Time and billing software allows you to accurately track time spent working for your customers and create invoices based on the work you have provided. Time and billing is one of the most critical accounting applications for companies providing professional services. Find out about the variety of time and billing options on the market and how they can benefit your business in this article.
Time and billing software is used for real-time and after-the-fact employee time tracking in order to facilitate client billing.
Critical business benefits enabled by time and billing software include:
|Real-time entry||Timer based time entry allows for the collection of time worked on a per employee or team basis|
|After-the-fact time reporting||After-the-fact time reporting allows users to enter time inputs during or after completing work, as opportunities allow|
|Project/client time assignment||Time and billing software provides users and administrators with the ability to associate time worked to particular projects or clients|
|Billing rate management||Billing rate management allows for the definition of different billing rates for individual employees based on the particular task being performed|
|Automated billing calculation||Automated billing calculation functionality allows for easy determination of billable costs based on time worked and billing rate|
|Invoice creation||Time & billing invoices describe not only the time spent on work and the associated billing rate, but other important information such as specifying payment terms and accepted methods of payment|
|Expense tracking||Even in primarily time-based billing scenarios, certain expense items (travel, materials) may need to be specified for customer payment on the customer invoice|
|Email invoicing||Email invoicing offers a means of reducing billing related material costs (postage, paper, etc); it also may better meet customer expectations and can help with generating more timely payment turnaround|
|Invoice templates||The inclusion of templates for creating invoice can speed up the process of preparing invoices and present a more professional business image in billing documents|
|Invoice template customization||Invoice template customization capabilities can help businesses create more professional looking invoicing documents|
|Mobile time entry||Mobile device based time entry apps allow for easier time submission, especially for professional staffs who frequently perform work outside the office|
Client satisfaction and profitability are essential to the success of any professional services company. Achieving these goals often depends on the ability to track billable time efficiently and accurately. With time and billing software you can avoid guessing how many hours you actually spend on a project by logging your time into the system as you progress through your work.
You can also provide your clients with automated, professional-looking reports on the details of their projects. These reports are saved in your system, and your project information will be right at your fingertips in case of client questions. When customers choose service providers, they’re looking for responsibility and accountability. Carefully documented time tracking free of errors and estimates can be an invaluable method of reinforcing the message that your firm delivers on that promise.
Your payroll can be linked to time and billing, so you don’t have to waste time re-entering data. You will also have the ability to track multiple billing rates for your employees, and these details can then be transferred to payroll as well.
Time and billing software is used by a variety of industries and can be used to associate billings both with individual customers and specific jobs being performed for those clients. Businesses who use time and billing software include: accountants, architects, engineers, graphic designers, programmers, freelancers, attorneys, and any other company billing primarily as a function of time.