I found $570 of my own money. Oops!
Angie M Grainger
Even the "Money Finder" can lose money by not paying attention.
Luckily we have a double-check system that caught it quickly for me and helped me get it back!
Last year we hired a consultant to help us implement some software. He set us up on some subscriptions that were auto-charge and auto-renewal on an annual basis.
Automation of these kind of expenses can be great for the software you use and love—but it can also come with its own downfalls.
In this case, we never actually used any of the software beyond the initial setup, and seeing as we no longer work with the consultant, it was totally off our radar! This oversight would have cost us $570 every year on auto-charge if we hadn't of caught it! :-(
These things are easy to get wrong, so we keep good segregation of duties on our finance lines, and we also review the numbers with our executives on a monthly basis to keep things under good control.
Most money leaks that we find are simply caused by not paying attention.
It's easy to get caught up in your business and put the bookkeeping on the back burner, but it can be expensive to lose track of where your money is going. Money leaks are costly…and ones like this are just annoying!
The more control you have over your income and expense lines, the more money you'll take home.