How Do Your Expenses Compare to Other Businesses?
Topic: Entrepreneur Evangelist,Growing Your Business,Infographics,Managing Your Business | Comments Off on How Do Your Expenses Compare to Other Businesses?
It’s been an exciting time for the team here at WorkingPoint. Over the past several months, we’ve watched our subscriber base grow, our users explore more of our features, and our application get put to work in increasingly valuable ways.
One of the most exciting side effects of that is that we are now able to start seeing some great data that cuts across our customers, and helps us understand both small business trends, as well as how people are using WorkingPoint to help them solve their daily business needs.
This past week, we started really digging into details around how WorkingPoint customers were using our Expense functionality. We’ve got some very interesting results.
At a high level, we see a common assortment of expenses among our customers that, when prioritized and ranked, produce a tag cloud that looks like this:
It’s All About People
However, once we dig into the details and combine some of the smaller, related categories, the numbers look a bit different. Far and away, the biggest expense paid by our customers is for their staff:
In this view, “Staffing” includes all the costs that go along with your most valuable asset: your people. That includes payroll/salaries, payroll services fees, payroll taxes and fees for contractors.
Of course, the “Other” category is a generic bucket for things that do not have obvious categories, and we continue to examine ways to gain insight into what types of expenses our customers use that category for, but over all, there is something comforting about seeing how many small business that use WorkingPoint are finding so much value in it.
All in all, the more time goes by, the better our data gets. And better data means a lot of great opportunities for us to find more ways to give you the functionality that you need to help run your business with less effort.
Even more than that, it’s a great encouragement to see how many businesses are still doing great work, taking care of their people, and helping to push our economic recovery.