How to Manage Your Business Expenses

[Bisolami]

The approach is to ensure you reduce the expenses you incur as a business. It might mean you need to invest in some equipment so that you won't have to be paying for those services. Like owning a copier machine and a printing machine would save you cost of printing and photocopying.

I owned a printing machine when I was a student at the University so I no longer pay to print my assignment

 

[cherry123]

Just like for an individual, businesses truly need to spend less money. They need to learn how to manage the amount of money they have so that they save more for the business

Post automatically merged: Mar 17, 2023

Just like for an individual, businesses truly need to spend less money. They need to learn how to manage the amount of money they have so that they save more for the business

 

[uptrendfinancialsignal]

In order to manage business expenses you need to avoid wasteful activities.

 

[Hate2Wait]

Yes, that's right, I totally agree with you. We need to set a budget, if there are expenses that are far above the budget then they must be evaluated. Example: The cost of electricity that is too expensive, can be reduced by saving on the use of lights during the day.

At our work we do have budgets for different departments and in case we need to go beyond that then we need to take approval of the management.

 

[astutimeliana723]

At our work we do have budgets for different departments and in case we need to go beyond that then we need to take approval of the management.

Yes, that's true, however, the boss's permission is still important. Because he must know everything that happens in the company he is managing. So that he can immediately make a decision to solve the problem. Example: He knows the cost of electricity exceeds the budget limit, so he needs to evaluate what parts make electricity wasteful.

 

[IB D]

I owned a printing machine when I was a student at the University so I no longer pay to print my assignment

There is a reason why schools have their equipment all in the school. It would have been very expensive to type question papers and print them for the number of students available.

 

[astutimeliana723]

There is a reason why schools have their equipment all in the school. It would have been very expensive to type question papers and print them for the number of students available.

Unfortunately there are schools that even though they have printers, when giving assignments to their students they are not allowed to print there. So, keep printing outside of school and pay a heavy price. In the past, when I was still at school, printing assignments paid 500 rupiah per sheet.

 

[IB D]

Unfortunately there are schools that even though they have printers, when giving assignments to their students they are not allowed to print there. So, keep printing outside of school and pay a heavy price. In the past, when I was still at school, printing assignments paid 500 rupiah per sheet.

It is not for the students to print. The printer isn't free and the ink is not free. I mean like a school wants to print exams question, they print on their own printer rather than going to pay outside to print. It is cheaper that way.

 

[puroypoi]

A daily record of your expenses will help you manage all your expenses. Journaling your expenses can easily view which expenses are of more importance and which are not. In that way, you can conclude that you can set top priority for expenses which are much needed for your company.

 

[astutimeliana723]

It is not for the students to print. The printer isn't free and the ink is not free. I mean like a school wants to print exams question, they print on their own printer rather than going to pay outside to print. It is cheaper that way.

Oh okay, I understand. And at my school the exam papers use opaque paper which is of lower quality and thinner than white HVS paper, the exam sheets are photocopied to save more costs.

 

[Bisolami]

There is a reason why schools have their equipment all in the school. It would have been very expensive to type question papers and print them for the number of students available.

It is true that majority of schools have printers and they no longer need to go and print outside

 

[Shavkat]

Managing the business expenses is very crucial and one of the most important thing that you must ensure so that the wouldn't go bankrupt.

Monitoring all the expenses should be validated thoroughly. There are times that accrued expenses happened but cannot pinpoint the occurence of these things. That is why the financial matter must be monitored religiously.

 

[Heatman]

You can also negotiate with vendors and suppliers for better prices and consider cost saving measures such as outsourcing or using technology to streamline processes.

It is going to affect your business so much if you end up buying products that are too expensive which will make your competitors to have an edge over you in the business.

 

[Niyi Briggs]

Monitoring all the expenses should be validated thoroughly. There are times that accrued expenses happened but cannot pinpoint the occurence of these things. That is why the financial matter must be monitored religiously.

This is where auditing is important. A good audit done every two months would reveal all these leakages.

 

[Bisolami]

Monitoring all the expenses should be validated thoroughly. There are times that accrued expenses happened but cannot pinpoint the occurence of these things. That is why the financial matter must be monitored religiously.

Anything that has to do with finance must be monitored very well. It is highly needed

 

[astutimeliana723]

A daily record of your expenses will help you manage all your expenses. Journaling your expenses can easily view which expenses are of more importance and which are not. In that way, you can conclude that you can set top priority for expenses which are much needed for your company.

Very good idea, I totally agree with you, unfortunately not everyone takes note of it regularly. If in the business world it is very important to do this, every transaction must have a memorandum or proof of transaction, as material for making a journal.

 

[nomad]

Your business should be generating enough profits in order to manage the expenses., If your revenue is small, you will have to cut your expenses drastically in order to manage expenses.

 

[Heatman]

In order to manage business expenses you need to avoid wasteful activities.

This is actually one of the reason why division of labour is very important in some businesses because it will make sure that everyone is doing what the expected to do.