Why Combining Time Tracking and Invoicing Delivers Superior Results
Time tracking and invoicing software allow companies to keep tabs on the time they spend on a project. Based on this data, companies can then bill their services accordingly. Unfortunately, time tracking applications have been undervalued for a long time. There are very few businesses aware of the immense scalability opportunities that simple software like these can provide them.
What Is Time Tracking
Most freelancers, entrepreneurs, and small business owners consider the billable hours as the standard charging method. Traditionally, companies rely on timesheets to track these billable hours. While there may be nothing inherently wrong with this procedure, there’s one major drawback. Compiling results from timesheets can cost your accounting team an entire day of paper-based work. In an age where time equates to money, this method of billing costs you in more ways than one.
Using excel spreadsheets is another way to compile billable hours. Around 88% of spreadsheets are prone to contain some kind of data-entry error. Let’s not forget the laborious drudgery that comes from having to manually enter data.
Time tracking and invoicing provide you with a centralized on-the-go model to keep on top of project management rates with instant access. Here’s what you need to know.
How Does Time Tracking Relate To Invoicing
While it doesn’t require much to incorporate time tracking software, you must first set up a digital invoicing system that can integrate with the tracking software to initiate t-sheets invoicing.
- Synchronizing your time tracking with billing allows you to compile and dispatch invoices based on automated data flow from one software to another
- Luckily, many billing tools easily integrate with time tracking software. Additionally, they allow users to access relevant data and generate invoices in the same spot
- Popular time tracking software such as Toggl lends itself easily for integration with Scoro’s quick and efficient invoicing
Examples Of The Interaction Between Time Tracking And Billing
Consider the following two scenarios to help understand how you can benefit from timesheet software.
- Let’s suppose you’re required to dispatch invoices to 30 different customers at the end-of-the-month. The amount of paperwork work involved in setting up all these invoices is daunting enough to make you want to procrastinate
- Using a time tracking software can effectively shoulder this burden on your behalf. After compiling the hours, the data automatically flows to the invoicing software. It’ll then set up your invoice by multiplying the hours by the hourly rate
- During COVID, when most employees are reduced to remote working, the time tracking software can be an efficient employee tracking device. You can track the progress of your staff along with how much time they’re investing
How Invoicing Software Can Reduce Manual Tracking And Input
Integrating the two software will bring multiple benefits.
- Automate the entire billing process: Through this integration, you can automate every bit of the invoice generating process month-over-month. You’ll be required to make a click to dispatch these automatically generated invoices
- Deal with outstanding invoices more efficiently: Invoicing comes with a notorious reputation of delayed clearance. A timesheet invoicing software can allow you to set deadlines that’ll automatically push outstanding invoices to the ‘overdue’ category. You can also set up your software to dispatch timely reminders, especially to clients that have a history of late payments
- A complete overview of your invoice status: After generating, dispatching, and receiving payments, the billing software drafts an overview that briefs you on your invoicing status
The Best Invoicing Software Solutions With Integrated Time Tracking
Here’s a list of the top three invoicing software that can help you scale your business.
- Scoro: If you’re looking for a hyper-centralized solution that allows projects, clients, and invoice management all at once then Scoro is the deal to clinch. The tool offers high-geared time tracking and invoicing along with cut-throat project management for enhanced collaboration
- BeeBole: This is another intelligent business tracking and management app that can do wonders for your company. BeeBole offers timesheets that can be generated on a weekly, daily, or monthly basis. Other features include a one-click timer, configurable permissions, reports, currencies, and budgets
- Harvest: Harvest is a popular light-featured t-sheets invoicing app that easily integrates with your business to quicken your system. It integrates with your favorite project management tools and provides real-time tracking of your company’s rate of progress
Integrating timesheet and invoicing software can be your next-gen formula for fast scaling and return on investments. Most of these apps are incredibly user-friendly and can integrate with your business seamlessly.