Understand The Benefits of Time Tracking And Billing Software
In today’s multi-tasking and fast paced environment, people think of various ways to improve their work productivity with minimal possible effort. In particular, those who work on hourly basis and shift their time between multiple projects, find difficulty in capturing their time spent on various projects. Tracking work hours manually is time consuming and adds extra layer of effort to the already existing work schedule. Sometimes when people multitask on different projects, they feel pressurized to meet deadlines and make mistakes in recording time accurately. In such cases, they may unnecessarily lose billable hours on projects or create bad reputation with the client for wrong billing. Professionals like lawyers, accountants and consultants who bill their clients based on working hours, have realized the importance of using time tracking softwares in improving their work capabilities.
Being able to track time effectively using hourly billing software help people in many ways, because it avoids difficult and complex things associated with traditional methods. If you are an individual consultant, then analyzing work logs will increase your abilities or approach tasks better for improved performance. On the other hand, if you are a business owner, then implementing time management strategies is very much important in order to extract higher work productivity from the employees. Some of the online time tracking and billing software tools make logging an effortless process for the users. That means people can store documents online or have instant access to time slips, bills and invoices using any device on the go. Other than simplifying the process of billing and raising invoices, time tracking software has many other significant benefits.
Record day-to-day work log
As every minute of your work is valuable and countable, recording work hours in day-to-day hourly manner on various projects can help you track your daily tasks. Sometimes, instead of focusing on billable work you can get distracted into other non-billable activities. At the time of billing clients, you may also forget or miscalculate the hours spent on designated tasks. By organizing work logs in a timely manner you can avoid confusion at your end as well as 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 invoice is raised by the client. Or perhaps, you are working for five clients simultaneously and want to generate multiple bills with different set of expenses. Needless to say, if you are a business owner, it becomes even harder to split bills for each consultant and generate separate invoices based on their working hours. Time and billing software avoids this confusion and reduces the effort on billing process because it not only brings time, expenses and projects together in one interface but also includes additional features like dashboard, CRM and reporting to simplify time tracking activity.
Increased work productivity
Modern-day time tracking softwares have many features that can help users analyze the hours spent on projects and time wasted on other activities. One of the best things about tracking the time is, it helps people to have an overview on their time spending and realize how productive they are on different projects. Some businesses under value the possible benefits of time billing softwares because they are used to old traditional methodologies and do not know how to fully utilize the advanced comprehensive features. Irrespective of size, online time & billing software help businesses to accomplish multiple tasks, be it in tracking workforce productivity or in project management & accounting activities.
Get payment faster
Back then, when traditional billing methods were in practice people used to get delayed payments because it was a manual process. In present days, everyone likes to get faster payments for their working hours manually. Calculating billable hours on various projects, generating bills for that amount and sending them to client for approval is somewhat burdensome process. By using integrated billing software, many businesses or consultants are able to streamline this work to make it less burdensome and more easier & convenient. All in all, billing software enables invoicing to be shared with clients online, which will reduce delays in billing process and ensures faster payments.
Avoid billing confusion with clients
One of the possible reasons for developing misunderstandings with the client is improper billing. It could be because you might have done some miscalculation which is inconsistent with client records. Or perhaps the client has made some mistake in noting down the working hours or missed out some numbers while adding up the billable amount. In most businesses this is a sensitive situation is not appropriate because even a small error in billing could bring reputation loss to your business. By using automated time and billing software you can avoid bad reputation with clients and also reduce the risk of losing them due to wrong billing.
TimesManager Time and billing software is designed specifically for law firms to efficiently manage time tracking, invoicing & billing activities. TimesManager Legal billing software offers accessibility to time and expense tracking, split billing, CRM and document management. To make the bill processing more efficient, the software also integrates with LEDES, ABA and UTBMS task code applications.