How to Keep Track of Monthly Payments

by Emma Cale, studioD

For small business owners, keeping track of monthly payments can be a challenge, particularly if the revenue-generating aspects of the business demand the bulk of your attention. Still, it's important to keep track of monthly payments because dropped payments can lead to future cash flow and credit problems. Tracking software helps small business owners keep track of monthly payments safely and securely, and it tends to be less labor intensive than the paper filing method.

Categorize the paper or electronic versions of your monthly payments according to how you pay them. For example, if you pay your office utility bills using a pre-authorized debit or automatic withdrawal from your checking account, place that bill in the checking account pile. If you pay your cell phone bill using a business credit card, place that bill statement in the business credit card pile.

Input your monthly payments into a calendar or Excel spreadsheet format. Highlight the different payments using a different colored font so you can distinguish them by sight.

Organize the payments by the date they need to be received. Allow for bank processing time for the payments that are sent using pre-authorized debit. For example, if the utility payment is due on the 15th of the month, the bank typically requires three to five business days to process the payment, so the money will need to be in your checking account on the 10th.

Download payment tracking software to track your payments automatically. A good choice is This software is free and secure, and it pulls all of your payment information from your checking accounts and credit cards and places it in one location.

Enter your checking and business credit card accounts by selecting them from the drop-down list. This software connects to most major banks in the United States. Simply find the name of your bank, select it, and enter your username and password to connect the accounts and the software.

Use your Excel spreadsheet to verify that all of the monthly payments are accurately reflected once the software has loaded your information.

Things Needed

  • Tracking software
  • Paper or electronic statements of monthly bills
  • Excel spreadsheet or calendar highlighting your current monthly payments


  • Remember to sign in to your payment tracking software immediately when a new monthly payment is added, or when the amount of a flat-fee monthly payment increases or decreases. Add these changes to the account. This will help you keep all of your monthly payments current and maintain your cash flow and credit.


  • Use the same security protocols you use with any other sensitive accounts. Do not share your user name or pass codes with anyone, or your account numbers.

About the Author

Emma Cale has been writing professionally since 2000. Her work has appeared in “NOW Magazine,” “HOUR Magazine” and the “Globe and Mail.” Cale holds a Bachelor of Arts in English from the University of Windsor and advanced writing certificates from the Canadian Film Centre and the National Theatre School of Canada.

Photo Credits

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