Managing expenses
Briefly, when I am looking at expenses, I will break them into three categories when analyzing if they are needed for my business: necessity, useful and luxury, basically prioritizing the expense. Do you do the same and how often do you do this?
Replies to This Discussion
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Permalink Reply by NANCY SIMMONS on
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Rob, Great discussion starter!!! Thanks!
I have been involved in many Expense Control projects, but I believe it is something that has to be controlled on a daily basis.
I think your idea of categorizing is great! I also control expenses while opening the mail... As you review each invoice/statement, ask yourself: 1. Do we really need this? 2. When was the last time it was put out to bid with other vendor? 3. Am I bound to a contractual agreement with this vendor? Then perhaps: 4) Pick up the phone, call the vendor and negotiate price... 9 times out of 10 they do not want to lose your business and will work with you!
What are some ways we can control expenses in a dealership setting? Does everyone have a stringent purchase order policy which is enforced? -
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Permalink Reply by Craig Lockerd on
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What you wrote is going to my Controller this morning.....thanks Nancy!
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