Last editedJan 20232 min read
If you are yet to venture into the world of payment and accounting software, you may not be aware that many software solutions come with an inbuilt automated payment tracking system.
Payment automation is used by businesses and merchants to carry out checks, ACH, transfers to suppliers, taking payments from clients - and yes, you guessed it, tracking payments.
If you’re looking for a payment solution that can track payments, in addition to a number of other tools, you’ve come to the right place. In this post, we’ll take you through what automated payment tracking can do for you, and give you a list of some of the best software options.
What is payment tracking software?
As a part of a comprehensive range of payment tools and solutions, payment software offers automated payment tracking and reconciliation services. This allows for the tracking of payments, invoices, purchase orders and payment releases without any need for manual intervention. The software can connect the merchant bank with the general ledger to carry out automatic reconciliation. You’ll often find tools for liquidity analysis and an option to have anomalous items flagged for investigation.
Essentially, using payment tracking software can help reduce your financial admin and save you significant time. This will enable your business to run more efficiently, and free up time for you and certain staff members to focus on other tasks.
Good payment tracking system software
There are lots of options when it comes to online payment tracking systems. Below are some examples of the best payment tracking software availableon the market today:
Xero is an accounting software system which offers a range of solutions from expense management to bill paying. It offers excellent tools for payment tracking, with an option to view your financial situation at a glance with the central dashboard. The software also provides real-time updates with your bank, automatically updating the latest transactions, payments and expenses.
To access Xero’s payment tracking features, visit the ‘Business’ menu and select ‘Sales overview’. Next, click on Paid, which is next to invoices. This presents you with the paid invoice, and front here you can view the payment account.
Another good payment tracking system is Zoho Books. With Zoho, you can automate invoicing and billing, as well as view payments as and when they come in with real-time updates. You can also link your business account and POS system to keep a close eye on incoming payments and ensure they’re accurately recorded.
When it comes to payment tracking, Zoho has a unique feature. The software offers a client portal through which merchants can track their payments.
Braintree is a great option for businesses that operate internationally and take a number of international payments. As a global commerce tool, the software allows you to track payments across a number of different devices. Braintree also supports over 130 currencies across 45 different countries and regions, again making it ideal for international companies.
As for its tracking features, merchants can sort transactions by card type, settled date, created date, and other criteria. There’s also a tool for decline analysis, providing you with insight into your declines.
GoCardless allows businesses to collect payments directly from customer bank accounts via the ACH Debit solution. However, in addition, it also offers payment tracking features.
You can track a payment status via the GoCardless dashboard, where you’ll see a list of accepted payments. These can be sorted by creation date as well as their status. You can also gain insight into payment tracking via the customers section of the dashboard. Here you’ll see payments taken from each client.
GoCardless also integrates with a number of accounting partners, including Xero, allowing you to easily track payments both past and incoming.
We can help
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.