Analyze Expenses (Spring Cleaning Series Part 7)

July 5, 2020

For tax purposes, hopefully, you keep track of your business’s expenses.

But when was the last time you analyzed where your hard-earned money is actually going?

This segment of spring cleaning we are not only looking at the overall picture of where your money is going but we are looking under the couch and, in the cushions, to see where any and ALL your loose change is being spent!

What Recurring Payments Do You Have?

Start by looking at your recurring payments. Are you still using that software program? If so is there a more affordable option that would accomplish the same goal? Do you really need the premium subscription? Or can you use a different email address and use the free version?

Do You Have Outstanding Balances? 

Next look at your outstanding balances. Can you create a payment plan with vendors who you have a balance with? If this is, you make sure you communicate with them regularly to keep in good standing with your vendors.

Where Do You Work?

Do you have a physical business? What does your rent cost each month? Take the time to calculate your cost per square foot, in this make sure to include your utilities, what is the total expenses per square foot. Is there a way you can maximize your space even more to increase your revenue?

For our office nomads, are you a coffee shop frequenter? Is there a less expensive drink you can be ordering? Can you use credit card points towards a gift card to that establishment? Consider switching your workspace to your local library where there is no temptation to buy expensive coffee drinks and it is nice and quiet.

Schedule some time over the next week to sit down and analyze every detail of your business expenses.

Need help getting your bookkeeping caught up or to analyze your expenses book a time to chat www.calendly.com/kickstartaccounting

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