Why Is It Important to Keep Track of Your Expenditure? Make Payment Tracking Easier With Paytrac
Researchers say almost 65% of small business owners struggle to grow their revenue and many of them suffer prominent losses. The key to running a profitable business is to first track and manage finances, which can then help create reports to keep a close eye on cash flow and study any mishandling of finances. Owners need to account for every penny. This generates important data about the revenue stream, the status of bill payments and the prediction of future cash flows. A business that doesn’t track its daily expense information risks working blindly with available cash.
Why Should I Track My Daily Business Settlements?
When you know how much money you are spending and receiving from customers, you get a picture of where your cash goes and what exactly you’re using it for. Ultimately this can ensure that your money is used wisely.
If you operate a budget
; (daily, monthly or even annually), the ideal method for guaranteeing that your spending is within your means is by tracking your bills regularly. It allows you to understand your weak points so that you can take immediate action before it results in a big loss. It becomes easier to balance income and spending and save for future expenses.
Here are some reasons to track your business spending TODAY!
You Can Start Planning Your Financial Future
When you’re running a business, it’s easy to get mired in day to day operations: there are hundreds of transactions coming in from different modes. But you need to understand the ins and outs of your spending to plan for the future. Paytrac is a free spending tracker app that automatically tracks your everyday incoming and outgoing payments. You don’t have to worry about scattered data – Paytrac tracks multiple modes, including PhonePe, GPay, PayTM, QR codes, cash and more. All your payment data is organized on an interactive dashboard, and you can see where your money is going so you can plan ahead.
You Can Measure Revenue Accurately
Tracking your expenditure means you have a clearer picture of your business revenue. Paytrac makes it easier by not only tracking each spend, but also giving you data in an easy to digest format via the interactive dashboard. Your business numbers and calculations are available at a glance and you can see how much business is coming in from each payment mode. All this information is available in Hindi, English and 7 local languages – you just have to set your language option and you’re good to go!
You Can Analyze Incoming Customer Payments
By tracking spends, you get a better understanding of what works and what doesn’t. Paytrac helps you aggregate payment data from all possible online transaction modes. Analyzing the money transaction patterns of your store, you get to know which payment gateway is performing better than others and how you are growing on a weekly basis. You can also view your performance over a 28-day period.
You Can Boost Your Productivity And Make Your Business Disciplined and Organized
If you are looking to save time and accomplish more in a day, then you need to track your payments.
- 83% of small business owners think having organized monthly expense data is a fundamental part of their business.
- 63% of small business owners accept daily finance organization correlates to their business’ profitability.
Paytrac is an auto-tracking app that reads all incoming and outgoing payment information. You can check all your payment-related information in one place and even remove spends that are not business-related. You can also add cash payments manually at the time of the transaction – so you don’t miss anything.
Paytrac also has an audio notification feature, giving small business owners real-time alerts of every transaction that’s made. With everything recorded as it’s happening, you don’t have to waste time tallying numbers up at the end of the day – which means your productivity gets a boost.
You Can Spot Trouble Early On
Tracking your payments means that you can spot any discrepancies early on and rectify things. Paytrac gives you all your financial information at a glance in an easy-to-understand format, with daily spending numbers, charts and graphs. Plus, everything remains safe and secure on the app.
Tracking of payments regularly with Paytrac guarantees that your financial life is manageable. Paytrac is free, safe and secure for all types of businesses.
Start using this app today for your business, download now!