When was the last time you gave your business expenses a good check-up?

Just like your car or your health, your business finances need regular maintenance. Over time, it’s easy for small, unnecessary costs to pile up and silently eat into your profits. A simple review done once or twice a year can help you cut waste, increase cash flow, and even uncover tax deductions you might be missing.

Here’s how to run an effective expense check-up:

1. Check Your Credit Card and Bank Statements
Start by pulling the last 3 months of business credit card and bank statements. Look for:
- Unused subscriptions
- Duplicate software
- Recurring charges that should have been canceled
- Personal charges accidentally run through the business

Tip: Many business owners are surprised by how many unused apps, platforms, or services are still billing monthly.

2. Evaluate Vendor Spending
Are you still using the same vendors or service providers as when you first started the business? It might be time to:
- Compare pricing from other providers
- Renegotiate contracts
- Consolidate services where possible

Even a 10% reduction in recurring costs can make a big difference by year-end.

3. Review Staff and Contractor Costs
It’s smart to assess:
- Whether your team’s roles and hours still match your business needs
- If contractors are charging rates that are still fair for the market
- Whether you’re getting value for every dollar spent

We’re not talking about cutting people it’s about alignment and efficiency.

4. Audit Inventory and Office Supplies
For product-based businesses, excess inventory can tie up cash and reduce margins. For service firms, recurring office expenses like paper, ink, snacks, or postage can slowly creep up.

Look for:
- Overstocked items that aren’t selling
- Supplies being ordered too frequently
- Items being wasted or misused

5. Run It by Your Accountant
Once you’ve done your review, bring your findings to your accountant or advisor. At CFLG Accountants + Advisors, we can:
- Spot patterns and savings opportunities you might miss
- Help you categorize expenses correctly for tax savings
- Create a streamlined budget to guide your next quarter

The Bottom Line:
An expense check-up isn’t about being cheap it’s about being smart. With inflation, rising costs, and economic uncertainty, every dollar matters.

Take a few hours this month to review where your money is going. You might just find hundreds or thousands of dollars you didn’t know you were wasting.

Need help with your business expense review?

Reach out to us at info@cflgcpa.com or call 305-662-7272. Let’s make sure your money is working as hard as you are.