Unlike professionals in other industries, you don’t rely on a steady paycheck coming in twice a month. Your paycheck depends on when your transactions close, which makes some months are more lucrative than others. To have enough money to cover the lean times, it’s important to create and stick to a spending plan for your business. Part of this plan is tracking your expenses. “Oh, but that sounds so tedious,” you might be thinking. Keeping track of what you spend allows you to keep more of what you earn, so that you can run a financially thriving business. Here are three reasons to track your business expenses.
1. Know where your money is going. If you’ve ever thought, “Where did the money go?” when looking at your bank statement, then tracking is a must-do task. Tracking your expenses allows you to know where your money is going, when and to whom. It also helps to ensure that you won’t be caught short (and have to deal with large overdraft charges from the bank).
2. Take control of your finances. Tracking your expenses gives you total control of your finances, and allows you to save more of your earnings. Having a complete overview of your financial pictures gives you the opportunity to adjust your spending plan when necessary. When times are lean, you know which expenses to reduce or eliminate. Similarly, when times are good, you can make better choices with your earnings. Tracking makes you more aware of your spending habits so that you can refine them and make better choices.
3. Reach your financial goals. If you’re like most real estate professionals, each year you make a financially-related goal to close more transactions, make more money, save more money, etc. Tracking expenses is a vital part of reaching these goals. It not only gives you an accurate picture of how close you are to reaching your goals, it also helps to ensure that you’re able to keep more of the money you make.
You may have noticed something different on your Referral Maker® Business Dashboard this month. In an effort to meet the needs of our users, it’s now possible to track your expenses in Referral Maker real estate CRM.
Following the user-friendly set up that Referral Maker is known for; the monthly expenses track gives you a clear picture of your business’s financial situation, and gives you an idea of how close you are to reaching your goals.
Get a better picture of your finances by including past data. Referral Maker makes it easy to import your historical expense data. Easy to use and user friendly, you’ve never realized that tracking expenses can be fun! Check out this video to learn more about this great new feature:
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