Think you know where your business money is going? You might be surprised.
Most businesses have at least one subscription they’ve forgotten about, an expense that’s quietly increased, or money leaking away without anyone noticing. The good news? Spending just 15 minutes each month reviewing your expenses can help you stay in control, improve your cash flow, and potentially save your business hundreds (or even thousands!) over the course of a year.
Here’s a simple monthly expense check that every business owner should be doing.
- Review your bank and credit card transactions
Take a few minutes to go through your transactions and make sure every expense relates to your business. Look out for duplicate charges, unexpected payments, or anything that doesn’t look quite right.
- Check your subscriptions
We’ve all signed up for software or online services with the best intentions.
Ask yourself:
- Am I still using it?
- Is it saving me time or making me money?
- Would I notice if I cancelled it?
If the answer is no, it might be time to let it go.
- Review your expense categories
Whether you use QuickBooks, Xero, or a spreadsheet, make sure your expenses have been categorised correctly.
Grouping your costs into categories such as software, marketing, travel, office supplies, and utilities gives you a much clearer picture of where your money is going and where you may be able to reduce spending.
- Compare your spending with previous months
Has one category suddenly increased?
Sometimes there’s a perfectly good explanation. Other times, it’s the first sign that costs are creeping up or that you’re paying for something you no longer need.
- Check you’ve kept your receipts and invoices
Keeping good records throughout the year makes preparing your accounts much easier and can help support any tax deductions you’re entitled to claim.
Future you will definitely be grateful.
Still collecting paper receipts or searching through your emails?
If you’re not already using Hubdoc, it’s well worth considering. Hubdoc lets you snap a photo of receipts or upload invoices on the go, securely stores them in one place, and syncs with your bookkeeping software. It’s a simple way to stay organised, remain compliant, and save yourself hours of admin.
It’s especially useful for busy business owners and employees who are regularly out and about…no more lost receipts stuffed into pockets, wallets, or glove boxes!
Not sure if Hubdoc is right for your business? Get in touch and we’d be happy to show you how it works.
- Ask one simple question
“Is this expense adding value to my business?”
Every pound you spend should have a purpose. Whether it’s helping you win new customers, save time, improve efficiency, or provide a better service, each expense should earn its place.
The bottom line
A monthly expense review isn’t about cutting costs for the sake of it. It’s about making sure your money is working as hard as you are.
Set aside just 15 minutes each month, grab a coffee, and give your expenses a quick health check. You might be surprised how many small savings you uncover and those small savings can add up to a significant difference over the course of a year.