![]() If you’re unaware of where your money is going each month, you will not be able to modify bad financial behavior that negatively impacts your company’s profitability. You need a comprehensive view that fully accounts for the entirety of your spend so you can see what you’re doing right or wrong and adjust based on business needs. When it comes time to look at monthly P&L statements, it’s important that you’re keeping track of both the big items like freelancer and contractor expenses or marketing ad budget at the same time as small line items like one-off client lunches. Much like history, losing your grip on the past relinquishes control of your company’s future trajectory.Īccurate and constant business expense tracking keeps your business finances in line in several different ways, including: Gain an accurate view of company performance #Business monthly expenses how toWant to know how to track business expenses and control costs? Here's what we'll cover in this article: Why is it important to track and control business expenses?Ĭompanies that don’t track and control business income and expenses are unable to adequately account for their financial past. ![]() Market shocks can come from anywhere (we’re looking at you, COVID-19) and having a strong expense management culture can help you not just survive, but thrive. The lesson we can draw from this is that what’s equally important to top-line growth is the costs required to achieve it. In the span of six short weeks, a giant had fallen. It took investors and analysts minutes to see that the company’s losses far surpassed its revenue-for every dollar it made, the company was spending two. Then, their S-1 hit the internet, and the walls began to crumble. Just look at WeWork! At one point, they were primed for market domination and a $47 billion dollar valuation. ![]() ![]() There are plenty of once-Goliaths that crashed and burned because of poor business expense management. Note: this article is part of our guide to small business expense management. ![]()
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