I'm excited to share some tips with you today that will make managing your money so much easier. As you know, I've been on a bit of a money thread lately, and I wanted to share something with you that you might not know about: managing expenses in your accounting software. While the basic chart of accounts in software like Xero or MYOB is a good starting point, it might not be enough for tracking your expenses effectively. If you don't break up your expenses enough, it can be easy to lose track of where you're spending your money. For example, if you spend certain costs on certain products, it would be helpful to have each of these products separate in your chart of accounts. That way, you can see how much money each product is making and what its cost to serve actually is. Similarly, if you have multiple subscriptions, it's important to divide them up into their own accounts, so you don't pay for expenses that you don't need. I have my own Business Brain's Money Method, which involves allocating each type of expense to a different bank account. I also like to add what those bank accounts are in front of each of my charter accounts. By doing this, it's easier to know what you're actually looking at and what expenses are going under what account. If you're not already customizing your chart of accounts, I recommend that you explore your accounting software and see what extra accounts you can set up. In Xero, for example, you can click on the accounting tab and then scroll down to the advanced chart of accounts. This is where you can see what accounts you have set up for your business and customize them to titles that make sense for you and your business. It's really easy to do this, and you don't need an accountant to help you. You can look at the way the settings are for the same type of expense and match that in what you set up for your own chart of accounts. By doing this, you can easily track your expenses and make sure you're getting value for money. I find customizing my chart of accounts really helpful and empowering, and I think you will too. So, if you haven't already, go ahead and dive in to your accounting software and customize your chart of accounts to suit your business. It's a simple step, but it can make a big difference in managing your money effectively. Listen to the episode to find out more. SHOW LINKS Get your free copy of the ‘Start Your Own Business Toolkit’ and BONUS ‘New Business Start-up Checklist’ at https://businessbrains.co/toolkit You can find us over on Instagram at https://instagram.com/businessbrains.au