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Expense management is a must for any business. Every dollar spent can either contribute to your growth or drain your resources. And while it seems like a simple thing to do, many businesses struggle with it - causing bigger financial problems down the road. So what can you do to avoid this in your business?
In this episode, John Krebsbach and I go very deep into effective expense management. From managing credit cards and checks to dealing with reluctant vendors, he shares practical tips and real-world examples to help you implement an effective expense management system and protect your growing business.
John is a Principal at Precision Advisors, a business operations advisory firm for companies who are growing or are looking to ignite growth. He is an experienced founder and chief operating officer who enjoys the journey of building high-growth companies with great people. He earned and refined his growth operator skill set in a variety of environments, from co-founding a startup (and shutting it down) to scaling an Inc. 5000 business and building new teams within a global corporation.
We discuss: (timestamps)
02:25 What is expense management and why it matters
05:14 Managing credit card expenses and tracking spending
17:49 Expense management for check and ACH-heavy businesses
26:14 Working with vendors resistant to digital tools
28:15 Implementing expense management processes
42:21 One actionable step to take to implement an efficient expense management system
Resources:
John Krebsbach, Principal, Precision Advisors
https://precision-advisors.com/
LinkedIn:
https://www.linkedin.com/in/johnkrebsbach/
Special offer for listeners of the podcast:
Get a $500 sign-up bonus from Ramp to manage your business expenses: https://ramp.com/partners/precision-advisors
Kathy Svetina, Fractional CFO:
https://www.newcastlefinance.us/
Blog post | Effective Expense Management For a Financially Healthy Business
https://www.newcastlefinance.us/listen/effective-expense-management-for-a-financially-healthy-business/
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