Guide: Cutting Business Expenses

cutting expenses

Economic downturns often see companies taking drastic measures to cut costs. We’ve compiled a guide filled with ways you can strategically cut expenses and save money, while ensuring that your business is still operating efficiently.

The guide will also delve into:

What’s going on with the economy?

The inflation rate in the United States reached a 40-year high in March of 2022, and it’s still unclear if the peak has been reached yet. As yearly inflation rates hit 8.5%, the cost of energy, food and shelter rose, according to the Consumer Price Index (CPI). Business owners have all felt the impact.

What counts as a business expense?

A business expense is defined as an amount of money spent to generate business revenue. There are both fixed and variable expenses for every business.

Fixed expenses are recurring charges that don’t change from month to month, while variable expenses, on the other hand, are charges that differ in total each month. 

Why is tracking business expenses so important?

You can’t manage what you can’t measure. Luckily, business expense tracking is a whole lot let stressful than it’s been in the past thanks to technical advances in automation.

Of course, you’ll learn tips to make the expense process less daunting, including:

  • Using automation to your advantage
  • Prioritizing strategic costs
  • Auditing your SaaS spend
  • Retaining talent

… and much more!

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