At one time or another, as a business owner, it is likely you’ll be challenged to keep costs down; something that becomes even more difficult when faced with soaring inflation and rising outlay in respect of utilities.
Keeping expenses under control is an important part of safeguarding the long-term financial health of any business, but they are also something which can easily slip under the radar.
Overcharged = overspending
Many UK SMEs are likely to be paying more than they need to for utility contracts, yet most probably don’t realise this and those that do are still not inclined to sit and review their contracts on a regular basis.
With so much else going on day-to-day, monitoring utilities and the spend within your business that you perceive as ‘essential’ can often get ignored. However, these are often the costs that can be a silent drain on your profitability.
Managing business expenses
When you think of tracking and managing expenses, you might call to mind a spreadsheet that you know you have hanging around somewhere, that you try your level best to keep up-to-date.
The truth of the matter is that recording expenses in this way isn’t always fool proof and can turn into an unnecessarily labour intensive activity.
In addition, when it comes to reducing costs, you’re faced with needing to set aside time to call round multiple suppliers to try and renegotiate a better deal or terms, or else weigh up the benefits of switching to an alternative.
As with so many other business processes, it’s possible to outsource and automate expense management with the help of cloud accounting software, apps, and the right advisory support.
One such application is Reducer, which integrates with a user’s Xero or QuickBooks account, reads invoices and compiles an accurate overview of your business’s expenses including the likes of card payments, gas, and mobile contracts.
The software then conducts a market comparison, generates a cost savings report unique to your business, which we can discuss with you, and handles any switches you wish to make as a result.
How can George Hay help?
Our cloud accounting experts in Cambridgeshire, Bedfordshire and Hertfordshire are here to help you explore what works for your business, and to ensure you’re getting the most out of the software and apps that are available to you.
If you’d like to find out more about add on software that could help you to save time, and money and reduce the strain of managing expenses manually, and about how our advisers can support you with expense reporting and identifying cost-saving opportunities within your business, contact us today.