How To Track And Manage Different Payment Methods

If you’re a small business owner, you know how challenging it can be to track monthly payments, especially if the income-generating aspects of your business demand considerable attention.

Nevertheless, it’s important you find an appropriate tracking method to avoid cash flow and credit issues.

Fortunately, tracking software helps business owners track monthly payments securely and it’s usually less intensive compared to the paper filing technique. Fortunately, these options can help you manage and track different payment techniques.

QuickBooks

This is the most widely-used and popular accounting and invoicing tool, making it great for small businesses. It’s so because you can handle the necessary monetary processes of your business.

More so, it enables you to link your bank account so you can decrease the need to input data manually and eradicate all errors.

When it comes to invoicing, QuickBooks won’t disappoint you. In one dashboard view, you can examine your invoices and update them easily. Additionally, the software could automate the sending of the invoices and you could easily track your cash flow. You can obtain all the necessary features at an affordable cost per month.

Pabbly Subscriptions

Pabbly is analytic software that gives access to business metrics. It allows you to monitor sales data, refund data, growth rate, and additional details regarding your business. Additionally, it permits you to analyze payments from methods such as PayPal.

If you wish to try it out, you could opt for it at $5 monthly for the Starter plan. The Pro package costs $59 monthly for unlimited clients and merchandise creation. Some of the features you can expect from this tool include a superior API framework through which you can incorporate the software into various Saas-based and other applications.

It enables you to accept payments from different gateways and supports 23 kinds of currencies. With this software, you can produce numerous plans for design, products, custom invoices, and more.

PayWhirl

PayWhirl offers a smooth means of managing recurring payments. Additionally, the client can customize subscription according to his or her need through the particular billing software. When it comes to pricing, the Pro plan will cost you $49 monthly for priority tickets, MRR report, and more features.

On the other hand, the Ultimate plan will cost you $249 monthly for customer reports, growth forecasting etc. A great feature of this software is the easy accessibility you’ll get and the fact that you can easily accept payments through a website, the phone, or tablet.

The system typically drafts customizable invoices while adding charges to whichever bill as required. You can email the invoices to your clients and the file containing their payment information.

FreshBooks

FreshBooks is one of the best-known billing and invoicing solution. The solution is web-hosted, so it doesn’t require installations or downloads. You can also request client reviews from customers after conducting business with them.

The tool has an integrated tracker to track your billable hours and permits you to accept payments made through credit cards, however, transaction charges apply. Another benefit of this tool is that it permits you to refund customer payments in the event of disputes or mistakes.

Wave

The free invoice tool offers various features, though you’ll have to pay for particular processes such as payments, payroll, and premium support. If you’re a small business proprietor, you’ll only need to pay for the essential services.

Moreover, its interface is very friendly and easy to use. If you wish to complete invoicing, you can access great features from Wave such as editing columns, customization, and set up recurrent invoices and reminders.

Zoho Invoice

The cloud-based application has various apps for small businesses. Moreover, it has different capabilities and features. Simultaneously, it’s easy to use. You can generate an invoice fast owing to the user-friendly interface.

Besides generating invoices, you can make approximations and the pricing is ideal for startups since it’s free for those with fewer than five customers.

Final Thoughts

Tracking payment can at times be tedious and time-consuming. Moreover, it could lead to errors if you don’t use the appropriate methods. Fortunately, this guide offers a list of options you should consider.

 

Dailey Bookkeeping Services is a Xero Certified SILVER Partner and a QuickBooks Online Certified Advisor, so if we can help you with your payment tracking needs, just give us a call, we would love to help you!  The owner, Jacqueline Dailey is a Certified Public Bookkeeper, an Advanced Certified QuickBooks and QuickBooks Online ProAdvisor, a Sleeter Group Certified QuickBooks Consultant and a Xero Certified Silver Partner. We work remotely so we can work with any company located in the U.S. If we can help you with this process or provide you with custom reporting, please give us a call. If we cannot help you, we will refer you to someone who can!  Feel free to visit our website at http://www.daileybookkeeping.com.

Dailey Bookkeeping Services
Dailey Bookkeeping Services

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