Do you have kids? Do you have plans for your kids to go to college one day? Have you looked at how much college is going to cost you for just one kid? College is a big investment, but it is a good one. If you begin planning for this huge expense when your kids are young, you won't take much of a hit when the day comes that your teen packs his or her bags and heads off to start a new life at school. This blog will provide you with several ideas and tips that can help you find ways to plan for your kids' college tuition.
When you own a business, tracking spending can help you to become more profitable. While accounting teams are essential, many business owners don't know what to look for. Here are three things you should have your accountants watch and how the numbers could impact your company down the road.
1. Capital Expenditures
Capital expenditures include any funds spent on improvements to your business. Whether you need to renovate the lobby or you have recently updated all of your computer hardware, it's important to make sure that your spending is in line with your budgets.
At the beginning of the year, identify areas that need to be improved and whether or not you need additional equipment. If you have large projects, consider starting them at the beginning of the year. Otherwise, split up the budgeted amount by month so you know what you can spend.
2. Paid-Out Spending Money and Petty Cash
Many businesses use paid-out spending money or petty cash to give their employees or management team a way to buy things without a company credit card. For instance, if you need to buy a piece of equipment at the local electronics store, you could get cash from the accounting team, and the accountants can make note of the paid-out money to keep track of the spending.
Ask your accounting team to give you frequent reports of petty cash and paid-out spending since it's easy for workers to abuse these systems. Ask all workers to furnish you with dated receipts for their spending so you can track where your money went.
3. Travel
Whether you need to send your employees to other locations to do some training or you have clients out of town, travel may come into play when it comes to your business. Oftentimes, companies pay for employees' accommodations and meals while they are away, but it is important to remember that tracking expenses can help you to lower costs.
After employees submit receipts, track how much they spent. It may be necessary to schedule shorter trips or give employees set stipends for things like food and entertainment to control costs.
When you have an accounting team, work hard to stay up-to-date on all of your spending. Meet with your accountants as frequently as possible, and ask for reporting to identify spending trends, issues with expenses, and progress towards savings goals. By watching the metrics carefully, you can make a big difference with your budgets.
To learn more, contact a business accounting company.
Share22 March 2021
