraging available resources, you can make prudent technology choices that enhance your business without straining your budget. Keep in mind that technology is an investment, and well-planned investments can yield significant returns in terms of efficiency, productivity, and growth.

Remember, the key is not just to cut costs, but to optimise your technology expenses for the long-term success of your small business.

Managing Business Finances Made Easy: Tips from the Pros

If you’re like most business owners, you probably feel like you’re always playing catch-up when it comes to your finances. It can be tough to keep track of everything, especially when you’re busy running your business. In this article, you’ll learn tips and tricks for better managing your business finances. So read on and start getting ahead of the game!

Effective financial management is a cornerstone of any successful business. Whether you’re a seasoned entrepreneur or just starting your venture, mastering the art of managing your business finances can significantly impact your company’s growth and sustainability.

Embrace Automation

One of the best things to do with numbers in a business is automating tasks because they erase the option for a human error. The proper softer installed in your system is the perfect way to do payroll processes with ease, including direct deposit and employee onboarding documents. You can also use it for tracking inventory levels, budgeting, and even collecting customer payments.

Automation will help you keep better financial records because it can all be done in one place and will eliminate the need for you to search through various software programs to find specific information. Everything will be compiled in one spot so that you can easily generate reports and get a clear picture of your business finances at any given time.

Enhance Your Billing Strategy

Every business runs into customers that are late with their payments. This can put a strain on your cash flow and make it difficult to manage your finances. There are a few things you can do to enhance your billing strategy and make it easier to manage your finances.

First of all, you have to make sure you invoice promptly. Send invoices as soon as the product or service is delivered. This will help ensure that you get paid in a timely manner. It’s also smart to include payment terms on your invoices. Make sure you include when the payment is due and any late fees that may apply. This will help ensure that customers pay on time.

Never forget to follow up with customers who are late with their payments. A polite reminder can go a long way in getting customers to pay their bills.

Monitor Company Spending’s

There are a lot of expenses your company has. These are the following:

  • Rent
  • Electricity
  • Phone
  • Internet
  • Wages
  • Insurance premiums
  • Taxes
  • Advertising
  • Office supplies 

You can keep track of your company’s spending by monitoring all expenses. You can do this by setting up a budget and tracking actual spending against the budget. This will help you to see where your company is overspending and where you can cut costs.

Another way to keep track of your company’s spending is to use accounting software. This software will help you to track all income and expenses. This will give you a clear picture of where your company’s money is going.

Watch Out For Taxes

All your taxes need to be in order before you can do anything else. This means that you have to have a system for tracking your income and expenses, and you need to be able to categorise them properly. You also need to know when each tax is due so that you can pay it on time.

If you don’t have a system for managing your finances, it will be very difficult to stay on top of your taxes. The best way to avoid this is to hire an accountant or bookkeeper. They can help you set up a system that works for your business and make sure that all of your financial information is organised and up-to-date.

Make Sure Your Business Credit Is Good

In order to stay afloat, you need to keep a close eye on your business finances. This can be easier said than done, but there are a few key things you can do to make sure your business is in good financial health. One of the most important things you can do is to make sure your business credit is good.

Your business credit score is important for a number of reasons. First, it determines whether or not you’ll be able to get loans and lines of credit from lenders. If your business has a poor credit score, you may not be able to get the financing you need to keep your business running smoothly. Additionally, your business credit score can impact your ability to lease office space or rent equipment.

Have An Emergency Plan

It’s essential to have a backup when business is slow because you never know when an emergency will happen. That’s why having an emergency plan is one of the best ways to manage your business finances.

First, you need to decide what expenses are critical and which can be cut during lean times. After that, Build up a cash reserve to cover at least three months of operating costs.

Always review your insurance coverage to make sure you’re adequately protected against risks. Finally, have a line of credit in place so you can access capital quickly if needed.

Every business needs good accounting in order to function properly, which is why automation is a great way to avoid mistakes. Make sure to have a good billing strategy for tardy customers and monitor all the expenses. Watch out for the taxes so you wouldn’t get in trouble and make sure you have a good credit score. Finally, create an emergency plan for the darker days!


Effectively managing your business finances is a continuous journey that requires dedication and attention to detail. By creating a solid budget, utilising technology, monitoring cash flow, and seeking professional guidance, you can navigate the financial landscape with confidence. Remember, the goal is not only to sustain your business but also to thrive and achieve long-term success. With these expert tips in your arsenal, you’ll be better equipped to handle the financial challenges and opportunities that come your way.

Should You Borrow From A Money Lender? Here’s Why Or Why Not

Should you borrow from a money lender? Money lenders have no positive reputation among people and are always connected to some serious crimes.

In this line, crimes occurring under unknown circumstances have money lenders or loan sharks on their lists of people to investigate. However, money lenders can operate legally as well. By the definition, money lenders lend money while the other side pays the sum and the interest. These interests are a dangerous zone since most money lenders cross the line and turn into loan sharks. On the other hand, when legally operating there are no problems with interest since they are regulated by law.

Here are some advantages and disadvantages of borrowing money from money lenders.

Who Are Money Lenders?

There is a considerable difference between loan sharks and money lenders. Namely, money lenders are authorized by the Financial Conduct Authority (FCA), to be able to lend money legally. On the other hand, loan sharks are not registered by FCA, and lend money from home with very high rates, and interests, giving you no paperwork of the deal arranged. Loan sharks are known to have a lot of customers, and they lend money as a kind of business. Problems begin once the payback period starts. They tend to collect the lent money by using some methods like threats, violence, blackmails, and taking away your valuables and credit cards. There are some extreme cases where they forced non-payers into prostitution and drug dealing.

Money Lenders and Banks?

Legally approved money lenders are able to provide six times your monthly income, while banks can provide you ten times your monthly income. You should bear in mind that banks will ask you to have at least $20.000 per year and good credit history. When it comes to approval speed in this licensed money lender vs bank battle, the point goes to money lenders. Namely, money lenders may release money within 30 minutes, or during the same day, when the application is filled. and if everything is right with the documentation. The speed is the result of many factors. Firstly, money lenders do not require collaterals, which are otherwise mandatory for taking a loan in the bank. Moneylenders lend you unsecured loans, but the small amount of money they can pay you prevents you from falling into some deeper debts.

Interest Rates

This is one of the most important factors when it comes to lending money, especially from money lenders. This is because of the previously mentioned loan sharks who tend to increase interest rates and therefore make your debt even deeper. However, there are regulations for legally approved money lenders. Officially, money lenders can charge you with an interest rate from 1-4%, but this rate depends on the moneylender. Therefore, comparing interest rates and offers in the banks, and other money lenders can help you land the best option. However, it is extremely important to make sure that the moneylender you are getting a loan from is legal and certified in FCA.


When comparing to banks, it is important to say that banks have a long list of eligibility and requirements and it is due to the fact that they can lend a huge amount of money. On the other hand, legal money lenders will ask you for a couple of documents helping them establish the most important information-income, employment, and identity. Once this information is established, you will be given your loan, for less than an hour, or within the same day. Some of the mandatory information includes at least 21 years old, NRIC card, any letter that has recently been sent to your address (utility, bills, etc.), and some other documents that are possibly required by a money lender. While banks require full-time employment, employment certificate, NRIC photocopy, 2 years notice of assessment, 3 months computerized payslips, at least $20.000 of annual income, etc. If you are getting some bigger sum from the bank, then they will probably ask you for collateral, or hard money loans. This means that you will be able to compensate for the taken money with the asset, or your collateral will pay for your loan, while money lenders are not approved to lend any of these loans.

In sum, it is very important to accentuate that there is a considerable difference between loan sharks and legal money lenders While loan sharks may use some of the very violent methods for taking money back or even bringing entire families to criminal acts, money lenders are legally limited and are allowed to lend small amounts of money that will not push people in deeper debt.