You might already reap the benefits from this simple tip if you have a tight grip on accounting. But if not, you could be paying extra for hardware you no longer use.

For best results, keep a current list of in-use hardware in a spreadsheet, database, or accounting program. Instead of making only annual revisions at tax time, you'll instantly see if major changes can impact your insurance costs. For example, if you get rid of workstations after employees leave, you could immediately reduce coverage and premiums.

And at tax season, you won't have to pay costs for hardware that you no longer have. Both savings might be modest, but you'll be conserving money you would have needlessly spent.

Zack Stern is a freelance writer and editor based in San Francisco.