Sending invoices became a routine for all entrepreneurs, from freelancers to small business owners. But as businesses expand, it becomes much trickier to follow up invoices manually. A recent Square study found that 72% of entrepreneurs would like to automate their business processes, of which 30% consider invoice automation a priority.
How to track invoices quickly and efficiently? For this purpose, businesses are usually opting for automated invoice tracking services. In our article, you will find out what the invoice trackers are and how to work with them.
What is an invoice tracking software?
An invoice tracker is a program with the main task of detecting overdue payments. The tool displays invoice status in real-time, while some programs also allow you to generate and send invoices in different formats.
How to make an invoice with an automated assistant? First, fill in the invoice sample. Assign a unique number to the new document, enter the client’s data, payment information, and a list of services provided. Don’t forget to include the payment deadline and save a copy.
How to track an invoice number? Once sent to the recipient, the program automatically adds the invoice to the database. The tracker follows the transaction’s status showing the number of paid, unpaid, or overdue invoices. Using invoice tracking software also allows you to analyze revenue online or upload a report in a convenient format.
Benefits of an invoice tracking
Why are invoices important in a business? First, they formally confirm the customer’s obligations to the seller. In addition, invoices help with bookkeeping and profit analysis. We recommend using the invoice trackers to avoid getting lost in the flow of invoices. They have many advantages, including:
- Revenue accounting. You can quickly see your profit and the number of unpaid invoices. There is no need to check whether the invoice is paid or not manually.
- Time-saving. Gone are these days when you spent hours on invoice tracking. While the software does it automatically, you can concentrate on handling the business.
- Budget managing. Knowing your profits and order frequency allows you to plan purchases and promote the business more effectively. Invoice following reduces the risk of getting into a slump by overspending corporate money.
- Errors reducing. Automated trackers eliminate the human factor from the process. Now you definitely won’t lose any invoices.
- Online reporting. Quick reviews show your balance sheet in seconds. They’re also helpful for tax accounting and bookkeeping.
Automated software is the best way to keep track of invoices. But how to select the right tool? We recommend Invoice Maker by Saldo Apps. It helps you track, analyze and generate invoices in any format you want. Saldoinvoice has many additional features like template autofill and a pre-saving list of services or items. Don’t waste time managing your invoices manually. Take advantage of the automatic tracker and grow your business with more success.