Where has all my money gone?
Where has all my money gone?
You may be wondering each month where all your money goes. You have a successful business but each month you face the same problem, your bank account is always running low. You never seem to have enough money to pay your bills and your taxes. It never seems to be enough. Its time to take control of your expenses and see where the money is going to.
I need to know what I am spending?
The problem is really that you may not be aware of what you are spending and what day of the month the payments have to be made. The money just goes out and you presume that it is something that you need and that the amount taken is right. This is really just taking all the money that you pay on trust, you need to take control and investigate.
I need to have limits on the money that I can spend
Its important that you have limits on the money that you can spend. That there is in other words a budget set. An amount of money that you will spend on wages, on IT, on rent and all the services that you buy in for your business. You need to be clear on what you are spending and why you are spending this money/ What benefit is this going to have for your business?
How do I understand what I am spending?
All these expenses you will find in your accounts. The issue is that these amounts will normally be out of date, the accounts may be six months old and the money that you are paying it will change and expenses get added on top of old expenses. What you really need is to see what you are spending now in the current month and what amount, what date and how the money will be paid. You can then start to build up a picture of what is happening each month to your money.
How can I reduce my spending?
Once you have a list of the expenses that you are paying you can then start to work through the list and see what you really need. Do you really need al the software that you are paying for, can you reduce without this impacting the work? This will require thought from your side and time to start to discard any unnecessary expenses and our advice would always be to do this over a period of time to see if there is any negative impact on your work.