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How Should I Track My Bills?

As annoying as it can be to track bills, it’s absolutely necessary for your business.

Tracking all of your account payable items in your bookkeeping system is going to help you see where a majority of your operating expenses are going. It’s also beneficial when it comes time for tax season.

What do you need to track?

So… what exactly counts towards the bills you should track when it comes to your business?

The answer to that question will depend on the type of business you have as well as where your business is located. But, the majority of recurring bills you will need to record include the following:

  • Phone

  • Internet

  • Utilities

  • Rent

Subscriptions are another item on most people’s list of bills. This could include the virus protection you have for your devices, software you use to send emails or even applications for scheduling social media.

How do you track your bills?

First things first, you need to remember when your bills need to be paid.

Some helpful tips to make sure you never miss paying or tracking your bills is to set reminders by either placing the reminder dates on your calendar or by setting a recurring notification.

When it comes time to record your business expenses, there are a few different ways you can track your bills in your financial records.

  • Manually

  • Using a digital tool

  • Hiring a bookkeeper

Manually tracking your finances isn’t always the easy way to go. However, if you do own a smaller business or your business is a side gig, then it might not be too difficult to maintain.

In the long run, though, tracking your bills and other finances are going to be easier with a tool. There’s no shortage of tools you can use to track your finances. Even free apps on your phone can be used to simply record your month-to-month spending.

And, if you don’t have the time to do your finances on your own, it might be time to consider hiring a bookkeeper to help you with the financial side of your business.

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