Effective Ways to Save and Make Money Through Bookkeeping

Monitoring Expenses 

Did you know that good bookkeeping can help you both make – and save – money?  ๐Ÿ’ต

Itโ€™s true! And hereโ€™s 4 of my favorite profit-increasing bookkeeping tips you can start using today:

(๐Ÿญ) ๐—”๐—จ๐——๐—œ๐—ง ๐—ฌ๐—ข๐—จ๐—ฅ ๐—˜๐—ซ๐—ฃ๐—˜๐—ก๐—ฆ๐—˜๐—ฆ

Expenses billed as subscriptions are especially sneaky!

Take a minute to ๐—ฟ๐˜‚๐—ป ๐—ฎ๐—ป ๐—ฎ๐—ฐ๐—ฐ๐—ผ๐˜‚๐—ป๐˜๐˜€ ๐—ฝ๐—ฎ๐˜†๐—ฎ๐—ฏ๐—น๐—ฒ ๐—ฟ๐—ฒ๐—ฝ๐—ผ๐—ฟ๐˜ spanning the last 3-6 months.  Then cancel anything you arenโ€™t using anymore (or downgrade to a cheaper and more limited version).  You could save hundreds โ€“ or thousands! โ€“ a year.

(Btw โ€“ 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 ๐Ÿ‘‡ with links to a few apps like this!)

Track and Manage Subscriptions With These Apps | Saving and Budgeting | US News

(๐Ÿฎ) ๐—ฅ๐—จ๐—ก ๐—”๐—ก ๐—”๐—–๐—–๐—ข๐—จ๐—ก๐—ง๐—ฆ ๐—ฅ๐—˜๐—–๐—˜๐—œ๐—ฉ๐—”๐—•๐—Ÿ๐—˜ ๐—ฅ๐—˜๐—ฃ๐—ข๐—ฅ๐—ง

How many clients do you currently have? 5? 50? And how many invoices do you send every month? Hereโ€™s my point โ€“ itโ€™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 ๐—ฟ๐˜‚๐—ป ๐—ฎ๐—ป ๐—ฎ๐—ฐ๐—ฐ๐—ผ๐˜‚๐—ป๐˜๐˜€ ๐—ฟ๐—ฒ๐—ฐ๐—ฒ๐—ถ๐˜ƒ๐—ฎ๐—ฏ๐—น๐—ฒ ๐—ฟ๐—ฒ๐—ฝ๐—ผ๐—ฟ๐˜ and make sure to send reminders for anything 30 days past due (or more)

(๐Ÿฏ) ๐—”๐—จ๐—ง๐—ข๐— ๐—”๐—ง๐—˜ ๐—ฅ๐—˜๐— ๐—œ๐—ก๐——๐—˜๐—ฅ๐—ฆ + ๐—Ÿ๐—”๐—ง๐—˜ ๐—™๐—˜๐—˜๐—ฆ

Speaking of reminders โ€ฆ 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!

(๐Ÿฐ) ๐—”๐—จ๐—ง๐—ข๐— ๐—”๐—ง๐—˜ ๐—ฌ๐—ข๐—จ๐—ฅ ๐—ฉ๐—˜๐—ก๐——๐—ข๐—ฅ ๐—•๐—œ๐—Ÿ๐—Ÿ ๐—ฃ๐—”๐—ฌ๐— ๐—˜๐—ก๐—ง๐—ฆ

Whatโ€™s the typical late fee for the vendor bills you pay? 3%? (Keep in mind โ€“ 3% of a $2,000 bill is $60 dollars that you didnโ€™t have to spend!)

And how much does your bank charge for overdraft fees? $35?

All those fees add up FAST โ€“ itโ€™s worth taking an hour to sit down and automate recurring transactions like business credit card payments, transfers to bank accounts, and more.

See? ๐Ÿ‘€ Increasing your profit margin isnโ€™t always about bringing in more money โ€ฆ sometimes itโ€™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?  Iโ€™d love to hear it!

Now, hereโ€™s the catch โ€ฆ all these strategies?  ๐˜›๐˜ฉ๐˜ฆ๐˜บ ๐˜ฐ๐˜ฏ๐˜ญ๐˜บ ๐˜ธ๐˜ฐ๐˜ณ๐˜ฌ ๐˜ช๐˜ง ๐˜บ๐˜ฐ๐˜ถ๐˜ณ ๐˜ฃ๐˜ฐ๐˜ฐ๐˜ฌ๐˜ฌ๐˜ฆ๐˜ฆ๐˜ฑ๐˜ช๐˜ฏ๐˜จ ๐˜ช๐˜ด ๐˜ค๐˜ฐ๐˜ฏ๐˜ด๐˜ช๐˜ด๐˜ต๐˜ฆ๐˜ฏ๐˜ต๐˜ญ๐˜บ ๐˜ฌ๐˜ฆ๐˜ฑ๐˜ต ๐˜ถ๐˜ฑ ๐˜ต๐˜ฐ ๐˜ฅ๐˜ข๐˜ต๐˜ฆ.

If you struggle to keep up (despite your best intentions to get around to it โ€œnext weekโ€), just reach out โค๏ธ We always keep our clientsโ€™ bookkeeping up to date and help them improve their bottom line. And weโ€™d love to do the same for you, too!

Kerry Postel โ€“ 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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