Paying bills may not be the most exciting tasks for you as a small business owner, but it’s definitely one of the most important.If you ever get into a situation where your bills pile up and you can’t keep up with due dates, it’s easy to get overwhelmed. Without an organized bill management system, your bills could quickly get lost in the shuffle. You might come close to missing payments, getting hit with late fees—even dinging your credit score.
Many small business owners want to get a better handle on organizing and paying their bills, but often they’re stuck using spreadsheets to log each monthly bill payment. While a spreadsheet is a good place to start, it may not be the most effective way to stay on top of your credit card payments, bank accounts and all the different types of business bills.
With a spreadsheet, you could run the risk of misplaced data, broken formulas, and lost files. Using a spreadsheet can also be time-consuming and potentially harmful. An error in one cell can trigger a waterfall effect on your bookkeeping.