time billing software helps businesses monitor employee and client hours to reduce payment errors and provide a more complete picture of company operations. This article highlights eleven of the best time tracking tools that save businesses money and make the transition to a new system less painful.
Harvest is a popular time tracking tool that allows teams to quickly approve weekly time sheets and turn tracked hours into client invoices. It also offers app integrations, including Jira and Salesforce.
Invoice Reminders
Invoice reminders help you get paid faster. They send polite, pre-designed emails to remind customers that their invoice is due, and if the invoice is overdue, they can also be reminded of any late fees if applicable.
This feature can be turned on or off and is configured by setting the number of days before and after the expected payment date you want to be reminded about an overdue invoice. This is set in the Invoices tab under Settings.
When the option is enabled, it will automatically check all invoices sent to clients and when an invoice becomes overdue it will notify the customer of their outstanding balance with a customized email. You can add a message and the invoice number to help customers identify which bill they are being reminded about. You can also update the default late fee for a client, which will then be applied to all new Invoices going forward. Alternatively, you can manually send an invoice reminder to a customer from the header menu of an Invoice.
Time Tracking
If you are selling services based on your team members’ time, you need to know exactly how much time they spend working on client-related tasks. Time tracking software gives you this insight by automatically logging the hours your teams spend on projects and other work. This information helps you create accurate invoices and be transparent with your clients.
Some tools also come with features that enable you to manage your workflow more effectively. This can include task assignment, project planning, client chat, and more. The type of tool you need will depend on the nature of your business and the unique challenges it faces.
You should also consider whether you want to implement a cloud-based or on-premises solution. Some businesses prefer on-premises tools because they allow them to customize the software environment and have complete control over data security. Others prefer the convenience and flexibility of cloud-based solutions. Regardless of the type of tool you choose, it should be easy to use and integrate with your existing systems.
Automated Invoicing
Using a time billing system that automatically generates invoices based on the work tracked is the best way to ensure your team isn’t overcharging or undercharging clients. This will help you get paid faster and improve cash flow, especially if your business relies on client payments.
Automated invoicing also means less room for human error, which can lead to lost or misplaced bills. This is a common problem that can have big consequences and take up valuable time that could be spent on more important tasks.
With an online time tracking tool, you can use predesigned templates to compile and send invoices in a few clicks. This will save you valuable time at the end of each month that you would otherwise spend on administrative tasks. It’s also easy to see which customers have yet to pay, and even set up automatic reminders. This makes it easier to get paid on time and boosts customer satisfaction.
Reporting
Whether you’re measuring project profitability or simply billing clients, accurate time tracking and invoicing is essential. Time billing software allows you to automatically generate invoices at the end of a project or period based on tracked time, and customize them with client payment terms, discounts, and more.
Some time tracking and invoicing tools also include task assignment and client chat, which can help improve workflow and keep teams on track of projects by assigning tasks to the right team members. This can reduce back and forth emails that slow down the process, while ensuring each project is completed by a relevant person.
Depending on the type of time and billing solution you choose, you can also access reports like client payment history, YTD revenue, total revenue past due, and outstanding invoices. This can help you make informed financial decisions and prevent cash flow issues. You can even integrate time billing software with accounting systems like Sage 50 to track and analyze data more effectively.