Skip to main content
  • Claims Center
  • Contact Us
  • Español
  • Brokers & Agents
Hiscox Insurance
Menu Toggle
  • Home
  • Small Business Insurance Toggle Menu Toggle Menu
  • Why Hiscox Toggle Menu Toggle Menu
  • Resources Toggle Menu Toggle Menu
  • Policy Management Toggle Menu Toggle Menu
  • Claims Center
  • Contact Us
  • Español
  • Brokers & Agents
  • About
  • Get a Quote Get a Quote
  • About
  • Get a Quote Get a Quote
  • Blog Home
    Start Your Business
    Grow Your Business
    Protect Your Business
    Celebrate Courage
    Search

    Twenty-Four Seven

    Sign up to get the latest small business news delivered right to your inbox.
    Close Close
    Grow Your Business
    February 11, 2016
    iStock_000005775860_Small

    Three Small Business Tools That Can Cut Your Bills in Half

    Finances | Tools & Templates
    By: Hiscox Blog

    Share Image

    Embed Image

    Copy

    Share Article:

    Every business owner cares about keeping costs low (the savviest find basic ways to save on small business insurance policies). But when it comes to technology, how can you cut costs without sacrificing important features, software, and services your business needs to thrive? In this article, we will look at three technologies that you use every day and explain how you can cut your costs significantly via a few simple changes.

    1. Business Phone: Cut Your Costs By Switching to VoIP

    It can be hard to quantify exactly how much switching to VoIP can actually save you, because comparing costs and features takes quite a bit of research. But VirtualPBX.com took the time to do the research and what they found was compelling. A conservative cost estimate for a traditional five-line fully featured business phone system was around $400 or so per month (over a four year period with 1000 minutes per user/month), divided between $245/month in service cost and $154/month in ongoing maintenance fees.

    Compare that to a fully featured five-line small business phone system from Phone.com, which only costs $145-$159/month, depending on whether you pay monthly or annually. Even a higher cost VoIP provider such as RingCentral will only set you back $232/month, or even cheaper if you pay annually. That’s still just over half the cost of a traditional provider when you factor in monthly maintenance charges. And both plans include unlimited calling to US and Canada. With the recent advances in VoIP call quality and technology, you can get a comparable or better phone system than most traditional systems at half the price. That includes features such as a local or 800 number, conference calling, automatic call routing, in-call transfer, mobile app, and much more. What’s not to like?

    2. Payroll Software: How Today’s Up-and-Coming Providers Can Save You Money

    According to a recent SCORE info graphic, 77% of business owners spend $100 or more managing payroll every month, with over 30% of those spending over $500 in payroll/month. For some larger small businesses, hiring a traditional payroll service provider (with extra management services built-in) or having an in-house payroll employee can make sense, because there are so many moving parts.

    But the average small business owner can save quite a bit of money every month using some of the newer and less expensive payroll services. For example, Gusto (formerly ZenPayroll) has many of the features of traditional payroll services (automatic new hire reporting, employee onboarding, automatic tax filing, flexible payment schedules, employee time tracking, benefit management and much more) for much less cost. You can run payroll for 5 employees for $59/month, which would cut the average business’ payroll costs in half, if not more (at least $50/month).

    3. Utilities and Energy: Compare Providers and Save Money

    Every month, business owners have to shell out quite a bit of cash just to keep the lights on and the water running. It’s easy to assume that these costs are set-in-stone without shopping around for lower cost providers. But especially if your business is in or near a major city you should expect some competition and more utility options.

    There are a variety of ways to do this. Many states have their own sites where you can put in your zip code and compare energy prices. Just do a Google Search for “Compare energy costs in ‘your state’” and it should be pretty easy to find. Another option would be a national comparison site such as Chooseenergy.com, which lets you look up and compare different providers, assuming you are in one of the states or areas they service. I did a search using Chooseenergy.com for New York City and found some small businesses could save an estimated 30% or more on their energy costs, simply by switching providers. Don’t just assume you have to pay what you are paying every month. Search around, contact your current provider to see what you are paying, compare to other providers in your area, and there is a good chance you may be able to start saving simply by switching providers.

    Summary

    It may take some research, effort, and time, but there are legitimate ways that your business can save money every month just by changing some of the technology providers you use every day. Bite the bullet, compare costs, and start saving your business money.


    Protect Your Business

    Protect the business you’ve worked so hard to build. Get a fast, free quote and your business could be covered today.

    Get a Quote
    Get a Quote
    Subscribe to our newsletter

    Related Articles

    4 Min Read
    Team building, boosting morale while remote working

    5 simple ways to boost morale of remote workers

    Management | Small business inspiration

    Whether working from home is a permanent shift in your workforce strategy or not, here are some tips on keeping team morale up and infusing your company culture into everyday virtual interactions.

    Read More

    3 Min Read
    hybrid workplace, remote, telecommuting, and in-office working

    New workspace ideas to offer businesses increased productivity

    Management | Small business inspiration

    As we return to in-person work, learn how to create a workspace that delivers the goals for the company while keeping employees productive and motivated.

    Read More

    3 Min Read
    how to make collateral loan work for your small business

    How to make a collateral loan work for your business

    Finances | Management

    If you’re considering taking out a loan to start or expand your business, having collateral to back it up may result in better terms. Learn more. 

    Read More


    We’re here to help.
    We provide tailored insurance for the specific risks you face, so you can take the right risks to grow your business.
    Get a Quote
    Get a Quote

    Footer menu 1

    • What We Cover
      • Business Insurance
      • General Liability Insurance
      • Professional Liability Insurance
      • Errors and Omissions
      • Cyber Security Insurance
      • Workers Compensation
      • Other Coverage
    • Who We Cover
      • Small Business Owners
      • LLC
      • Sole Proprietors
      • Entrepreneurs
      • Side Hustle
      • Contractors
      • Home Businesses
    • For Our Customers
      • Refer a Friend Program
      • Covid-19 Response
      • Claims Center
    • For Business Owners
      • Save with our Partners
    • About Hiscox
      • About Us
      • Careers
      • Contact Us
      • Hiscox Corporate
      • Investors
      • Foundation
      • Newsroom
      • We Stand Together
      • Affiliate Partner Program

    Footer menu 2

    • Accessibility
    • Site Map
    • Privacy Policy
    • Terms of Use
    • Legal Notices
    • Español

    Feefo Reviews: Hiscox rated 4.8/5 with 2,032 reviews between January 31, 2020 - January 21, 2021

    © 2022 Hiscox Inc. All rights reserved. Underwritten by Hiscox Insurance Company Inc., 104 South Michigan Avenue, Suite 600, Chicago, IL 60603. As of December 31, 2021, HICI had admitted assets of $1,250,758,353 and policyholders surplus of $332,792,666. Total liabilities were $917,965,687 (inclusive of $433,752,764 of loss reserves) and paid-up capital stock was $4,242,000.

    icon-facebook
    icon-youtube
    icon-twitter
    icon-linkedin