It is crucial to keep track of the money that is deposited and taken out of your company for various reasons. It allows you to identify patterns, better manage your cash flow, and plan for growth to come. It’s also important to keep the track of your expenses to ensure you remain within your budget.

There are a variety of ways to track the transactions of your business, from accounting software and automated systems to Excel spreadsheets and manual tracking methods. Each method has pros and cons, however all of them will help you keep your records organized and have a clear view of your company’s financial health.

For example, if you’re using an online platform for trading shares and stocks using your demat account, a specific number will be assigned to you and subsequently transferred through the transaction process every time an automated step occurs. The number is an ID for the transaction that will be logged in the various systems that make up the transaction. This allows the information to be traced to its source, even if the data has been processed by multiple systems operated by different companies.

Without this tracer, the process would be chaotic and time-consuming since it requires manually comparing invoices to credit card statements or payments. There may be lengthy lags between each stage of the process, especially if clients don’t cite their invoice reference numbers when they make their payments. This is why tracking control is so important – it provides top-tier visibility by combining data from across different mainframes servers, databases, and apps.