For businesses, effective time and expense tracking is essential. It will help you save time, increase productivity, assess employee performance, and most importantly accurately track billable hours.
We’re going to take a closer look at the key benefits of time tracking software and discuss why it is important for companies to track their time. We will also look at the distinctive features that time and expense tracking software should include.
Why is tracking time important for businesses?
Time tracking software has become an essential tool for businesses of all sizes when managing their clients’ cases and projects. It’s crucial to track time to assess the real billable hours spent, productivity, manage budgets, and keep employees accountable. Time tracking software is a valuable tool for any business that wants to improve its bottom line.
Why businesses should invest in time & expense tracking software
- Track the actual amount of time spent on projects – effective time tracking software will ensure you see where time is being spent on a project or case. This information can be used to accurately invoice clients, assess productivity, and make changes to improve efficiency.
- Increased revenue – effective time tracking will lead to increased revenue as you will be able to see where time wasn’t previously being accounted for or invoiced, and where time is being wasted and make changes to improve productivity.
- Staying on top of projects – with time tracking software, businesses get a clear overview of how projects are progressing and can identify potential issues early on. If the bill is $500 but you spent $700 on time, plus $125 of expenses, you’re only getting $175 for that project. Ouch!
- Reduced stress levels & improved communication – by knowing where time is being spent, businesses can reduce the amount of stress associated with managing client expectations.
- Accurate billing & invoicing on projects – by using time & expense tracking software for similar projects, businesses can get a better understanding of how long projects typically take and quote accordingly. By tracking the actual time spent on a project, businesses can generate accurate invoices for their clients. Therefore, not over, or undercharging which is crucial.
How to decide which time tracking software to use
The best time tracking software for businesses will offer features that track time and automatically generate invoices, store billing time, and generate comprehensive user-friendly reports. This information can be used to make informed decisions about how to allocate future resources and improve efficiency.
A fully functional time tracking software app should be capable of:
- Capturing, storing, and billing time and expenses on your chosen mobile device and desktop.
- Simple entry for multiple users, robust set of administive tools, and analytic functionality.
- Tracking and analyzing billable hours, automatically generating invoices, tracking receivables, and entering payments either at your desk or on the go.
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