Give Your Business The Advantage Of A Complete Billing Solution

To simplify business management functionality and organize finances in the most effective and hassle free manner, businesses require a right time tracking & billing software. When it come to time tracking and billing activities, businesses have to deal with many day-to-day challenges. The traditional methodology of using spreadsheets for tracking multiple invoices and accounts is a cumbersome and time consuming processes. Irrespective of the organizational size, companies can improve productivity and profits by efficiently managing their time and resources. For this, they need a good software that can simplify their invoice & billing activities and optimize their business processes.

There are many benefits of using an online time tracking and billing software -

Track accurate time

One of the biggest challenges in business is tracking and recording billable hours on different projects. If tracking of time is not accurate, businesses may miscalculate billable hours and lose substantial amount on billing. The process becomes more hectic if company is dealing with multiple client projects. With time tracking & billing software, it is easy to refer back to the time entries and calculate the hours dedicated to each project. Using software, management can conveniently track project related information and raise invoices as per client billing rates.

Track & attach expenses to invoices

Along with tracking billable hours, it is also essential for business to keep its expense records up-to-date. When dealing with multiple clients tracking the expenses and keeping them organized becomes difficult. Since project work can include a variety of expenses including professional & personal, tracking them can be quite confusing. To effectively track & manage expenses, a better option is to use an automation system such as a billing software. It is quick, error-free and allows to create and attach expenses to invoices without much effort.

Streamline invoice processing including creation and review

Another tedious task for business is generating and delivering invoices to the clients and getting paid promptly for working hours. If you are a business owner, then cloud based billing software makes the process easy as it avoids the necessity to depend on office systems for making invoices or carry large paperwork outside the office premises. You can instantly create invoices from existing data on the cloud, share it with the client by email and get paid faster than through traditional processing. In addition to it, the software allows to control invoicing within the organization, where employees can enter their time and expenses as they work and the management can review & approve all of the time slips prior to generating invoices.

Flexible billing interface

As a business owner you might be working on multiple projects simultaneously and may want to generate bills for each project with different set of criteria. The fee options and hourly rates can be different for each client and sometimes you may have to consider a special billing arrangement for a specific client. In such instances, it becomes complicated to incorporate these many options in billing unless there is a flexible streamlined process for such activities. The flexible billing option offered by time tracking & billing software improves billing capabilities of any business and minimizes the time & effort spent on invoicing process.

Accommodates split billing

Situations may arise in business that they may have to generate multiple invoices with different hourly rates for a particular project. In case if company is working on multiple projects then it becomes tough to divide or split bills between the clients accurately without errors. Time tracking & billing software provides flexibility over billing and offers best control on revenue management. Instead of going case-by-case basis to generate invoices for different clients, the software allows to create customized formats so that the bills get generated automatically without much manual effort.

Robust comprehensive reporting

Apart from tracking working hours and generating invoices, sometimes companies may need several types of reports to evaluate various aspects like pending fees and expenses, user productivity, billable vs non-billable hours etc. It takes much effort to manually put these elements together and generate reports. With billing software, it is easy to access data from cloud and generate customized reports as per the business needs. A software with a robust reporting system is very beneficial as it allows to understand project activities, time & absence tracking, client payment history and many other items.

Integration with other software

Creating a seamless transition of data between various systems increases the accuracy and eliminates the need for duplicate data entry. A superior time tracking software will be one that effectively integrates with other software thereby it minimizes the situations that require redundant data entry. It easily communicates with other systems, makes workflow more efficient and reduces the opportunity for errors. By consolidating the data from different systems, businesses can improve accuracy in reporting, reduce administrative workloads and have greater insights into business activities.

Access from multiple devices

Whether it is tracking the time for billing hours or generating recurring invoices for periodic payments, it is good to have a flexible method of accessing data in most convenient manner. You don't need to be in front of the office system to manage your billing transactions. All you need is a good billing system and a smartphone with internet access to finish your work on the go. Time tracking application is fast, effective and requires no other software installation to access from mobiles. It just needs a couple of clicks to create invoices, send emails and acknowledge the receipt of payments from your clients.

Secure business information

No matter how big or small the company is, keeping the backups of data and protecting them from security threats is critical for businesses. If the company is dealing with multiple clients, then keeping the paperwork for several years would be a tedious task because it may involve several reports, invoices, employee time and expense tracking sheets etc. Keeping critical data in the form of physical files is risky and inconvenient. The cloud based billing platform provides backups for the entire data and allows to customize the settings for security purpose. This way it protects against unauthorized entry & security breaches and also reduces the possibility of losing information.

Customized dashboard

Instead of drilling down into the data in a detailed manner, sometimes you may need to see consolidated key aspects of information in a well organized manner. When data is put together on one screen it becomes easy to evaluate things like sales, work productivity, cost and expenses etc. By customizing the billing software dashboard in an organized manner, businesses can have ready access to key information. By having important findings of information readily displayed on the dashboard, companies can have real time visibility on various projects.

These are only some of the ways that a tracking and billing system is useful for a business. Regardless of the size of an organization or type of the industry, the software has many benefits that can help companies to grow in their business.

TimeManager is a cloud based Time and billing software designed specifically for businesses to efficiently manage time tracking, invoicing & billing activities. TimesManager invoicing and billing software offers accessibility to time and expense tracking, split billing, CRM and document management. It enables a fast and easy billing process for lawyers, timekeepers, mediators, and professionals. To learn more about features, please visit our TimesManager website.

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