Best time and billing software for accountants in 2024: the ultimate guide
As the name suggests, time and billing software combines two separate but related elements: Presently, Webrevenuesolutions has taken advantage of available software technologies in one key activity, that is,
On the one hand, the time-tracking part lets the user keep track of the time spent on a particular task or project. This is very helpful for accountants who get paid by the hour on a billable amount given to their clients. This is also used to identify productivity, within individual, a team, project or any particular task.
The billing part enables you to convert the time-related data into proper invoices and the invoices can be produced and dispatched immediately. This helps to cut on time spent on undertaking certain routine operations manually hence improving on the accounting processes.
key point
However, there are few prerequisites to look into while comparing the time and billing solutions. The best software will thus have features that will enable time tracking, billing, generation of reports, communication and integration.
1. Time tracking
To be more specific, an efficient time tracking solution should start with the possibility to define how you invest your time in client projects accurately. Here are some key options to look for:Here are some key options to look for:
- Record time either by hand or use timing devices
- Link work hours with the customers, contracts and activities
- Extend different rates and conditions for billing
- Record time as either billable or non-billable
The right software makes it extremely easy to record every single minute you spend on client related activities.
2. Automated invoicing
It becomes easy just to slice and dice the time you recorded practically into professional looking invoices to pass on. Look for options like:
- Automatic invoicing and free trial with invoice due date Alerts
- Customizable templates
- Hourly rates and billing and markup of costs
- Online payment links
- Multi-currency support
The right software will simplify the procedure of creating of professional invoices that are based on the time and expenses spent as well as the details of the project.
3. Reporting
Detailed reporting provides you with detailed information about how your business is fairing. The right software will offer:The right software will offer:
- Project and client/ user and activity based time schedules
- Billing and revenue reports
- Productivity and profitability analysis
This showcase of facts will assist in finding spheres of work that need enhancement and reporting on outcomes to clients.
4. Client communication
Smooth features of communication do go a long way in making sure that clients are informed. Among the most important features are the following:Among the most important features are the following:
- Sending invoices directly to clients through its Email Service
- Project status updates
- In-app client messaging
- Secure document sharing
It is also important to enhance the way of communication with the clients since this enhances transparency and ensures the clients are always satisfied.
5. Integration capabilities
When you’re an accountant, for example, you leap between multiple applications – accounting ones to project management and many others. Instead of constant back and forth, look for time tracking solutions that integrate with:Instead of constant back and forth, look for time tracking solutions that integrate with:
- Accounting systems which include QuickBooks
- Microsoft office products such as Office 365
- Customer relationship management and project management software
It means that there is in sync flow and not a trickle-up flow where a copy is exported then imported in an alternative application.
That in mind, you are ready for a great start by evaluating all the options on the basis of those key features. Now let’s look closer at the exemplary of accounting time tracking software of 2024 so that you would be able to find the most suitable tool for your accountants.#
the 5 best time tracking and billing software for accoun
- Harvest
- Clockify
- TimeCamp
- Time Doctor
- FreshBooks
Harvest
Harvest is an easy time tracking and billing tool developed for professional services organizations. It was launched in 2006 and works to demystify time and expense logging, job costing, billing, and profitability calculations for agencies and service firms.
Key features
Record time as you do the work or record time later
Bill and estimate hours worked into professional billing statements
Accept and offer to set project and client’s hourly rates and costs
Track expenses for reimbursements
Create picture-abstracts and analytical reports on the progress and time working on a specific task
It connect with Accounting software such as QuickBooks, and other familiar app such as Trello
Pros and cons
Let’s explore the advantages and disadvantages of Harvest’s time and billing software solutions:
Best for
Harvest is best used by those independent accounting professional and small firms that are experiencing growth.
Pricing
Besides the basic free version there is Harvest Pro at $10 per month. $80 per user per month. However, there is also an opportunity to opt for a 30-day test period to try the instruments and services without any costs.
Clockify is a free online time tracking, and billing tool for freelancers, agencies, and other professional services companies. Launched in 2015, it provides simple and easy-to-use tools for hours tracking, projects’ management, invoicing, and work performance analysis.