I am running into an issue with a cut

I am currently working on a new project for a magnet guide for my japanese pull saws that way I can cut miters by hand.
I am running into an issue where either Easel or my machine is not resolving some of the distance properly. I performed about 6 test cuts and ran into an issue where the none of the cuts were accurate. It was supposed to yield a piece of wood that is 2 inches by .74 with 2 .25 inch holes through the material.
Instead, it is messing up. The cut is off on the width of the cut. The first cut was off by .04 of an inch. I tried measuring the bit and recutting which did get me to .03 of an inch (which doesnt add up, my .125 inch bit was actually .114 inch.) I even rotated the piece and had the cut along the width still be off.
I dont know what to do. It isnt too major, but I would like it so then if I cut a square, it renders a square. .01th of an inch isnt too bad, but .03 is enough to cause trouble.
Please help.

Were you cutting on path, or inside path? those would result in smaller pieces than desired.

I did that last night and did some adjustments to the machine. I still find it weird that the dimensions were off regardless of what axis was the primary direction of travel. I am going to do another test cut this morning and see where that leaves me.

I had it set to do the outside of the cut for the perimeter pieces. The fill pieces were also off by about .02 which was resolved by measuring my bit.