Low Hanging Fruit: IT and Technology Expenses

By admin | CEO Best Practices

Jul 19

My name is Scott Smeester and I’m doing a video series on how CEOs can strategically use technology to help reduce bottom line expenses and grow their business. Today’s topic is about doing audits on your IT and your costs. From time to time I recommend you do audits on the books for IT and technology because a lot of times if you’re not separating out all of the expenses and the costs that are associated with IT and technology and if you’re not doing it properly then you’re probably missing out and losing out on opportunities to really find venues in which you can save money or where you might be over spending on money. Sometimes when everything is just buried under a broad Technology Group within your accounting system, what happens is you’re not seeing some numbers. Obviously IT and technology is a big expense but the problem is you might not be able to see some numbers, or somebody else be able to see some numbers, that are just too big. For instance, a good example that I’ve seen recently is when we started breaking down one of my clients financials for technology we saw that there was a big phone expense, actually two expenses, for phones and services and we looked at one of them and found that only one of them was necessary for the company and lo and behold we were able to cut off the other one which was able to save a significant amount of money to my client. That’s today’s tip I hope that will help you out. Consider breaking down accurately what your technology expenses are and it will really help improve your bottom line.