We get it. For any business, the EOFY can be stressful. It sneaks up on you and, before you know it, the deadline is days away and your records are all over the place. You weren’t prepared.
Not this year though. If you remember these three simple steps, Make It Cheaper can help your business not only keep up to date with the legal and financial obligations of this time of year, but minimise your outgoings moving forward. With a million things to consider, it is important to maintain focus and prioritise the important stuff. Follow these steps and Make It Cheaper will keep your business on the right financial track.
1. Check what you need
The tax landscape is subject to change, and just because you paid a certain amount last year does not mean you will pay the same this year. Check for any tax changes, and consult your financial adviser if you have any questions. Aussie businesses can also be targeted in tax scams at this time of year, so watch out for any suspicious emails or text messages claiming you have overpaid or underpaid on your taxes.
Checking what you need also includes your insurance policies. Does your current policy still cover you? Are you on a competitive insurance rate? Have your circumstances changed in the last year? Going over your records for the last year will also help you recognise which expenses you can claim as business deductions at the EOFY.
2. Organise your records
Now that you know what you need, it is time to organise what you have. Keep on top of your bookkeeping and ensure that all records are up to date. Remember that all businesses MUST keep a record of all financial transactions, along with any supporting documentation. Make digital copies of all physical records you have to back them up. Once you have these, it can also be hugely beneficial to keep a summary that details all income and expenses. Make sure that any data relating to customers or clients is secure, organised, and easily accessible.
Reviewing all of your financial transactions might also help you understand if there are any operational or CAPEX cashflow challenges. Is it time to consider a loan to help your business get to the next level?
Putting a structure in place and keeping order will make it easier to address the upcoming, and any future, EOFY.
3. Get a FREE energy comparison
If you have organised what you currently have, it is time to look at what you could have. The EOFY is a great time to take stock of your assets and analyse if aspects of your business could either be streamlined or improved. These changes could be wholesale –such as restructuring or redesigning the business- or subtle –like cutting some unnecessary expenditure. Regularly reviewing your business is a great way to keep on track and ensure you reach your targets.
Any review of your SME should include the energy contract. Energy costs are regularly forgotten, but are a major financial drain. Check Make It Cheaper’s free energy comparison service to see if your business is paying too much for your energy contract. Just as the tax landscape is subject to change, so too is gas and electricity. A lot of these changes fly under the radar, so check our free energy comparison service now for any EOFY energy deals and minimise your energy costs.
Every year on July 1 most energy retailers will change their energy rates for Australian businesses in New South Wales, Queensland and South Australia.
So what steps can you take to start saving money for your business?
1. Replace bulbs
Quality LED light bulbs last 5 to 10 times longer than halogen light bulbs and consume 25% of the energy to produce the same light output.
2. Check the stars
If you’re looking to introduce or replace outdated appliances in your business it’s key to check the power star rating. Invest in appliances and devices that are as energy-efficient as possible.
3. Standby
From monitors to laptop chargers – devices on ‘standby’ may be responsible for up to 10% of your business energy consumption. Take charge of energy efficiency in your office and ask your team to unplug overnight.
4. Use the sun
Solar energy is a clean, free, and renewable energy source. Solar panels might require an investment up front but that cost can be recovered within few years if solar energy is used to its full extent. There are also solar rebates in some areas that you might be able to take advantage of.
5. Compare and save
When was the last time you compared your business energy rates? Make it Cheaper provides a free comprehensive service that enables you to find if there are cheaper energy rates for your business. It’s quick, simple, and completely free service. Make it Cheaper also compares energy companies that offer carbon offset solutions too- so you get to be green & save money on your energy bills.
Get a free energy review
Take the next step to securing cheaper energy for your business and talk to one of our energy experts today.
There’s a lot of debate about whether it’s better to flick off the switch or leave lights running when you leave a room. A debate that’s particularly of interest if you regularly compare electricity and gas prices – or are looking into electricity plans with the hope of finding the best electricity deals.
Some say turning off lights lowers what you’re charged from your electricity plan, while others argue the energy consumed when they start up means you’re better off leaving them on.
It turns out the answer to this question depends on the bulb used, so here’s a breakdown explaining which lights are best left on, or off. And how that might affect your electricity plan from utility providers.
Incandescent lights
These older lights are the most costly and inefficient on the market, so they should always be switched off when you’re not using them. What’s more, they’re probably the type you should avoid altogether if you’re counting the figures on your electricity plan.
Only 10 per cent of the energy they emit transfers to light, while the other 90 per cent converts to heat. Plus, they don’t need any extra time to hit maximum brightness, so there is no initial surge of power needed. This means you don’t have to worry about switching them off. This won’t impact your bill – so go right ahead.
CFLs
Compact fluorescent lights, despite being more energy efficient, are often believed to use more energy upon start up than other lights.
So, should you switch them off when you exit a room? Would it impact the bills you get from electricity retailers and power providers? Let’s find out.
The actual cost of turning one on is minimal – as the inrush current only lasts 1/120th of a second. This uses the same amount of electricity as only a few seconds of normal operation.
Put simply, turning these lights on and off won’t affect your energy bill from utility providers and electricity companies that much. Just remember, these types of bulbs have an operating life. This means their lifespan can be extended by reducing the amount of times you switch them on and off.
Therefore, the best way to ensure you get the most out of your CFL lighting is to turn them off if you plan on leaving the room for more than 15 minutes. Otherwise, you can leave them glowing.
LED lighting
One of the simplest ways to cut energy costs is to upgrade to LED lights. According to Energy Makeovers, Australia’s most trusted energy efficient experts, upgrading old lights to LEDs can decrease your energy bills by as much as 85%.
This type of lighting is energy efficient and has a long operating life, so you can get away with switching these lights on and off as you like – without having to worry about electricity prices and whether it’s worth the leap to actually change electricity providers.
LED lights also turn on with no delay and instantly hit full brightness –so you can flick them off when you leave a room without any concerns. Rest assured, your utility provider won’t hit you with a nasty surprise for doing so. Your electricity plan and it’s pricing is pretty safe.
These bulbs are also less likely to break – as they don’t have a fuse or any glass components, meaning they can handle vibrations.
If you’re concerned about rising electricity prices, changing your light bulbs to more energy efficient models may help you reduce the amount you pay to energy suppliers, because around 11 per cent of your bill goes towards keeping your house lit.
If you’re looking for more ways to reduce your energy consumption, check out Energy Makeovers site for more tips. Since its inception, Energy Makeovers have helped over 250,000 Australian households and business owners save over $45million in reduced electricity costs and are always happy to offer advice to consumers looking for ways to reduce their power consumption.
Get a free energy review
Still concerned? Make it Cheaper can help you compare power and gas, and even switch utility providers should we find you better electricity deals. We’ll connect you with the best electricity providers and best electricity prices so you can sleep soundly (no matter whether the light is on, or off!).
To find out how much you could save on your energy bill call us on 1300 957 721
Looking to save on your business energy bill?
We find savings for 4 out of 5 businesses. See how much your business could save.
Do you wish your energy bills were lower? Utilities have never been more expensive in Australia than they are today. Fortunately, there are a number of low- or no-cost steps you can take to save money and help the planet.
How to Save on Water
In some parts of the country, water is one of the most expensive costs you can have. To save money on your water bills, rinse and wash laundry with cold water, and whenever possible, only run full loads.
Instead of using water to rinse off your plates, use a fork or knife to scrape off food residue. Check your toilets, taps, and water pipes for leaks and fix any that you find.
For a few bucks, you can save on water costs by installing water-saving tap aerators and shower heads. When you are shaving or brushing your teeth, turn the tap off. Hot water is extra expensive because it uses gas for heating and water.
And, the biggest use of hot water is your shower. So, use a timer to track your shower time and reduce it.
Saving on Heating and Cooling Costs
Staying warm in the winter and keeping it cool in the summer can be a real strain on your wallet. There are some basic ways to adapt your home to make it more habitable when weather conditions cause problems.
These tips should make it easier to cover your electric and gas utilities:
Leave blinds and window shades open during the daytime to use the sun to heat your home in the winter. Keep the heat in by closing your window coverings at night.
Keep air flowing freely by keeping objects, such as furniture, from blocking your registers. Also, vacuum your air vents regularly.
If there is little floor insulation in your house, you can retain heat and add comfort by using rugs to cover bare floors.
Use ceiling fans to keep air circulating in the summer to keep you cool and to push hot air down in the winter.
Save energy by installing a smart thermostat that can automatically adjust your home’s temperature.
Help your heater and air conditioner work at peak efficiency by regularly replacing or cleaning filters.
Reflect heat away from your home by using light-color window coverings. You can also reduce the heat entering your home with low-emission films applied to your windows.
Author: Jackie Edwards
To find out how much you could save on your energy bill, call us on 1300 957 721
Can you really save hundreds, or even thousands of dollars per year by using a free service?
According to the Australian Energy Regulator (AER), only 25% of Australians are confident the energy market is working in their interests.
In short, Australian SMEs and households find navigating different retailer offers confusing, with low confidence in their ability to choose an appropriate plan that will reduce their bills.
Small to medium business customers who use Make it Cheaper save on average $1,400 per year, while residential customers save about $315 per year depending on the state they live in.
Accurately compare different energy offers
Energy plans come in many flavours, making accurate like-for-like comparisons time consuming and complex.
Very broadly, energy bills have two cost components – a fixed daily supply charge and a charge for your actual electricity or gas usage.
However different plans between retailers can be structured by:
Time of day usage (with peak, off-peak and shoulder times differing between retailers)
Supply types such as ‘controlled load’ rates for specific appliances
Rates for different usage thresholds in a billing period
Discounts that can apply to the entire bill, usage component only and be dependant on paying the bill before the due date
Sign on incentives and rebates for new customers
Our expertise in energy comparison means that we can factor in these complications to quickly and accurately tell you how much you can save by switching to an alternative offer.
Using an energy comparison service means that you can compare with confidence in a single phone call and the plan you switch to will actually leave you better off.
One-on-one expert help from a real person
While government initiatives such as the Energy Made Easy website, Energy Switch from Service NSW and Victorian Energy Compare have been set up to help customers compare different offers in one centralised place, you won’t be able to talk to anyone to discuss your specific circumstances. These websites simply link to each individual retailer and it will be up to you move your account.
Using an energy comparison service such as Make it Cheaper is a better option if you’d prefer speak with a real person on the phone that will assist you to find a better deal.
Skip the admin
In addition to comparing multiple offers, we’ll also switch your account over to your new retailer and take care of the admin and paperwork. You won’t need to call into your existing or new energy retailer to switch and take advantage of cheaper rates.
Zero cost service for customers
Using Make it Cheaper’s comparison service won’t cost you any money or inflate the rates you pay. Instead, we earn a commission from the retailers on our panel when we refer new customers to them. As a signatory to the Energy Comparator Code of Conduct, we are committed to ensuring our customers are properly informed, treated fairly and will receive a high quality of customer service.
Looking to save on your business energy bill?
We find savings for 4 out of 5 businesses. See how much your business could save.
