8 Best Invoice Tracking Software Free

Invoice tracking software refers to monitoring and handling invoices from when they are issued to the point of payment. This applies to recording, organizing, and updating information related to the invoice, such as its status, payment due date, and any related communications.

Invoice tracking is important because it helps businesses stay organized and track their finances, ensuring they are paid promptly and accurately. It also helps to reduce the risk of errors, prevent late payments, and enhance cash flow management. Businesses can also improve their associations with clients and suppliers by having a clear and organized system for following invoices.

What are the types of Invoice Tracking Software?

The type of Invoice tracking software is:

Cloud-based Invoice Tracking: This is hosted on remote servers and accessed via the internet. It allows for real-time collaboration, data sharing among team members, and easy access to invoices from any location. The cloud-based option is a cost-effective solution for small businesses as it eliminates the need for expensive hardware and software maintenance.

On-premise Invoice Tracking: This is installed on a company’s servers rather than hosted on a remote server. It provides more control over the system and data but also requires a larger investment in hardware and IT support.

Mobile Invoice Tracking: This is designed for mobile devices, allowing users to access and control invoices on the shot. It provides businesses with increased flexibility and convenience and is ideal for companies with a large number of remote workers.

Both cloud-based and on-premise invoice tracking software can come with various features, such as automated reminders, reporting, and integration with accounting software. The choice between the two will depend on a business’s specific needs and preferences.

Features of Invoice Tracking Software

The Features of Invoice Tracking Software are:

Real-time Invoice Status Tracking: This feature allows businesses to see the current status of invoices in real time, including if they have been sent, received, approved, or paid. This helps businesses to stay on top of their bills payable and decreases the risk of late payments.
Automated Invoice Approval Workflow: This feature simplifies the invoice support process by automating the routing of invoices for inspection and approval. It helps reduce the risk of errors and speed up invoice acceptance.
Customizable Invoicing Templates: This feature allows businesses to create and save custom invoicing templates, making generating consistent and professional-looking invoices easier.
Integration with Accounting Systems: This feature allows businesses to seamlessly integrate their invoice with their accounting systems, decreasing the need for manual data entry and improving accuracy. This can also help to automate the reconciliation process and improve overall financial management.

How to Choose the Right Invoice Tracking Software?

They are steps in choosing it:

Assessing Your Business Needs: The first step in selecting a good invoice tracking software is to assess your company’s needs and requirements. This includes determining what types of invoices you need to track, how many invoices you process each month, and what elements are most important to your business.
Evaluating Software Features and Functionality: Once you clearly understand your company’s needs, you can evaluate the features and functionality of different invoice-tracking software options. This includes looking at real-time invoice status tracking, automated approval workflows, customizable invoicing templates, and integration with accounting systems.
Determining Integration Requirements: It is important to consider whether the invoice tracking software you choose can easily integrate your existing systems and processes. This includes accounting systems and any other software you use to manage your finances and operations.
Considering the Cost: It can vary greatly depending on the features and functionality included. While it is important to consider the cost, it is also important to remember that the right software will help your company improve efficiency, accuracy, and financial management. When evaluating the cost, consider the software’s long-term benefits, not just the upfront cost..

The benefits of Using Invoice Tracking Software

The are some benefits of Using Invoice Tracking Software:

Improved Cash Flow Management: It can help businesses to better manage their cash flow by delivering real-time visibility into the status of invoices, decreasing the danger of late payments, and enhancing payment methods.
Enhanced Invoicing and Payment Processes: It can facilitate invoicing and payment procedures, lowering the risk of mistakes and increasing payment times. Automated features, such as reminders and approval workflows, can also help to make these methods more efficient.
Increased Transparency and Accuracy: Businesses can enhance transparency and precision in their financial management by having a clear and organized system for tracking invoices. This includes decreasing the risk of mistakes, improving reconciliation processes, and providing a clear record of all invoicing and payment activity.
Reduced Data Entry and Administrative Tasks: It can ease manual data entry and administrative tasks, freeing time for more important business activities. This includes automated data entry and reporting and stopping the requirement to track and manage invoices manually.

The 8 Best Invoice Tracking Software

Whether you’re a small company just beginning out or established, tracking your costs and income is important for financial stability. And when it reaches invoicing, there are many great software options out there. In this blog post, we’ll take a look at the best invoice tracking tools available today.

We’ll cover Zoho Invoice Management, QuickBooks Online, Freshbooks, Invoices by Email, Droplist, Evernote invoice tracking, Google Sheets invoice tracking, and Microsoft Money. So whether you’re looking to save time on billing or keep better records of your finances overall, these software options should be at the top of your list!

Zoho Invoice Management

Zoho Invoice Management is one of the best invoice tracking software because it provides many essential features necessary for businesses. These include:

User-friendly interface: Zoho Invoice Manager is easy to use and can be accessed by business owners of all experience levels.

Rich feature set – Zoho Invoice Management has a wide range of features that make it capable of performing many tasks related to invoice processing, from managing payments to creating PDFs or exports.

Customizable – Zoho Invoice Manager is highly customizable, allowing you to add special touches to make the software more user-friendly and personalized.

QuickBooks Online

The best software for small companies that require to keep track of their invoices and statements. It’s comfortable to operate and has many components that make it ideal for companies of all sizes.

It presents an intuitive interface that creates it manageable to enter information, organize your finances, and get updates on your account status. You can also build business reports to understand your business better. It has integrations with other popular applications, so you can efficiently connect with buyers and partners.

Freshbooks

It is a famous invoice-tracking software understood for its ease of use and reliability.

Freshbooks has a wide range of elements, making it a fantastic option for companies of all sizes.

Freshbooks is available as a free and paid version, so there’s something for everyone. Here are some of the essential characteristics:

The FreshBooks desktop app easily organizes invoices by delivering drag-and-drop functionality, templates, and options to add fields from existing accounts. You can also create new accounts with just a few clicks.
The FreshBooks web client lets you enter data in any browser on any device (PCs, Macs, iPad/iPhone apps). This is especially handy if you work from home or have multiple devices.
Keeping track of payments is simple thanks to the FreshBooks payment gateway integrations, including PayPal Pro and Authorize .Net Core 2.0 / ASP .NET Core 3+.
If you require assistance handling your finances or want to automate some financial processing tasks like credit card approvals, then the FreshBooks budgeting & forecasting feature will be perfect for you!
Finally, if reliable customer communications are essential to you, review the built-in chat capabilities Freshbooks offers!

Google Sheets invoice tracking

Google Sheets invoice tracking is a great choice for small businesses because it’s free to use and provides easy access to your data so you can track progress and changes easily. You also have the flexibility to customize it to fit your needs perfectly. And lastly, as a bonus, Google Sheets integrates well with other applications so that you can manage everything in one place.

Evernote invoice tracking

If you’re looking for a great way to track your invoices, consider using Evernote. Here are six reasons why:

Evernote is user-friendly and easy to use
It integrates with different applications, so you can easily track your invoices
You can access your invoices from anywhere – on any device or computer
It’s free to use, and there are no ads

Droplist

Droplist is one of the market’s most popular and commonly used invoicing software. The free version presents all the parts you need to start, and no setup time or costs are involved.

Invoices by Email

They are easy to control and keep track of.

You can make and send email invoices from your work or home computer without leaving the office or house.
Email invoices allow you to stay organized by saving all your billing data in one place, so you don’t need to search through different folders for invoice files each time you need to review them.
It is manageable to send payments by authorizing clients to pay online using their bank account information or credit card number, which saves both time and money on processing fees.
It also supports you in controlling track of your finances by recording the date, the amount paid, and the cost method used for each invoice.
If something goes wrong with an invoice file (for example, if a customer doesn’t respond), email notifications will automatically be sent out reminding users about that particular invoice so they can correct any errors before renewing it.

Microsoft Money

Microsoft Money is a great tool for invoice tracking. It has a user-friendly interface, affordable, and has plenty of features perfect for this purpose. Here are five reasons why you should consider using Microsoft Money to track your invoices:

Microsoft Money is easy to use – even if you’re unfamiliar with financial software. The menus are well organized, and the navigation buttons are placed where they’re easiest to reach.
Microsoft Money offers many features to help you organize your invoices efficiently. You can easily create categories, add notes or instructions to each invoice, and attach files (.pdfs, .xls) from your computer or online storage account.
Microsoft Money lets you manage your finances in one place. Instead of scattered payment records across different applications or databases, all your financial information is stored in one central location—Microsoft Money—making it easier to stay on top of your finances.
Invoice tracking isn’t just about receiving payments – it also includes monitoring expenses. With event logging enabled, you can automatically enter purchase orders when an item enters inventory, so you don’t have duplicate entries lying around later on.
Keeping accurate records ensures that any discrepancies between income and expenses will be quickly identified and corrected; mistakes made during billing often result in penalties or missed deadlines which could lead to serious consequences down the line such as legal action

Conclusion

In conclusion, invoice tracking software provides businesses with many benefits that can improve their financial control and overall efficiency. These benefits include enhanced cash flow control, enhanced invoicing and payment methods, increased transparency and precision, and decreased information entry and administrative tasks.

When selecting the right invoice-tracking software, it is necessary to assess your industry needs, evaluate software features and functionality, choose integration conditions, and evaluate the cost. By taking the time to consider these factors carefully, businesses can choose the right invoice-tracking software to help them achieve their goals and improve their bottom line.

Ultimately, invoice tracking software can bring significant benefits to companies of all sizes, from enhanced cash flow control to increased efficiency and accuracy in financial management. Whether a small start-up or a large enterprise, the right invoice-tracking software can help you achieve your goals and drive growth for your business.