In today’s multi-tasking and fast paced environment, everyone is looking for ways to improve their work productivity with minimal effort. If you work on an hourly basis and shift your time between multiple projects, it can be difficult to capture your time spent on each one. Tracking work hours manually is time consuming and adds an extra layer of effort. When you are multi-tasking and feel pressured to meet deadlines, it can become difficult to record time accurately and it’s easy to lose billable hours or upset the client with incorrect billing. Professionals, like lawyers, accountants, and consultants, who bill their clients based on working hours have realized the importance of using time-tracking software to improve their work capabilities.
Tracking time effectively, using hourly billing software, can help you in many ways because it eliminates the difficulties associated with traditional methods. If you are an individual consultant, analyzing work logs will enable you to improve your performance. If you are a business owner who wants to extract higher work productivity from your employees, implementing time management strategies is critical to your success. Some of the online time-tracking and billing software tools make logging time an effortless process for the users. Users can store documents online or have instant access to time slips, bills, and invoices using any device on the go. In addition to simplifying the process of billing and raising invoices, time-tracking software has many other significant benefits.
Record day-to-day work log
Every minute of your work is valuable and countable. Recording work hours in a day-to-day hourly manner on multiple projects can help you track your daily tasks. It becomes very easy to get distracted on other non-billable activities instead of focusing on billable work. At the time of billing clients, you may also forget or miscalculate the hours spent on designated tasks. With organized work logs completed in a timely manner you can avoid confusion and accurately generate bills with less effort.
All-in-one billing interface
Let us assume you have calculated the billable time, but need to include expenses before an invoice is generated, it becomes increasingly more difficult to split bills for each consultant and generate separate invoices based on their working hours. Time and billing software eliminates this confusion and reduces the effort on the billing process because it brings time, expenses, and projects together in one interface while including additional features like: dashboard, CRM, and reporting to simplify time-tracking activity.
Increased work productivity
Modern day time-tracking software has many features that can help users analyze the hours spent on projects and time spent on other activities. One of the best things about tracking time is that it gives you an overview on where you are spending your time so you can see how productive you or your staff are on different projects. Some businesses undervalue the possible benefits of time-billing software because they are comfortable with old traditional methods and do not know how to fully utilize the advanced comprehensive features. Irrespective of size, online time and billing software help businesses to accomplish multiple tasks including but not limited to: tracking workforce productivity or project management and accounting activities.
Get paid faster
Many people received delayed payments when traditional billing methods were in practice due to this being a manual process. In today’s environment, people enjoy getting paid faster on their invoices. Calculating billable hours on various projects, generating bills for that amount, and sending them to clients for approval can be a time-consuming process. By using integrated billing software, many businesses and consultants are able to streamline this work to make it less burdensome and convenient. All in all, billing software enables invoicing to be shared with clients online which will reduce delays in billing and ensure faster payments.
Avoid billing confusion with clients
One reason for a potential misunderstanding with clients is improper billing. These misunderstandings could occur due to a miscalculation that is inconsistent with client records, or perhaps the client has made some mistake in noting down the working hours, or someone could have possibly missed out some numbers while adding up the billable amount. This tends to be a sensitive situation because even a small error in billing could damage your business reputation. By using automated time and billing software you can avoid upsetting clients and reduce the risk of losing them due to a billing misunderstanding.
An evaluation of your current time-tracking and billing methods along with a look at available software will be time well spent!