Organize your Bills for the Lender

Let's Get Organized!

Keep a clean and organized office at home as great practice for when your new restaurant is up and running! Good habits start at home.

     Your lender is going to want all the information you have about your current finances in order to determine your eligibility to get a loan so you'll want to make sure you are organized. Use these simple strategies for organizing your bills so you're ready when your potential lender is ready!


Use a file cabinet that looks good - take it to your restaurant later! Keep it affordable

   ** Keep a file system
          Any kind of file box will work and you can keep manilla folders inside of it, labeling each of those folders with the name of the bill. Once you start to use a file box, all your bills can easily be added once they're paid and you'll be able to find the most recent interest rate you're being charged, the total balance due and the monthly amount due. Your lender will no doubt ask you all of these questions so a file box will really come in handy. You can find file systems at any office supply store, Pier I and online at places such as amazon.com and you'll get free shipping with amazon and some good deals when you buy items in bulk.


   ** Organize your bills by Month

          If you have trouble keeping up with your file system, try to keep it as simple as possible. Use manilla folders and label one folder for each month so you'll have 12 folders all together, January through December. This way, as long as you place all the bills you paid in January in the correct folder, at least you'll know where to locate your receipts for the lender.

   ** Organize your taxes
          Keep a drawer in your file box strictly for all your tax returns and all tax related papers. This will be much easier to locate any given year without having to look through years of boxes just for the tax return. Doing this one simple organizing task will save you loads of time later.

   ** Keep a To Do File using a Caddy
          On top of your desk or close to it, keep a file caddy so that your current bills are at the ready, you'll see what's due and when and you can pay your bills on time which will help you in finding a lender for your restaurant. Get in the habit of keeping your current bills due in that caddy and look at it frequently. Bills that get paid late can really hurt your chances of getting a restaurant loan from anyone!

   ** Use a Calendar
          Either use a paper calendar or use your computer with a spreadsheet for all your bills, when they are each due and pay attention to it so your bills will all be current and paid on time.

   ** Get rid of Junk Mail fast!
          Go through your mail daily if possible. Keep it in a bin in your garage, car or other entry point of your home until you can sort through it. Shred what isn't needed and put your bills in the caddy. Getting into this habit will help you to stay organized with all your bills and paperwork so that you can easily find anything that your lender will want. Plus, as an added bonus you'll have more practice with the paperwork end of owning a restaurant!!

     Good luck getting organized. You can do it, take it one step at a time. Cheers!