Do you know why some people and businesses have a lot of problems managing their finances? While overspending and non-accountability might be some of the contributing factors to why people go through financial troubles, there is also the case of not monitoring their income or expenses when they actually can. Especially in terms of payment either for bills incurred or services rendered. This is why you should consider having a payment tracking system to avoid the errors that you may encounter when dealing with payments of any form. In this article, we will discuss payment trackers and how you can make one for your own use. 

1

0+ Payment Tracker Samples

1. Payment Tracker

Details
File Format
  • PDF

Size: 509 KB

Download

2. Bill Payment Tracker

Details
File Format
  • PDF

Size: 395 KB

Download

3. Credit Payment Tracker

Details
File Format
  • PDF

Size: 276 KB

Download

4. Electronic Payment Tracker

Details
File Format
  • PDF

Size: 513 KB

Download

5. Automatic Payment Tracker

Details
File Format
  • PDF

Size: 104 KB

Download

6. Payment Tracker Course Summary

Details
File Format
  • PDF

Size: 132 KB

Download

7. Payment Submission Tracker

Details
File Format
  • PDF

Size: 22 KB

Download

8. Pre-Authorized Payment Tracker

Details
File Format
  • PDF

Size: 949 KB

Download

9. International Payment Tracker

Details
File Format
  • PDF

Size: 237 KB

Download

10. Debt Payment Tracker

Details
File Format
  • PDF

Size: 61 KB

Download

11. SignUp for Payment Tracker

Details
File Format
  • PDF

Size: 272 KB

Download

What Is a Payment Tracker?

A payment tracker is a business management tool that allows you to monitor your payments, either outgoing or incoming, in real-time. Many industries and entities use payment trackers to monitor their finances closely, such as accounting firms, billing companies, service providers, freelancers, business corporations, and can even be used inside the household. There are also various formats in which you can write the payment tracker, such as the roster form, calendar form, or by using a billing invoice to keep a record of any transactions involving money. 

How To Create a Payment Tracker?

In creating a payment tracker, you need to decide on who will be using the tracker, what format will work for your needs, and when you are going to need it. In the following sections, you will find some of the steps we have prepared so you can start on your task without further ado. 

1. Get the Correct Materials

Before you start working on your tracker, we need you to look for the appropriate material where you can write your payment information. If you are making one for household billing purposes, then we suggest that you get a journal where you can write down any data manually. For those who own a small business or work in a corporation, it is highly recommended that you get a payment tracking app where you can transfer information from your invoices efficiently. If both users want to have material that they can edit and reuse at any time, then a template would work wonders. 

2. Input Client or Account Details

In this part, you need to write down information about the client paying you or the account of the service provider you are indebted. If you are using the payment tracker as a part of your personal planner, you only need to indicate the name of the account you are indebted to or the name of the company or person that’s paying you. For businesses though, be detailed as much as possible, especially if you are using recordkeeping apps for payments so that it will sync to their accounts and that your accounting team will be able to access them when needed. 

3. Write Down the Date of Payment

The next step would be to record the date for when the payment was done. For those who are paying their debts, this is important since it will help you track how much debt you have left to repay. For businesses, including the date will help you monitor the payment of clients which is essential to the operations of your company and the flow of your finances. 

4. Update Your Tracker Weekly or Monthly

If you are paying your creditors or getting payments from clients on a weekly or monthly schedule, then it is time that you should also update your tracker. This is very vital if you want to be motivated when acquiring funds for debt repayment or to improve your business. If you have an accounting team doing the job for you, always make it a point to talk to them for updates on the status of your business finance. 

Why should I get a payment tracker?

Payment trackers can help you make an excellent finance strategy when it comes to paying your debts or monitoring incomes from client payments. Without a payment tracker, you will definitely not be able to monitor your own finances, which is not good if you are living with a minimum salary or is just starting up in the industry.

My biller added a previous balance in an account I have already paid. Can I use my tracker to dispute it?

Your tracker’s purpose is to remind you of the bills you have paid for. If you find any discrepancy in the billing document or in your personal account such as a previous bill amount carried over to your next month’s bill, you need to have proof such as the payment receipt. If not, you can contact the payment center where you have paid your bills so they can track what went wrong with the transaction.

How can my business benefit from a payment tracking system?

One, you are able to account for all your expenses efficiently. This means, that what goes out of your company’s treasury is recorded. Two, your accounting team will never have to worry about making any mistakes in their job as they have all the information they need in the system. Lastly, a payment tracking system helps you improve your business since you are able to track how much your company is making.

Tracking the flow of your money is very important if you want to manage your finances whether it’d be for personal or business use. This is why we strongly recommend that you get a payment tracker for yourself by downloading our editable and creative templates which you can access here in our article or in our gallery. 

Related Posts