Excel template invoice payment tracking
Excel template invoice payment tracking
This article provides details of Excel template invoice payment tracking that you can download now.
Companies often issue hundreds of invoices per month, and it is often very difficult to keep track of these invoices. The problem: invoices awaiting payment are grouped together in tools that are not suitable for tracking and reminding invoices. Billing software, ERP, and other accounting tools do not allow financial teams to follow the progress of the reminder on each invoice, nor to measure the effectiveness of their actions. The reason ? These tools are not designed to respond to these problems. In the absence of suitable tools, 60% of companies turn to an Excel billing tracking table. A solution that has the advantage of being free, but whose limits are quickly felt.
Microsoft Excel software under a Windows environment is required to use this template
These Excel template invoice payment tracking, work on all versions of Excel since 2007.
Examples of a ready-to-use spreadsheet: Download this table in Excel (.xls) format, and complete it with your specific information.
To be able to use these models correctly, you must first activate the macros at startup.
The file to download presents four Excel template invoice payment tracking
To assist you in setting up your billing tracking process, we often find a client billing tracking Excel like these. A simple model used frequently, but which nevertheless requires some advice in order to make it useful:
- Define a recovery plan adapted to your customers. For more tips on setting up an effective stimulus, see our article.
- Use the follow-up follow-up table to be informed when to trigger the different stages of the plan,
- Update the tracking table daily to keep an accurate view of your customer outstanding.
A payment tracking template is a versatile tool used by individuals and professional entities to keep track of money you need to pay or receive. This often happens when there is a necessary or other unavoidable gap in time between service rendered and payment . This is also needed when lending money to others and are tracking repayment in installations. Payment-tracking tools are also needed whenever there is a long cash flow process; perhaps there are a lot of processing steps and middlemen and paperwork involved.
The simple matter is that whenever you need to keep an eye on money you have not yet received, you will need a payment tracker. Here are some examples of how such trackers are set up in various industries.
Who Needs to Track Payments
Keeping track of a myriad of information is the routine game for hundreds of businesses, who have to take care of everything measurable and with a direct impact on their operations. This can take the form of everything from Sales Tracking to Order Tracking and, yes, payment tracking.
- Payment tracking for corporations and other service providers will be closely tied to order placement and sales tracking. This will often take the form of tracking invoices, which are issued to clients after a service is rendered or goods delivered but before any payment is made.
- Financial establishments who lend out sums to people at an interest rate will naturally have to track the repayments based on the installment plan or agreement with the client.
- Landlords who have a lot of tenants to keep track of will also need to have a tool to help them make sure no one is getting away scot-free from making the necessary payments on time. This is especially needed if your tenants have a habit of paying late.
- It is not only the professionals who need to keep track of payments owed to them. It is good practice to keep track of your own money when you are the one who owes money to various establishments. Luckily, there seem to be apps have also been developed to help you keep track of your unpaid bills.