Did you know that good bookkeeping can help you both make – and save – money?
It’s true! And here’s 4 of my favorite profit-increasing bookkeeping tips you can start using today:
(𝟭) 𝗔𝗨𝗗𝗜𝗧 𝗬𝗢𝗨𝗥 𝗘𝗫𝗣𝗘𝗡𝗦𝗘𝗦
Expenses billed as subscriptions are especially sneaky!
Take a minute to 𝗿𝘂𝗻 𝗮𝗻 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝘀 𝗽𝗮𝘆𝗮𝗯𝗹𝗲 𝗿𝗲𝗽𝗼𝗿𝘁 spanning the last 3-6 months. Then cancel anything you aren’t using anymore (or downgrade to a cheaper and more limited version). You could save hundreds – or thousands! – a year.
(Btw – did you know there are apps that help you track recurring expenses, and even cancel them on your behalf?? I attached an article in the comments with links to a few apps like this!)
Track and Manage Subscriptions With These Apps | Saving and Budgeting | US News
(𝟮) 𝗥𝗨𝗡 𝗔𝗡 𝗔𝗖𝗖𝗢𝗨𝗡𝗧𝗦 𝗥𝗘𝗖𝗘𝗜𝗩𝗔𝗕𝗟𝗘 𝗥𝗘𝗣𝗢𝗥𝗧
How many clients do you currently have? 5? 50? And how many invoices do you send every month? Here’s my point – it’s hard to stay on top of past due invoices AND keep up with the rest of your business.
Instead of relying on your memory (or just forgetting altogether), once a month 𝗿𝘂𝗻 𝗮𝗻 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝘀 𝗿𝗲𝗰𝗲𝗶𝘃𝗮𝗯𝗹𝗲 𝗿𝗲𝗽𝗼𝗿𝘁 and make sure to send reminders for anything 30 days past due (or more)
(𝟯) 𝗔𝗨𝗧𝗢𝗠𝗔𝗧𝗘 𝗥𝗘𝗠𝗜𝗡𝗗𝗘𝗥𝗦 + 𝗟𝗔𝗧𝗘 𝗙𝗘𝗘𝗦
Speaking of reminders … did you know that you can automate scheduled reminder emails to clients through financial software tools like QuickBooks Online? You can even automatically add late fee charges, too!
(𝟰) 𝗔𝗨𝗧𝗢𝗠𝗔𝗧𝗘 𝗬𝗢𝗨𝗥 𝗩𝗘𝗡𝗗𝗢𝗥 𝗕𝗜𝗟𝗟 𝗣𝗔𝗬𝗠𝗘𝗡𝗧𝗦
What’s the typical late fee for the vendor bills you pay? 3%? (Keep in mind – 3% of a $2,000 bill is $60 dollars that you didn’t have to spend!)
And how much does your bank charge for overdraft fees? $35?
All those fees add up FAST – it’s worth taking an hour to sit down and automate recurring transactions like business credit card payments, transfers to bank accounts, and more.
See? Increasing your profit margin isn’t always about bringing in more money … sometimes it’s easier to just decrease expenses and improve your current bookkeeping processes!
What about you? Do you have a favorite strategy that helps you boost your profit margin? I’d love to hear it!
Now, here’s the catch … all these strategies? 𝘛𝘩𝘦𝘺 𝘰𝘯𝘭𝘺 𝘸𝘰𝘳𝘬 𝘪𝘧 𝘺𝘰𝘶𝘳 𝘣𝘰𝘰𝘬𝘬𝘦𝘦𝘱𝘪𝘯𝘨 𝘪𝘴 𝘤𝘰𝘯𝘴𝘪𝘴𝘵𝘦𝘯𝘵𝘭𝘺 𝘬𝘦𝘱𝘵 𝘶𝘱 𝘵𝘰 𝘥𝘢𝘵𝘦.
If you struggle to keep up (despite your best intentions to get around to it “next week”), just reach out We always keep our clients’ bookkeeping up to date and help them improve their bottom line. And we’d love to do the same for you, too!
Kerry Postel – Founder CEO Principal
Abacus Business Solutions
Has Higher National Diploma in Business and Finance, Certified in QuickBooks, Member of American Institute of Bookkeepers, and over 20 years of bookkeeping experience including construction, travel, restaurants, events management, and other various professional services.
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