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Capture more expenses..

One reminder I have is for Dropcam.  It provides me video streaming service of my server room along with back up where I can go back and view video up to 7 days old.  The back up costs $100 per year.  When I first signed up, I had to put my credit card in.  I noticed their system was set to “auto-renew”, thus in 12 months my card would be charged again if I did not log in earlier and cancel.  

I entered in my reminder to RenewAlert and 11 months later, I received my first 2 email reminders.  I thought about it, weighed the value of the service, and decided to let it renew.  Knowing it would still be a few weeks until it renewed, I logged in to RenewAlert and added a comment to my email reminder text.  “Log in to Dropcam and download receipt for annual billing charged.  Then re-set reminder out 12 months.”  

My third email reminder is sent at the expiration of the contract, which means I can use that reminder to log in and get the receipt for the $100 charge.  

As a business owner, it is a constant challenge to capture every expense.  Annual recurring credit card expenses are ones that are a big part of that challenge.  Sometimes the first year is a “teaser rate” and the second year renewal comes with a big increase.  Then there is logging on and downloading the receipt so it can be entered in accounting.  Without this system, I am fairly certain I would have had no idea when the Dropcam contract was set to renew and would not have logged in to get the receipt.  

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