Do you keep daily watch on your financial activities? Or, you do it once in a blue moon night. An entrepreneur must have to look to organizing funds, bills and bank accounts. Else, he will soon be enlisted as bankrupt. Forgetting to pay utility or inventory bills will penalize you with late payment charges. Staying blind to your bank balance will punish you with overdraft fees.
Catch how you can cut down your expenses; keep watch on due dates of the bills and organizing your financial activities:
1.Make your budget: Bills are to be paid every month. Strategic planning can help you in maintain your fund-flows. So, strategically plan how to insert bills in the budget and adjust other expenses in its limits. This way, you will not overdraw from your bank balance. For example, if you keep on piling up electricity bills of 6 months, you have to pay more than the face value.
Drafting the monthly budget can help you unimaginatively. Your expenditure will be under your nose. The whole picture will be in front of your very eyes clearing which particular expense exceeded. This can eco again and again which expense is to be restricted in the next month.
2.Take help of financial software: Online software is your helping partner for all time. It costs nothing or minimum. What all you need to do is download any suitable free or low-scaled software for budget preparation. Keeping the forecasting of budget handy, you will never skip meager to hefty expenses of yours. Don’t forget to check the customer service and reviews about that software on net.
3.Stack up bills: Bills are necessary to pay. You can stack up the hard copies of the bill on the same table where you store your cheque-book. This way, the bills will catch your attention more frequently and you will never forget their due dates. Don’t mess-up that table with the copies of paid bills. Torn them once they are paid. Implementation of financial systems in this way can help you a lot.
As backup, you can scan and store your all bills in file format in your laptop. Caption the folder as bills and save it.
4.Pay your bills: Be a watchdog to catch the electronic and inventory bills. So many apps are available, like Paypal, Paytm and many more. You can log in and pay bills through them. Pay it safely by using OTP option. No one will be able to creep in to your log in and banking details.
On receiving hard copy of the bill, check it out thoroughly if the bill is already paid or not.
5.Prepare bills’ checklist: You should prepare a checklist in the month’s beginning. All the bills, that are expecting to be delivered, should be filed on your desk or computer. Bold the name of the bill. After this, you can relax as the list of all will keep you alarming whenever you will be connected to your computer.
6. Checkout if your pay checks or inventory receipts are deposited: Starting spending without checking your bank balance may burden you with overdraft. So, it is better to check if your pay checks and inventory receipts are directly deposited or yet to be deposited. Thereupon, you can spend as per your desires.
7.Maintain two separate bank accounts for billing and receiving: If you end up your every month in cheer, maintaining two separate bank accounts will be a brilliant idea. Reserve one for billing and another for receiving. This will enable you to learn which bill is due and also, what payment is receivable.