expense-control

Vocabulary Word

Definition

Expense-control is a business strategy that involves reducing or limiting costs. It's much like budgeting on a bigger scale, where a company ensures no unnecessary expenses are made.

Examples in Different Contexts

For personal budgeting, 'expense control' means managing personal spending to not exceed income. A personal finance coach might advise, 'Effective expense control can be achieved by using budgeting apps to track and categorize every expenditure.'

Practice Scenarios

Accounting

Scenario:

The financial statements show our cost of goods sold is at an all-time high. That's impacting our gross margin negatively.

Response:

Recommendations for expense-control would be beneficial. We need to cut costs without compromising product quality.

Business

Scenario:

With the current market volatility, we need to reconsider our spending. Every dollar saved could be the difference between growth and stagnation.

Response:

That makes sense. Let's explore potential areas for expense-control to improve our bottom line.