Last editedSep 20222 min read
Manual invoicing is simple enough when you only have one or two clients to manage. Yet as your business grows, so does the volume of invoices to process. At this stage, you’ll need an efficient invoice tracking program in place or run the risk of missing and delayed payments. Fortunately, automated invoice tracking software makes short work of the process. The best invoice trackers save you time and resources, so your team doesn’t get bogged down with tedious admin. Here’s how to keep track of invoices using today’s best software.
How to keep track of invoices with software
Invoicing software integrates easily with your existing payment and accounting systems, allowing you to automatically generate professional, error-free invoices and submit them to clients. With an invoice tracking template and central dashboard, you’ll be able to view payments in real-time as they come in. You’ll also be able to send out automated reminders about delayed or missing payments.
The top five invoice tracking software
There’s a wealth of accounting and invoicing tools on the market. Here are our top five picks for invoice tracking software.
Xero takes all the guesswork out of learning how to track invoices. This accounting software is secure and reliable, supporting unlimited users with 24/7 customer support. When it comes to invoicing, it offers professional templates that you can customize with your business details as needed. Set up recurring invoices and automate payment reminders for faster reconciliation. You’ll be able to accept numerous payment methods online, including card payments as well as direct debit and PayPal. Xero also supports mobile invoice tracking, giving on-the-go visibility to payments as they come in.
Although Chargebee is primarily designed for subscription billing and management, it also offers a full spectrum of invoice tracking services. Businesses can choose from a range of custom invoice templates, with built-in payment links to facilitate a fast and easy payment process. Track payments automatically as they come in and receive alerts about upcoming payment deadlines through the central dashboard. You can choose from a range of free and paid plans to best suit your invoicing needs.
This cloud-based accounting solution is ideal for medium to large businesses, supporting recurring billing, payment plans, and invoice tracking. You can request and accept payment through multiple channels. Users are notified when invoices are due as well as when payments are accepted. This PCI-compliant solution also lets you set up recurring billing and integrates with GoCardless as well as other third-party payment gateways.
Astral reduces the costs of taking payments by an average of 56%, integrating with GoCardless within Microsoft’s Dynamics 365 Business Central. It fully automates the invoice tracking and payments process, with no manual reconciliation needed. You’ll have full control and visibility over invoice creation, submission and payments.
Our final pick for the best invoice tracking software is Aworka, designed to track customer debts automatically. It generates invoices, emails them on your behalf, and lets customers pay you easily through an online portal while tracking the process every step of the way. Aworka also can be used for general accounting tasks like expense reports and tax calculations. The software supports multiple team members, with full data protection in the cloud. Prices start from $18 per month, with no set-up fees.
How to choose the best invoice tracking software
As you can see, there’s no shortage of choice when it comes to invoice tracking templates and software. To choose the best option, you should consider your business size, monthly budget, and the types of features you need. Some tools, like Xero, offer full accounting services in addition to invoicing. Others are better for tax preparation.
All software on this list integrates easily with GoCardless to help you collect payments directly from customer bank accounts. Easy and cost-effective, it can be used to settle both one-off and recurring invoices. This prevents awkward conversations with your clients about late payments, while reducing stress and improving cash flow. You’ll have full visibility over invoice payments when using the GoCardless dashboard.
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.