Efficient Invoice Tracker Template for Freelancers

An invoice is a paper you, as a seller, send to a buyer, listing all the goods or services you’ve provided with dates and prices. Tracking invoices and payments as a freelancer can be a real pain. But that’s only if you don’t have a clear system in place. 

Learn what types of tracking tools you can use to stay organized and never miss a payment. 

Why you need an invoice tracker

As a freelancer operating solo and engaging in multiple projects, you can easily get lost in the numbers. We’re talking deadlines, amounts, or compensations not being paid in full. 

An invoice tracker helps you store all the business-related data you need in one place — from due dates and payment amounts to payment statuses. Basically, we need it to know exactly how much we’ve made, how much is owed to us, and when to expect payments. 

Bonus point: if you decide to delegate money management to someone else in the future, the system you establish in your invoice tracker is super accessible and doesn’t require much explanation. 

As a freelancer, you’re the one responsible for managing your income. You need to be aware of money coming in and out. Knowing precise numbers is the only way to be in full control and see how you are really doing. An invoice tracker is what keeps your financial records straight and gives you a fuller picture. 

Simple invoice tracker template for Google Spreadsheets and Excel

You can find a lot of tracking tools online. But many freelancers still choose Google Spreadsheets. That is because it is free, easily shareable, and adjustable. 

There will be a list of great tracking platforms further in the article. But for now, let’s concentrate on a simple, budget-friendly option — Spreadsheets. 

I'm an old-fashioned kinda gal and use Google Sheets to track my invoices. I created an annual spreadsheet that's broken down into months (by column) and clients (by rows). This gives me a high-level overview of my entire income for the year. 
I have a color coding system to keep track of invoices that are due, paid, and late.

{{Steph Weaver}}

For this article, I created a simple free invoice tracker template you can download and adjust to your preference. Follow the link to open the template — keep in mind you can’t edit this version just yet. In the top left corner, press “File” → “Make a copy.” Name this new file as you like and there you have it — your own personal tracker you can work with. 

You’ll see that all the formulas in the template are already pre-filled, so you don’t have to worry about the boring stuff. There are ten columns in the tracker.  

With that sorted, let’s figure out how to use it and what the perks of this template are. 

1. When you start working on a new project, put in a new invoice number, client name, issue date, due date, and the amount to be paid. 
2. Then you can track the statuses automatically — just put in the amount received in the Paid column. The Balance column will reflect what remains to be paid. If you haven’t gotten the money yet, enter 0. 
3. Based on the Paid column data, our tracker color codes invoices automatically. 
4. Days overdue are also counted automatically for your convenience. If there are no delays, it shows 0. 
5. At the end of the month, go through all the invoices to make sure you have all the data updated. This is also when you can check for missing payments and send follow-up emails to clients.  
6. At the end of the year, download the file to keep your records organized. 
7. If you manage your taxes yourself, having an invoice tracker is a good way to prepare for tax season — you know exactly how much you’ve earned. You can go further with the template and add in extra columns like tax rate or business expenses.
8. You can also copy the link to your Spreadsheet or export the file in the .xlsx or .pdf and share it with your accountant. 

Sometimes, you have a larger client ordering a lot of different services. If you want to track their invoices separately, simply add a new sheet to the same doc, copy the table, and you’re ready to go. 

I think it’s a great beginner-friendly template for those freelancers who don’t have a lot of clients. Also, because it’s so simple, it will help you create the habit of tracking invoices effortlessly. 

If you want some more inspiration, today’s expert, Steph Weaver, generously shared her own business income and expense tracker with us today. Click the link to check it out. 

To go further, you can also use Google Apps Script with your Google Docs. You can, for example, set it up to automate reminders based on due dates in your spreadsheet or generate all invoices from templates. There are many tutorials on the internet on how to do these things — you can start with these videos by Code With Curt or Mohammad Rameez Imdad. 

If you’re like me, while all that does sound cool, it seems a little too complicated because you need coding skills to use Google Apps Script. A good alternative would be online invoice tracking tools we’ll talk about next. Many of them are free. 

Top platforms for invoice tracking 

If you want something more sophisticated, or Spreadsheets are simply not your thing, here are a few popular invoice tracking software options to check out. 

One of the biggest perks of using software is that you can automate many manual tasks. For instance, invoice generation and sending or payment tracking. These tools store and analyze your data, often adding in accounting features. But what else do they have to offer? 

Let’s compare some of the most popular software among freelance workers. 

As you can see, tracking software is more complex. I’d say go for it if you find yourself drowning in manual invoice sending and need a broader outlook on your business. I can see full-time solo workers using a tracking system like this. 

You have so many options to choose from when it comes to invoice tracking. Whatever you decide on using — Google Spreadsheets or software — both options will help you stay organized and in control.