Monitoring and controlling expenses is vital for maintaining financial health:
Track Expenses: Use accounting software or spreadsheets to track all business expenses in real-time. Analyze Variances: Regularly compare actual expenses against the budgeted amounts to identify variances and take corrective actions. Implement Cost-Saving Measures: Look for opportunities to reduce costs, such as negotiating better deals with suppliers or cutting unnecessary expenses. Set Spending Limits: Establish spending limits for different expense categories and ensure that employees adhere to them. Review Vendor Contracts: Periodically review vendor contracts to ensure that you are getting the best value for your money.