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A Step-by-Step Guide to Calculating and Reducing Operating Costs for your Finance Department

A Step-by-Step Guide to Calculating and Reducing Operating Costs for your Finance Department

A Step-by-Step Guide to Calculating and Reducing Operating Costs for your Finance Department

eprentise
Pages 5 Pages

Cutting operating costs in finance starts with calculating fully burdened labor costs, mapping tasks, and linking expenses to transaction volumes. For example, processing invoices at $1.33 each can be reduced to $1.00, saving 25%—equivalent to $250K in new sales. A step-by-step approach includes tracking costs by activity, profiling processes, benchmarking against peers, and identifying efficiency gaps. Improvements come from automation, shared services, and workflow redesign. Large firms have saved $20–40M annually, reinvesting resources into better decision-making, innovation, and growth.

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