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Five Ways a Time-Tracking Software Can Help Grow Your Business

Every business has a time sheet regime that they hope to adhere to. Most business are paying more than necessary due to exaggerated hours on time sheets. Time tracking software aims to correct undue timesheet entries. This is not to say that your employees are dishonest but it is a simple human tendency to make such errors. A lot of your employees and clients can over estimate the hours the put in, and there are a few underdogs who will under estimate. Either way, you are losing out on the accuracy.

1. Pay your Employees Correctly
2. Make Accurate Estimates
3. Manage Efficiently
4. Compare and Grow
5. How can you Improve?

Pay your Employees Correctly
Every employee has a somewhat correct estimate of how long a team project took. But compile all that and you’ll find a number that is way off the mark. You get a certain amount funding sanctioned for every project and managing that can be tricky if you don’t keep tabs on what your employees are doing. Using a time tracking software can fiercely enable your team with appropriate time logging. Time tracking software free of charge can allow your employees to take into account the work they have done. And get it billed correctly for their own salary and for your clients. This is an especially helpful feature for contractual employees.

Also Read: Benefits of time management software in the workplace

Make Accurate Estimates
What’s the point of working so hard to make good projects, and deliveries on time if you are not even getting paid for what you do. A time tracking software can empower you to make estimates true to the work that you put in as an organization. This is done by making AI backed analysis on your previous work logs and time sheets. You can compile any kind of project with the tasks and the works that go into completion and use a time tracking software to adjust your quotes and estimates. Further, you can link these estimates with your invoicing software for accurate billings.

Manage Efficiently
All things said and done, it is not the easiest job to supervise technically sophisticated employees. Most employees feel judged, and have a sense of privacy invasion every time a manager goes in for a check. You can avoid the unnecessary friction with even a free time tracking software. As it displays the status of the job right on the work desk as you login the next morning. So you have all the vital information you need to keep everyone in check through valuable metrics of tasks performed, hours put in, overall productivity score etc. And this can be managed on the individual level and bird’s eye view. The best part is, most time tracking software are cross platform so you can have a look right on the app.

Also Read: 5 Benefits of Time Tracking Software for Business –Link

Compare and Grow
If you are constantly missing deadlines, and feeling overwhelmed with projects and daily tasks. Obviously, you are doing something wrong. Sit back and analyze where you are going wrong. This is where a time tracking software can be of the utmost help to your organization. Time tracking software allow you to compare your performance over time, with powerful metrics. They allow you to strategize every project using the previous data and the new goal inputs. So you can measure on a project to project basis, the score of your performance.

How can you Improve?
This is the question most organizations ask themselves at the end of every quarter. The most amount of money invested in any business is in its strategic planning. But, time tracking is the cheapest, most strategically advanced tool you need to figure this out. Unlike a real time manager, a time tracking software is ruthless in its judgment of your performance. Get access vital reports, analytics, monitored timelines to strategize. Using a time tracking software, perform productivity audits and pin point the areas you are lagging.

5 Things You Did Not Know About Online Invoice Software

Most businesses stress over invoicing. Often considered tedious, this process can be made easy with the use of technology. When you automate invoicing, you can save money on labors and avoid errors. The only people in the industry who claim to be free of the clutches of invoicing and bookkeeping seem to be those using an online invoicing software. This software has made huge strides and become a necessity for every business today. These are highly sophisticated platforms that help businesses generate bills for the services and products they have provided to their customers. Here are five things you didn’t know about this important tool.

Invoice Anytime Anywhere
Online invoice software use cloud-based servers to record and store your financial information. Every transaction is stored securely on a server. This allows business owners to access information from anywhere. You can use online invoicing software on both your mobile and desktop. From generating invoices to editing them, you can do everything with this platform. This includes claiming business expenses and making last-minute changes to bigger orders. You can access restrict features depending upon the employee. Therefore, you can also supervise your daily transactions as well.

Also Read: 5 Common Questions About Online Invoice Software Answered

No Tax Season Drama
Invoicing software are made for small business owners and freelancers. Keeping in mind the problems that small businesses face during the tax season, these software have in-built algorithms. It creates a dashboard that allows you to view your tax deductions immediately. With this, you can record all your business transaction and audit your finances easily. This means, you no longer have to rush to the filing cabinet every tax season. All data entries are made with individual tax collection and submission for every client. These are done adhering to the laws and policies of the industry as well as the location.

Automated Invoicing
Small businesses use a lot of money due to incorrect and untimely billings. With an online invoicing software, you can change all that and make the process error-free. Using this software, you can simply link your payments and get notified every time a transaction is completed. You even get alerts when you miss a due date. This software allows you set-up automatic reminders for your clients, who have to pay their bills. With automated invoicing, you can find better estimates for projects. You can then use the accurate billing models to get the money you deserve.

Also Read: Organize Your Business with Online Invoicing Software – Link

Cross Country Invoicing
Every country has its own business policies and billing laws. The traditional invoicing methods handicapped many businesses, stopping them from doing business internationally and even across states. With an online invoice software, you get access to multiple payment channels and gateways. All your invoices are redesigned according local policy and laws. So, you can do business with all clients.

Integrate with other Management Software
Businesses are used to having a dedicated bookkeeper, an HR, a manager. But what if you could combine all of the above and remove the back and forth communication? Imagine the time you will save. This is exactly what you can do with an online invoicing software. You can integrate invoice software with other tools that you use in your business. This will make the process efficient, lead to increased productivity.

Important Features You Need in an Expense Tracking Software

Expense tracking software can help organizations make accurate estimates, gain control over their finances, automate their business spending and reduce costs. Without this tool, the finance department of a company may struggle to adhere to the strict timelines. This software features important tools that are required to run a business smoothly. Any expense report requires receipts, billing, and invoice generation. With an expense tracking software, you can record your numbers in real-time to get clear insights and skip the tedious and time-consuming process of going through the files. Although expense tracking software are made to suit almost every business out there, but you should look out for a these must-have features before choosing one.

• Regular Audits
• Advanced Analytics
• Claim Checks
• Smooth Integration
• Legal Compliance

Regular Audits
A periodically occurring event is auditing. Businesses hire specialists to get keep every detail intact. An expense tracking software can make this process relatively easy. This tool has all your documents and transaction history stored in its database. So, it becomes easy to keep track of the data. This way, you can always be ready for an audit. An expense tracking software can do this by auditing proactively. As soon as an employee uploads an expense report, your expense tracker can automatically perform an audit. It verifies the documents uploaded, cross checks information to ensure that you are on track with each and every receipt. The best expense tracking software should aim at keeping you on top of your audits with a complete audit trail.

Also Read: Business Expense Management Software for Transparent Expense Tracking

Advanced Analytics
Businesses tend to ignore so many recurring expenses that are bleeding them dry. Maybe it is just a newsletter subscription or an over-prized coffee. Every business needs to take a long and hard look at what they are spending their money on. This is what you should expect a business expense tracker to do. An expense tracking software can provide daily reportage and accurate analytics with interactive mediums like graphics and pie charts. This is simply to bring to your notice where your numbers are soaring and where are they dwindling. This way, you can get a grip on your funds, and use your budgets carefully.

Claim Checks
Many organizations send their employees outdoors on a work-related trip. When they come back, they claim the business expenses. This process is generally considered cumbersome and lengthy. Some of them tend to submit bills for their personal expenses while some end up paying for the travel from their pockets. Clearly, both these approaches are wrong. What you need is a simpler way to file claims and expenses. With a cloud-based expense tracking software, employees can file their expenses in real-time, and receive automated approvals.

Smooth Integration
As a business owner, you use a lot of software to run things properly. Especially in the financial field, the amount of work that is done in terms of manual labor is quite a lot. An expense tracking software allows businesses to navigate their finances at every step. To achieve this, they allow integrations with all kinds of business tools and software. You can link your invoicing software directly with your expense tracking software for timely billing. You can even link your communication systems to your expense tracker to manage tasks efficiently.

Also Read: 6 Reasons Expense Tracking Software is Important – Link

Legal Compliance
Another important aspect related to any kind of capital is the policies that go along with them. Every industry has its own laws and policies for money management and exchange of funds. This is of paramount important during the tax season. You may receive some claims that are irregular and in violation of the current policies. An expense tracking software keeps you updated with the legalities and nuances of your finances. This way, any violation of policies gets flagged and subsequently corrected.