When you’re a small business owner, you’re always busy, often having to be a ‘Jack-of-all-trades’ to ensure success.
This makes innovative solutions capable of improving the way you do business so you have more time for your life outside of work all the more important.
One of these solutions is Bartercard, a business-to-business (B2B) trade exchange helping New Zealand businesses to grow and achieve financial success through bartering unfilled capacity through the Bartercard network, using an electronic currency called a Trade Dollar.
Bartercard isn’t a daily deals provider, a rewards or loyalty programme, a pyramid scheme, or even a way for companies to avoid tax. However, Bartercard is a solution that provides advantages and opportunities for businesses to reduce taxable income and increase profit.
There are many tax tips out from seasoned experts, but below are some of the opportunities privy to businesses within the Bartercard network.
Shift slow-moving stock
Leading up to tax time, stock-take is the best way for retailers to write off any lost, damaged, or outdated stock to reduce taxable income. However, for smaller businesses with tighter advertising budgets, this can be a more challenging task to attract the crowds. Bartercard solves this by providing users the option to sell their goods on Bartercard to move it quickly.
Use Bartercard as a clearing house
As part of Bartercard’s 6,000-member wide community, users can accept goods and services instead of using their hard-earned cash, and sell them through the Bartercard network to make further capital purchases and reduce their taxable income.
Bartering goods and services is an effective way to reduce cash expenses, and the Bartercard network offers a safe and secure network to fill your business’ spare capacity with Trade Dollars – keeping more of your cash in the bank and lowering your taxable income.
Get your finances in order
According to Bartercard, they have several members nationwide that are accountants, which means other members can use them to lodge the financial year’s paperwork and then work with them to help plan and make financial decisions for the next financial year.
Bartercard easily fits in with accounting systems such as Xero and MYOB making the whole accounting process simple and easy to use. Bartercard members can conserve cash flow across a diverse mix of products and services readily available on Bartercard to make significant savings and enjoy higher expense deductions.
As Bartercard says, no business owner enjoys paying taxes, but they don’t have to keep you up at night as being savvy with stock and finances can pay dividends when it comes time to pay tax.
To learn more about increasing your market share, gaining a competitive advantage and achieving financial success by incorporating Bartercard into the day-to-day running of your business, click below.