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The Dollars Will Take Care of Themselves
Ancient and oft quoted advice. How do we look after the pennies and control the dollars, when there are so many other pressures surrounding expenditure decisions?
Keeping an eye on the pennies is an attitude for transaction moments. It's not so much the pennies themselves as it's the accumulation of them. This calls for specific audits of invoices and statements. or software programming for tracking small overlooked expenditures. Subject all expense categories in your financial records to a periodic review.
Increasing bank charges have become an issue due to all the little separate charges appearing on bank statements. Such things as bank charges, late payment charges and petty cash abuses, can be minimized with processing and control procedures.
If you don't want to irritate others with unusual penny-pinching, create ways to monitor the pennies and promote cost saving attitudes. Can small expenditures be replaced by more economical gross expenditures?
On the other hand there's that accounting principle of materiality, where the cost of discovery is greater than the cost of correction. This may caution you to reduce the frequency of your audits.
Stories from members will add great value to these maxims
Please post your story by emailing it to max@unclemaxsays.com.
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