{"id":377,"date":"2023-05-22T07:35:46","date_gmt":"2023-05-22T07:35:46","guid":{"rendered":"http:\/\/lanternpartners.com.au\/?p=377"},"modified":"2024-02-17T13:40:22","modified_gmt":"2024-02-17T02:40:22","slug":"time-to-review-your-expenses","status":"publish","type":"post","link":"https:\/\/lanternpartners.com.au\/time-to-review-your-expenses\/","title":{"rendered":"Time to review your expenses?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">One of the most important things you can do to ensure your finances are in good shape is to review your expenses. It\u2019s important to do this on a regular basis, not just when you\u2019re encountering problems. And particularly at the moment, building up a cash buffer for unexpected future expenses is an important business discipline.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some tips on how to review your business expenses:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Start with the basics<\/strong><br \/>\n<\/span>The first step in reviewing your business expenses is to make sure you have all the relevant information on hand. If you don\u2019t have clear information it\u2019s difficult to make the right decisions! Once you have everything in one place, categorize your expenses into different buckets such as direct cost of sales, marketing and advertising and overheads (rent, utilities, and travel). Once you have categorized your expenses, start analysing them. Look for trends in your spending and identify areas where you can reduce costs. For example, where have costs started to creep up and what costs are no longer required or providing the appropriate value for your business?<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Negotiate with suppliers<\/strong><br \/>\n<\/span>Negotiating with suppliers, particularly those you spend frequently with, is an important way to reduce costs. You may be surprised at how much you can save by simply asking.\u00a0 This includes lenders as well as service providers. And don\u2019t forget to shop around for the best deal on a new product or service by sourcing comparative quotes.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Use technology to your advantage<\/strong><br \/>\n<\/span>Technology can be a powerful tool for reducing expenses and can be used in a number of ways. Online accounting software, like Xero, allows you to track your expenses quickly and easily.\u00a0 Time spent with your bookkeeper making sure expenses are categorised correctly at the outset can save you hours of time on the analysis. Reporting software such as Spotlight or Fathom can generate instant reports from your accounting software to visually show you trends and track key metrics.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Review your subscriptions<\/strong><br \/>\nYou know that gym membership you bought at the beginning of the year or the streaming service you signed up to and meant to cancel after the free trial? Business subscriptions, like personal subscriptions, can really creep up if you don\u2019t keep an eye on them. Review all of your subscriptions and memberships. Cancel any that you don&#8217;t need or aren&#8217;t using. Also, check that you are on the appropriate package for your business now. Have you signed up to a premium package and don\u2019t use the premium features? Or have you increased your number of users and should now be taking advantage of volume discounts?<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Implement cost-saving measures<\/strong><br \/>\nIdentify areas where you can implement cost-saving measures and reduce wastage. Some examples are:<br \/>\n\u25c6 Review your inventory management system to ensure that you are not overstocking or understocking products, which can lead to waste or missed sales opportunities.<br \/>\n\u25c6 Review your insurance policies and contracts to ensure that you are not overpaying for coverage you don\u2019t need or can source at a lower cost.<br \/>\n\u25c6 It sounds simple but implementing energy-saving measures in the office such as turning off lights, computers, and other electrical equipment when they are not in use can go a long way &#8211; particularly at the moment!<br \/>\n\u25c6 Outsourcing: Hiring freelancers or outsourcing certain tasks can be more cost-effective than hiring full-time staff, particularly if business needs are variable or uncertain at the moment.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">What can you implement today to run a little leaner? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Small changes add up!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the most important things you can do to ensure your finances are in good shape is to review your expenses. It\u2019s important to do this on a regular basis, not just when you\u2019re encountering problems. And particularly at the moment, building up a cash buffer for unexpected future expenses is an important business [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":379,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Time to review your expenses? - Lantern Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lanternpartners.com.au\/time-to-review-your-expenses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Time to review your expenses? - Lantern Partners\" \/>\n<meta property=\"og:description\" content=\"One of the most important things you can do to ensure your finances are in good shape is to review your expenses. 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