How Technology Has Simplified Business Management

Why spend more time and money managing your time and expense? With time and expense tracking software, you get all of the advantages of time and expense management without spending the time and money. Features and functionalities of time and expense tracking software come with:

Comprehensive time and expense tracking. The basic function, that most free and even high-end professional products alike will offer: the capability to electronically clock in and track out and then to manually enter or modify clocking schedules as necessary. The time and expense tracking software should allow users to download workflows and templates, as well as set and modify workflows as required. Workflows can be customized to suit specific needs, and templates provided, such as Quickbooks Workflow, make the process of using and configuring time and effort tracking tools much simpler.

Automatic collation and submission of employee time sheets. Most time and expense tracking software will automatically collate employees' time entries and submit them to the time and labor management system (assuming the software has support for it). The time entries will be collated based on the date and time they were logged, which is the most common way time and effort is entered by employees. The automatic collation and submission will save you the time and hassle of manually entering time entries or doing multiple submission.

Enhanced time and work hours reporting. Time and work hours tracking can greatly assist you in assessing your employee's performance and determine where improvements are needed. When you view your employees' work hours and jibs, you will be able to quickly see where their time is being spent and what works and what doesn't. This enhanced reporting also enables you to monitor how much you are charging your employees for their work hours. You can also find out if there are any instances where an employee is not submitting timesheets on time and you can take corrective action. You'll no longer have to deal with late or missed work hours and instead be able to accurately measure your employees' work hours.

Enhanced billing capabilities. Any time and billing software will allow you to integrate it with your accounting system and build reports that show all of your company expenses in one location. This will save you a tremendous amount of time when preparing invoices, and will ensure you are properly charging your customers for the services they receive. Additionally, integrating your timesheet software with your billing system should allow you to create custom pricing models, so you can maximize your revenue. Pricing accuracy allows you to charge your customers fairly, so you never have to worry about errors affecting your bottom line.

Enhanced time reporting and management. You can easily manage and track your time and costs with great reporting and management features that include comprehensive tracking of hours, project completion dates, and more. Additionally, time tracking and reporting can automatically adjust for holidays and other special occasions so you know exactly how much you should be making and how your business is performing financially. Time and bill management integration features will help you quickly identify which employee is responsible for a particular expense and which duties should be delegated to other employees.

Enhanced billing and invoice generation. Invoicing is one of the most important aspects of any business, and having a way to easily create customized bills is essential. Time and bill tracking software will allow you to easily generate professional bills with simple templates that are easy to follow, allowing you to spend less time on tedious and time consuming bill collection work. Invoicing software also integrates with time tracking systems, allowing you to make intelligent and smart business decisions based on the information contained within your invoices. You'll be able to set thresholds and targets for certain categories of expenses, for example, and will be able to set different payment modes, such as checks, cash, and credit cards.

Productivity improvements. The information contained within your project tracking and time sheet apps will allow you to quickly identify problems and opportunities, helping you to maximize productivity and reduce the number of unnecessary staff hours. You'll be able to see what tasks and projects are being completed and which ones are remaining or becoming outdated quickly. Your teams will also be able to share information quickly with each other across multiple devices, such as iPhones, Android phones, and even iPads, saving you the time and effort of printing out paper documents.