Scrambling to pay bills last minute? Time to set up a bill payment routine!

Tired of scrambling to pay bills at the last minute?  Or worse, getting hit with late fees that eat you’re your profits? The secret to stress-free bill payments is creating a simple routine.  The example here is set for weekly, but this could easily be set up on a bi-weekly or semi-monthly basis.  Choose the payment frequency that best works for you.  Having a bill payment routine keeps your business organized, avoids late fees, maintains cash flow, and ensures compliance with CRA (Canada Revenue Agency) obligations. Here's a simple, practical routine tailored for small to mid-sized businesses.

Step-by-Step: Bill Payment Routine

✅ 1. Collect & Organize Your Bills

Sources:

• Vendor invoices (email or paper)

• CRA notices (GST/HST, payroll)

• Utility/phone/internet bills

• Subscriptions and memberships

Tools to use:

• A simple list of your recurring bills with due dates

• A dedicated email: bills@yourbusiness.ca

• Cloud folder: Google Drive / OneDrive (e.g. “Unpaid Bills” folder)

• Optional: Use accounting software (e.g. QuickBooks Online, Wave, Xero Canada)

  
  

✅ 2. Choose a Weekly Bill Review Day

Set a consistent day to process bills — e.g. Every Thursday morning.

On this day:

• Review all incoming bills

• Check what's due in the next 7–10 days

• Flag anything urgent or incorrect

Use a basic checklist like:

Bill	Due Date	Amount	Approved?	Paid?
Bell Mobility	Aug 15	$120	✅	☐

✅ 3. Approve and Prepare for Payment

If you have a team, set approval rules (e.g. bills over $1,000 must be approved by a manager).

If you’re solo: just verify the invoice is legit, accurate, and due.

✅ 4. Pay Bills

Common bill payment methods:

Method	Best For	Notes
Online Banking Bill Pay	CRA, utilities, large vendors	Set up vendors using their payee codes
Interac e-Transfer	Freelancers, small vendors	Instant, easy — watch daily limits
Pre-Authorized Debit (PAD)	Recurring payments (CRA, subscriptions)	Set and forget — good for HST, payroll remittance
Credit Card	Vendors that accept cards	Helps with points/cash flow, but check fees
Plooto	Pay by card even if vendor doesn't accept it	Useful for cash flow management

✅ 5. Track Payments

Keep a simple tracker in Google Sheets, Excel, or your accounting software.

Example:

Vendor	Amount	Due Date	Paid On	Payment Method
CRA (GST/HST)	$2,000	Aug 15	Aug 10	PAD
Telus	$95	Aug 12	Aug 10	Online Bill Pay
Contractor	$1,200	Aug 15	Aug 11	Interac e-Transfer

✅ 6. Reconcile Monthly

At the end of each month:

• Match bills to payments in your bank feed

• Update your accounting records

• Make sure you’ve paid all taxes (HST, payroll, etc.)

• File or archive paid invoices

  
  

Use software like:

• QuickBooks Online (Canada)

• Wave Accounting (free, Canada-friendly)

• Xero (for more advanced needs)

  
  

✅ 7. CRA-Specific Deadlines to Remember

Keep these on your calendar:

CRA Payment Type	Frequency	Typical Due Date
GST/HST	Quarterly	1 month after period end
GST/HST	Annual	3 months after period end
Payroll Remittance	Monthly (usually)	15th of the following month
Corporate Tax	Annual	3 months after year-end

📝 Summary Routine

Day of Week	Task
Monday	Check for new invoices
Thursday	Review & pay bills due in 7–10 days
Monthly	Reconcile payments & update records
Quarterly	Pay CRA GST/HST (if applicable)

Good bill payment habits protect your credit, maintain vendor relationships, and keep your business running smoothly.  Pick a system that works for your business size and stick with it consistently. 

If you have questions on what system is best for your business, or need help managing it, we are here to help!