You’re skilled at keeping simultaneous track of your company’s profits and costs, including business operating expenses. Case in point: You can probably calculate your gross profit – revenue subtracted by the cost of goods sold – with little effort. But with economists predicting an economic slowdown of some kind this year, you’re probably keeping a […]
With an unclear economic picture for 2023, it’s important to take advantage of opportunities to make your business more efficient. But your spend management – which may be hindered by manual processes, and paper receipts, card statements, expense reports and invoices – can be a humongous speed bump on the road to efficiency. If your […]
In an economic climate where you might have to do some belt tightening, a cash leak from internal theft is unacceptable. However, according to Aaron Evett, director of implementation of the expense management and business budgeting software company Divvy, a lot of companies don’t realize how much money can be saved just by taking measures […]
There are a lot of differing opinions about the economy right now because the indicators contradict each other. For example, inflation keeps reaching all-time highs, yet consumer spending is strong. Also, the GDP declined two consecutive quarters (but increased 0.6% for Q3 2022), yet employment continues to grow. Because of the unusual economic conditions, making […]
One underappreciated advantage for attracting talent and minimizing costs is setting up shop in a business-friendly state. Higher-than-average tax rates, whether it’s for property, individual income, sales, corporate income or unemployment, take a big bite out of profits. With no near end in sight for high inflation, now may be as good a time as […]
It may be wise to evaluate your 2023 T&E budget one more time because hotel prices worldwide are expected to go up again, according to American Express Global Business Travel. A combination of pent-up demand for in-person meetings and ongoing hotel industry recovery struggles are likely to trigger higher prices and other challenges for securing […]
The coronavirus pandemic reinforced lessons that experienced CFOs knew but might have taken for granted. For example: You’re better off not relying too heavily on one vendor for critical company needs. You never know when a vendor may be in danger of changing hands to an owner you don’t know or going out of business […]
One nice thing about fixed expenses is that they stay constant and usually don’t fluctuate. The bad news, they’re usually set in stone and can’t be cut if you’re looking to lower expenses. But according to Aaron Evett, director of implementation of the expense management and business budgeting software company Divvy, you don’t have to […]
It’s not surprising that your peers have a less optimistic outlook about the economy now than they did at the beginning of the year. In fact, only about 39% of CFOs surveyed by Grant Thornton in its Q2 2022 CFO Survey were optimistic about the state of the U.S. economy over the next six months. […]
