We understand that keeping track of your income is an important part of your financial administration. However, it can be a daunting task, especially if you have to do it manually. That’s why we want to tell you how to easily and efficiently track your income using modern tools, like iBilly, the app to take control of your finances!
Why tracking your income is important
Tracking your income is important for several reasons. Firstly, it can help you achieve your financial goals. Think of paying off debts, saving for a big purchase or building an emergency fund. By tracking your income, you can see how much money you earn and how you spend it. This can help you make better decisions about where you want to spend your money.
Secondly, tracking your income can help you make your tax return easier. By tracking all your income and expenses, you can ensure that you receive all the deductions and tax benefits you are entitled to. Thirdly, tracking your income can help you monitor your financial health. If you regularly track your income, you can see if you are earning more than you are spending and if you are reaching your financial goals.
How to track your income
There are several ways to track your income. Below, we describe some tools that are often used.
Accounting software
Accounting software such as Exact, Visma, SnelStart, or Acumulus can help you track your income. This software is specially designed for entrepreneurs and freelancers and offers various features, such as invoicing, VAT returns, and bank connections. With this software, you can easily track your income and expenses and prepare your tax return.
Excel
If you don’t need extensive accounting software, you can also use Excel. Excel offers various templates that you can use to track your income. You can easily put your income and expenses in a clear table and make calculations.
Mobile apps
Nowadays, there are also various mobile apps available that you can use to track your income. This makes your financial administration a breeze! These apps often offer the same features as accounting software, but are specially designed to be easy to use on your smartphone. Will you also choose the iBilly app?
Tips for tracking your income
Below, we give you some handy tips for tracking your income.
Track all income and expenses
To get a good picture of your financial situation, it’s important to track all your income and expenses. Make sure you note down every amount, no matter how small. This helps you get a complete picture of your financial situation. With iBilly, this is not a lot of work at all. All your income and expenses are automatically synchronized, so you can view an up-to-date and complete overview at any time of the day.
Do it regularly
Tracking your income is most effective when you do it regularly. Plan a fixed time each week or month, for example, to take a good look at your income. This way, you stay up to date with your financial situation and can react quickly if something changes.
Use automatic bank connections
iBilly offers the possibility to create automatic bank connections. This means that your bank transactions are automatically imported into the app. This way, you have to do less manual work and can save time.
Categorize your expenses
To get a better understanding of where your money is going, it’s useful to categorize your expenses. For example, you can create categories for rent, groceries, clothing, entertainment, and so on. By categorizing your expenses, you can see where your money is going and where you might be able to save. In the iBilly app, you can easily add transactions to categories.
Keep your receipts
If you make a lot of cash purchases, it’s helpful to keep your receipts. This way, you can check where the money went afterwards and include it in your income overview. Easily add receipts and invoices to transactions in the iBilly app.
Make tracking your income easy with iBilly
Tracking your income is an important part of your financial administration. By keeping track of your income, you can make better decisions about where you want to spend your money and achieve your financial goals. iBilly makes it easy for you! Link bank accounts, view an up-to-date overview of your income and expenses at any time, set budgets and savings goals, store documents, share data with your partner, digitize customer cards, and use many more features. Download the free app and get started right away. You can also choose our premium version. Questions? Our customer service is ready to help you!
