Bill trackers – Bill tracking tools allow a user to track the progress of a bill or resolution, as it is making its way through the legislative process. Manage your accounts payable with the help of this free excel template.
In a simple language, accounts payable means all the business payments that you need to make to other vendors/ outside parties for availing their services or products.
Bill tracking looks forward, rather than backward, as with legislative history research. You can use this bill tracking spreadsheet to list all your recurring bills or invoices with their expected payment amounts, and then check them off when they are paid.
Using Bill Trackers, can help you in Budget Management. (You can use free excel dashboards and templates for budget management too).
Importance of tracking invoices and bills
Payment tracking is an important part of running a successful business or professions. We have curated some of the reasons why it becomes important to manage cashflow and inflow in a business and keep the show running-
- You can easily know how much money is there as “Collectibles” or “Receivables” on real time basis.
- Bad debts can be easily and proactively identified and monitored if there is good practices of following ageing reports for each invoice or bills.
- Tracking invoices/ bills and amount actually received i.e. process of having balance reconciliation process can help you identify the shortfalls.
- Balance reconciliation and confirmation process helps to avoid misunderstanding and payment related disputes.
- Cashflow of the business can be managed in better way.
Good practices for tracking invoices
- Have a Designated Spot for Bills.
- Set a Dedicate Time and Place to Pay Bills Monthly.
- Make a List of All Bills, Amounts Owe, and Due Dates.
- Create A Bill Paying Calendar.
- Sign Up For Bill Pay Reminder.
About bills and invoices tracker excel template
First, list all your expected bills. We recommend sorting the invoices based on the order of priority. Priority can be on the basis of which needs quick repayment and / or have less credit period.
In the Day column, you can list the day of the month that the bill is typically due, such as 1st, 15th, EOM (for end-of-month), etc. The Day column is just for your own reference.
Next, enter the expected amounts for the bills for each month. If a payment is variable, you can enter the average amount at first, and then update it with the actual amount after you get the bill. Finally, you can print a copy of the worksheet if you want to include it in your planner or display it somewhere as a reminder.
If you prefer to continue editing the spreadsheet on your computer, you can use the drop-down in the checkbox columns to check off when a bill is paid. The Total Paid row at the bottom will sum the amounts that are checked.
You can also use invoice trackers available at Excel Downloads to find more options around tracking of invoices or tracking of bills.
Download and Use Bill Tracker Free Excel Template
To use this free bill tracker excel template, you should have Microsoft Office/ Microsoft Excel installed in your system.
After installing Excel or Spreadsheet, download the zip file of this template, extract the template using WinRAR or 7Zip decompressing software. Once extracted, you can open the file using Excel and start entering data or customizing the template.
