Accounts Receivable

Jinny Chompff of Simply Organized suggests having four file folders for your accounts payable, one folder for each of the four weeks in a month. When you receive the invoice, guesstimate whether you will pay it the first, second, third or fourth week of the month. Put the receipt in the appropriate folder.

Each Monday morning go through the folder and pay those bills. If your cash flow comes up short, move the unpaid invoices into the next week’s folder.

Now you may enter your repetitive bills such as your phone, Internet services, car payments etc. into your online banking service and save an even greater amount of time. The automatic bill pay is especially helpful when you are going on vacations or travelling for business. It will give you peace of mind knowing you don’t have to worry about whether you sent off the check for the car payment.

The time you save in going through all of the invoices if they are in alphabetical order will afford you more time to focus on income generating revenue.