Creative agencies, legal services, and freelancers are the common industries that use billable hours to charge for their services. Most companies utilize timesheets to monitor and handle their billable time. While there is nothing wrong with this method, it is tiring and time-consuming. In this case, having a time billing software is ideal as it will simplify the process and save time in the end.
Software for billable time is essential for companies to manage their tasks and charge accordingly. Simple mistakes like inaccuracies in the invoices can cost both the company and clients. Therefore, it is ideal to have software that helps in this situation to prevent errors while charging clients.
What is time billing software?
It is software that helps many companies track their time used to complete projects and charge based on the data. Businesses that utilize time billing software provide accurate invoices and charge the correct amount. The best part about having this software is that it is quick and precise. Therefore, finding easy-to-use software is the best thing that can happen to your company.
Advantages of using a time billing tool
Time billing software offers plenty of benefits to companies looking to improve their workflow. It simplifies work in several ways and ensures to minimize the time spent tracking your work manually. Below is how you can benefit from using a time billing tool in your company.
Track and manage time
Time billing software is essential as it carefully tracks and manages the time spent on various tasks and projects. Performing manual data entry on spreadsheets is tiring and time-consuming. However, with billing software, you can have all your team’s project data in a central system. Converting this data into invoices occurs fast and in a few clicks.
Accurately compile invoices
Coming up with invoices and forwarding them to their relevant destinations is not easy. This is especially true if you are doing it manually for many clients. You can easily make errors or provide inaccurate data on the invoices. This, in turn, causes an undercharge or overcharge for the services.
However, with time billing software, the tasks are in good hands. The tool provides accurate data and ensures the client is billed the correct amount for the services received. It also performs these tasks fast to avoid the hassle of last-minute preparations. What’s more, after compilation, the software will automatically forward the invoices to the client’s inbox as you sit back and await payment.
As mentioned, time billing software is ideal for a company that needs to save time. You can easily automate the process of sending invoices to the relevant clients and wait for the payment without clicking anything. The system automatically collects and sends invoices to the clients. This feature is ideal if you have many clients in your company.
Handle overdue invoices
Many companies experience the stress that comes with having to constantly remind their clients to clear their dues. They end up spending more time and energy drafting emails and calling their clients to remind them of their outstanding dues. You can avoid this by using a time billing tool.
The billing tool enables you to set up invoice reminders and leave the system to contact your clients over their overdue bills. You can use the tool to manage the statuses of the invoices and mark them accordingly (scheduled, paid & outstanding).
Using a time billing tool provides precise financial analysis reports. This includes an overview of projected income and overheads with actual updates. Besides financial reports, you can see the progress of your team’s work. This enables you to gauge the projects that were more effective and profitable. It gets easier to have an outline of your financial plan performance.
Having a tool that simplifies your work is essential. It helps streamline the workflow and improve production. In this case, the time billing software is ideal.