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5 Benefits of Time Tracking Software for Business

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From casual attendance to keeping a check on billable hours, time tracking software does it all. It is the buzz in small businesses these days. So how does tracking work and what are the benefits of the business expense tracking?

A time tracking software, simply put, is a cross platform that tracks the time, labor, and resources spent on completing a task by an employee or a team. It is the key to healthy workflow, productivity, and insight. When you know which task take the most of your time, you can find the ways to do it quickly. The software will be help you identify the problems, and then you can come up with strategic plans to overcome them.

Here are some of the advantages of time-tracking software –

1. Billable hours for each employee
According to report by HR.com,43% hourly billed workers admitted to exaggerating their timestamps. This is essentially time theft. It is not to say that your employees are dishonest and manipulative. Given the power, they tend to roll the dice in their favor. To avoid this, use a time tracking software. It gives the manager total command. You get the big picture in terms of how each employee spends their time. Time tracking software accurately notes the time spent by the employee on actual tasks. This means, accurate billing. It saves a lot of money and allows you to set your priorities straight.

2. Bill clients accurately
If you use an hourly billing method for your clients, then a time tracking software is a must. There is a lot of communication over the course of a project, and to manage invoicing is a tough task. Clients usually do not adhere to the deadlines. And they always find a way to get you a 60-minute long calls about random things. Did you know all this is your money? Well, claim it. With a time-tracking software, you can avoid any misunderstandings with the client, who gets a clear picture of how much time you have spend on their project. It allows you to bill for unaccounted time you spend on small tasks for the client.

Also Read: How to Choose the Right Time Tracking Software for Your Business

3. Track time spent on each task
A lot of times estimations for tasks go wrong. Depending on the client and the project specifics, you may spend different time on similar tasks. A time tracking software allows you to exactly calculate how much time you are spending on each task. This means better pricing in the future. Once you know how much time you are spending on a task, even if you are not billing your client hourly. You can give them an accurate pricing model for your services.

4. Save money with accurate budgeting
Using a time tracking software essentially saves you a lot of money. Especially if you are a small business. The software allows you to integrate your payroll system for accurate billings. Along with that, a time tracking software gives you an analytical report. This includes everything from overtime hours, time wasted, average project timeline, work estimates, deadlines, etc. This information allows you to build better schedules and budgets for the future. It helps you save money on wasted resources and manpower. It also gives you a crisp overview of project timelines and payment.

Also Read: Why Your Small Business Needs Time Tracking Software

5. Say goodbye to Micro Management
The best part about a good time tracking software is, it allows you to efficiently manage employees. This is the most underrated feature of time tracking. It gives you all the information you need for performance evaluation. It also allows you to set deadlines and automatic reminders which are employee specific. After all, not everyone has the same pace. Monitoring helps employees stay motivated, and keeps the working place competitive.

Also Read: Time Tracking Software For Small Businesses

Why the Best Billing Software Matters to Law Firms

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The financial security of a law firm depends on their billing. Let us explore why the best billing software matters to law firms.

Accurate and efficient billing is essential for law firms. When you have an array of clients, each with their own sets of rules and regulations, you have to be very careful while billing them for your services. That is why you need a good online billing software. It can be a game changer. The right software can streamline the billing process, which means, you can create invoices quickly and accurately. It is also crucial for the financial security of the law firm.

Online invoice software come with a bundle of personalized tools that make invoicing a piece of cake. Let’s take a look at them –

Different types of Billing
Law firm invoicing should be handled properly. Here are some of the billing practices that they follow –

• Alternative fee arrangements: Lawyers do not charge the same amount for every client. This is why they need different types of billings for each client.

• Hourly Billing: A good time tracking software is a must for this type of billing. Lawyers charge by the hours they spend on the case. This is the most common billing method in legal practices.

• Retainer Billing: Before the lawyer starts working on a case, they establish a retainer fund with the client. And then charge fee, depending on the hours spent on the case. The retainer fund is replenished by the client if required. After the case is finished, the unused fund in the retainer is returned to the client.

• Flat Fee Billing: This is a fixed fee billing. It is a clean billing option for predictable cases. The arrangement is done before the start of the case. And it clearly states the exact legal service cost. Barring a few additional costs, this type of billing contains no unexpected costs at the end.

Also Read: Advantages of Using Invoicing Software

These are few types of billings required by a law firm.

Personalized Billing Tools

Since law firms follow matter-based billing, they need tools that are specific to the job, which will generate invoices for all the clients. An automated e-billing software is extremely handy in such cases. A good software comes with personalized tools like expense tracking, billing reminders, and scheduled billing. These tools can be used for different types of billing like expedient time tracking allows accurate billing for an hourly billing model. You can start billing from the first client interaction. Automated billing reminders are helpful for a longer case. A good online invoice software also allows the client to pay invoices with different payment methods. This eases out the payment process, which makes the client pay the amount on time.

Generic Software don’t Work

Generic software don’t understand the idiosyncrasies of legal invoicing. If you use a generic invoicing software, you will end up making a hundred different templates for invoicing. Let us assume, you do all that and start drawing client specific invoices. But, one fine day, you receive a call from client A.You look up his records and find a flat fee billed for a divorce case in his name. You might use that model further. But the same client A could have had another hourly billing case with your firm. This ends up creating a lot of unnecessary confusion. You might lose a lot of money using the incorrect billing model.

Also Read: Online Invoicing for Small Businesses: Brief History & 5 Essential Invoices You Need

Why Invoicing Software is Better Than Invoicing Templates?

Traditional invoicing templates have been in fashion for decades. From paper to spreadsheets, the technology implementing invoicing has evolved. This evolution has given rise to one of the most powerful tools in business: invoicing software.

Invoicing is to a business what bread is to a dinner. It keeps your belly and pocket full. Invoicing templates have been floating around the internet since Word and Excel began. But invoicing with such templates causes more problems than it solves. Sure, it saves you time and money compared to traditional paper invoicing, but it does not make it better. There is a new solution on the block. Online invoicing software are not only robust and scalable but also error-free. Here are a few reasons why invoicing software is better than invoicing templates:

Also Read: Organize Your Business with Online Invoicing Software

Everything is Automated
Everything including your client estimates can be automated using a good invoicing software. You can automate client invoices even with a free invoicing software. The software comes with automated tools that send out recurring invoices. This is what real accounting in business is all about. It ensures a stress-free relationship with your client as the mistakes are reduced. And with cloud-based technologies, you can make last minute edits without opening the files. The cloud-based technologies offer easy solutions for tax filings, and ensures you get the rebates. CloudBooks generates more than 10,000 invoices a day and saves clients 60 hours per month through automated powerful tools.

Remain up-to-date always
With a cloud based invoicing software like CloudBooks, you can never miss an update. You don’t even have to lift a finger. The software automatically updates according to new standards and policies and makes these changes thoroughly through invoices. With invoicing software, all your billing details remain intact in one place. This means ease of access. It also makes processing transactions easier. You can even download an app on your phone to make invoicing super simple. If you are using invoice templates, you will need to do the research and update the templates yourself. You will need to devote a lot of time to do that.

Also Read: Free Invoice Templates

Invoicing Software make Profits
Money saved is money earned right? Invoicing software not only saves your money by reducing your cost in manpower and time, it also makes you huge profits. Invoicing software are designed to make you rich. A professional-looking invoice that provides clear information to the clients can make the process of payment smoother. If your client uses an online invoicing software, through integration you can get paid on the spot. Invoicing software also allow payments through various channels. Traditional PDF invoices through invoicing templates, generally restrict the mode of payment. This flexibility makes it easier for the client to make payments quickly and efficiently.

A Powerful Toolset
Unlike invoicing templates, invoicing software aren’t just about invoicing. With cloud backing, online invoicing software generate a reservoir of data about pricing models, taxes, and client information. Not only is this information secure, but can be accessed anytime. CloudBooks stores data in the PCI compliant format that keeps you and your client protected. Further, it has an array of tools for project management, expense management, and time tracking. It also offers comprehensive reports and performance analysis.

You can use CloudBooks for all your time tracking and invoicing needs at a reasonable price and a premium support service. CloudBooks is a fully automated invoicing software especially for SMEs and freelancers looking for documentation support.

Also Read: Online Invoicing for Small Businesses: Brief History & 5 Essential Invoices You Need