Effective Ways to Save and Make Money Through Bookkeeping

Monitoring Expensesย 

Did you know that good bookkeeping can help you both make – and save – money?ย  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.ย  Then cancel anything you arenโ€™t using anymore (or downgrade to a cheaper and more limited version).ย  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?ย  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?ย  Iโ€™d love to hear it!

Now, hereโ€™s the catch โ€ฆ all these strategies?ย  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!