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Maintaining a record of the amount of money that is coming into and out of your company is vital for several reasons. It helps you identify patterns and helps you better manage cash flow and plan for growth in the future. It’s also important to keep the track of your expenses to ensure you remain within your budget.
There are many ways to keep track of the transactions of your business, from accounting software and automated systems to Excel spreadsheets and manual tracking methods. Each method has its pros and cons, but will help you stay organised and gain a clear understanding of your company’s financials.
For instance, if using an online platform for trading shares and stocks using your demat account, a specific number will be assigned and then passed along the transaction path when each automated step occurs. This number is a Transaction ID which will be recorded in the different systems that make up the transaction. This allows for all of the information to be traced back to its source, even if it has been processed by multiple systems belonging to different companies.
This process of tracing transactions would create a mess and time-consuming as it requires manual matching invoices with transactions or credit card statements. There could be long lags between each step of the process, particularly when clients don’t mention their invoice reference numbers when they make their payments. This is why tracking control is vital – it gives top-of-the-line transparency by integrating information from multiple mainframes servers, databases and applications.
