If you’re like most small business owners, you have a lot of bills to pay every month.
From your rent or mortgage to your internet and phone bill, it can be hard to keep track of everything.
Because your cup is full and you have a lot to handle.
You may wonder: Should you pay your bills weekly, monthly, daily? What tools should you use to remind yourself what you need to pay and anticipate what you need to cover your expenses?
Frankly, it can be a bit overwhelming. Just remember, YOU ARE NOT ALONE.
The most important thing to do is organize your finances and stay on top of paying your bills. .
Financial organization is key to running a successful company.
Here are a few tips to help you keep everything organized and up-to-date.
1. Create a spreadsheet– Organize your expenses and receivables on a spreadsheet (the good old fashion way Microsoft, Google, Line Paper) Create columns which include date received, date due, amount owed, money received in, and money that needs to go out. This will allow you to take a glance at what is due, when it is due and to see the financial stability of your business.
2. Invest in a good accounts payable/receivable software program. If creating spreadsheets is too time consuming or just not your strong point, investing in a financial software program is the next best thing.
There are many different programs available, so you can find one that fits your needs. Quickbooks, Honeybook, Simple Bookkeeping, etc. a lot of programs give you a free trial so shop around to see which one you like. Whichever system you choose, make sure that it is easy to use and maintain so that you can stay on top of your bills and avoid late payments.
Paying bills is one of those essential adulting tasks that nobody really enjoys. But it’s gotta be done, and the sooner you get into a good routine, the better.
A lot of people prefer to do it weekly, so they can stay on top of things and avoid getting overwhelmed. Others like to do it monthly, so they have fewer transactions to keep track of.
There really is no right or wrong way to pay your bills monthly, it truly is a personal preference.
Regardless of how often you choose to do it, there are a few key things you should keep in mind.
First, make sure you have a reminder system in place – whether that’s a physical planner or a digital app – so you don’t forget when your bills are due.
Second, try to anticipate upcoming expenses so you’re not caught off guard (and end up with late fees).
Utilize these tips and tricks to get your finances in order so you can focus on what you do best – running your business!
Need help getting started? Reach out to me today, I am here to help!