Time and Expense Tracking Software: A Guide

2007-03-08 10:33:40

( Computers )



Time and billing software is often used by companies who render services rather than tangible products. They are often used by professional services organizations like legal, accounting and technical consulting firms. Time and expense tracking software is necessary for firms who have little or no inventory to purchase or sell.

Time and expense tracking applications can greatly benefit firms that regularly experience revenue leakage for the work they have performed or services they have rendered to their clients. Revenue leakage is when the number of hours billed is less than the actual hours worked.

Time and expense tracking software fully automates and streamlines both your time and expense tracking processes. Automating these processes can help you track and control your billable hours. It can also have a big effect on productivity and operational costs. Time and expense tracking software does not only track your billable work and expenses, this application also ensure compliance with various company and employment regulations.

A good time tracking software can help you reduce errors and duplicate entries. It can reduce administrative costs because it is fully-automated, you do not need resources to compile and process your timesheets. It is efficient because it drastically reduces the time spent in collecting project data and employee timesheets. Your resources can then focus on other project-related tasks rather than allocating a lot of time doing remote data entry. A good time tracking application can even provide accurate forecasts for similar projects in the future. This application can provide accurate data in terms of hours worked and hours billed to prevent revenue leakage.

To be able to implement an effective time and expense tracking software, you need to evaluate your business needs and your current business processes. You have to choose software that can be successfully integrated into other existing applications within your company.


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