Why Payment Tracking Is Essential For Your Small Business
Fail to plan – and plan to fail. This holds true for any business. One of the most important things you need to plan for and take note of are your finances – and your payments in particular. Here are a few reasons why payments tracking for small business is essential.
Manage Your Money Better
Insufficient funds are one of the main reasons cited for the failure of any business. One way to manage your money better is to keep track of all your daily expenses and payments – every little amount that is coming and going out – so that you at the end of the month, you don’t find that expenses outstripped income. When you track expenses and payments on a daily basis, you can control costs and cut down on unnecessary ones.
Manage Multiple Payment Modes
These days, customers are moving beyond cash as the only form of payment. Digital payment modes, wallets, UPI, QR codes and bank transfers are increasingly common, and with so many payments coming in from different modes, you need to track everything in a systematic manner in order to keep your books in order. A payment tracking system will help you achieve this.
Pay Suppliers And Vendors On Time
When you don’t keep track of payments it could lead to a delay in paying your vendors and suppliers and disrupt your business cycle. When you keep track of not just incoming but outgoing payments as well, you can rest assured that credit isn’t building up and large chunks aren’t unexpectedly debited due to non-payment to vendors over several months. When you don’t have enough cash to pay your suppliers, you won’t have any goods to sell to your customers at a profitable rate!
Easily Determine How The Cashflow Of Your Business Is
Profitability is revenue minus expenses, and you need to track your cash flow to determine it. It is this simple metric that tells you whether your business is doing well or tanking. The problem with many businesses is, they aren’t systematic about tracking their day-to-day expenditure and income which will give them the bigger picture. Daily tracking not only keeps you on top of all your payments but also prevents you from making guesses about how profitable your business is. It gives you the data as it is so you can tell at a glance.
For easy payment tracking and order management, get Paytrac, India’s number 1 payment tracking app.
Paytrac tracks incoming and outgoing payments from multiple modes, including UPI, wallet, PoS, QR, online and cash transactions. All your payment information is stored in the app and accessible at the click of a button. Bank transactions can be edited to remove any credits or debits that are not related to your business, and for cash, you can easily log “cash-in” and “cash-out” transactions manually.
Paytrac then gives you all the data on an integrated dashboard that is easy to access and read, with daily, weekly and monthly transactions split up between various modes. You also have the option to view a 28-day performance of your business, making it easier to understand how your shop is faring and which modes of payment are more popular.
The app also comes with audio notifications, ensuring that you don’t miss a single credit in the middle of your busy day. All you have to do is switch on audio notifications (in the language of your choice) to receive alerts.
Paytrac is functional in English, Hindi and 7 local languages:
So wherever you may be in India, you can download Paytrac and use it in the language of your preference!
Paytrac also has some other built-in tools that make connecting with your consumer and order management a breeze. You can capture orders from WhatsApp, upload it into the “orders” section, then process the order and generate a manual receipt.
The broadcast feature allows you to send messages to your customers in one go. Compose a message and save it as a template or choose from existing templates. Then, broadcast it to your customer base via WhatsApp, Telegram, SMS or Facebook Messenger.
If you are looking to boost your business and digitize your transactions, then Paytrac is the app for you. It is free to use and 100% safe and secure – Paytrac never asks merchants for their personal information or data. Download today and see how you can become a digital dukandar!