An expense analysis is a tool to help monitor, control and manage expenses in your business. Learn more about it in this episode. To listen to the episode hit the play button. To download
An expense analysis is a tool to help monitor, control and manage expenses in your business. Learn more about it in this episode.
To listen to the episode hit the play button.
To download the episode, right click on this link and choose Save Target As. Go to the folder where you want to save the recording on your device and click Save or Enter.
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You often read in the business news how companies are taking on cost control projects or have cost reduction projects as a strategy in their business. These companies are focusing on improving operations and financial results. In order for them to focus on these areas they use tools such as a cost or expense analysis. In this episode, we talk about using an expense analysis to get insight into your costs and how to use it to take action and make improvements in your business.
*Expense analysis is a best practice that companies use to review costs, understand the changes in those costs and the overall impact to the company.
*Benefits of the tool include helping business owners get clarity about costs, understand the impacts of the various types of costs and provide a basis to begin to benchmark results.
*An expense analysis creates a basis to develop cost control or reduction strategies as well as provide a sense of control for the entrepreneur about his company and cost structure.
*Growing companies are realizing increasing sales as a result of growth. However, expenses are growing too and can spiral out of control.
*Companies can find cost savings in direct and indirect ways and we explain what that means.
*Once you identify problem areas, you can then begin to research why things are not in line and how you can take action to correct them.
*Problem areas lead to decisions and actions that create opportunities to improve processes and systems that can take costs out through time savings leading to money savings.
*Your accountant plays a key role in analyzing expenses but cannot be the sole driver of this and Lisa explains why.
*Lisa provides examples from her own experience of ways companies have used expense analyses to save time and money.
Resources and Links
Need advice on how to get started with expense analysis and cost control in your own business? Set up a Quick Care consultation with Lisa Roberts to help you get started controlling and monitoring costs in your business. Follow this link to learn more.
Note: Links in this post may be affiliate links. Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.
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Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track. You can find out more about her here