In recent times, small and medium businesses have struggled to move their time tracking and invoicing into the cloud. Before choosing a product to meet these requirements for your business, it is significant to consider how one of these schemes will work with your business.
You will have to consider how your customers are now paying you and how you need that process to look in the future. Once you work on an hourly basis how do you get paid? There are two main situations: first, you are paid before the work is finished and then the hours worked from that balance are deducted according to your hourly rate. Another type is payment in arrears, where the work is done first and then an invoice is sent for that work, either on a specific date or after a certain number of hours or negative balance of the account is reached.
Most online software products now work perfectly for payment in arrears, but some configuration is needed to work with prepaid basis. Basically, an invoice is sent and then the balance of the account and the estimated hours must be adjusted manually.
Although this seems like a general thing to consider, there are complications that can come into play with time tracking when you select the wrong software. If you have an employee working on a single project with a flat rate per hour, you require the modest product available. But, if you have an employee who works for numerous clients who perform several tasks and projects at different speeds, you will require something more complex.
Most web-based billing and time tracking platforms invoice with a recurring monthly rate. They can vary in price depending on what you are buying, so it is very important to choose the features you need.
Some Options to Consider
Fresh Books: This is one of the most complex products available. In addition to time tracking and billing, it gives basic accounting functionality, like expense reporting, and can be linked to your QuickBooks account by API. The price is at the higher end, mainly if you have a great team of employees to perform your favorit jobs.
Intervals: Another product rich in features. It is designed for companies that need project management, instead of a fixed schedule. You can create several projects, milestones, and tasks for a certain client. Tasks are particular work units that must be done to reach a milestone. Each task can have estimated hours and its own hourly rate. This is a good solution for a web design business.
AllInvoice.com: A newer product that is now in Beta. This is a simple time tracking and billing system that streamlines the procedure of keeping track of the balance of a customer’s account. Mostly, once you pay an invoice, that amount automatically goes to your balance. Minimum account balances can be set to trigger alerts for billing. This software works just as well for prepaid and postpaid customers. If you need something simple and intuitive for a small company that works with flat rates per hour, this is for you, to start your free trial: https://app.getmytime.com/default.aspx?step=register&source=driftstylebutton.
The bottom line is that time tracking software applications are a suitable bit of technology for anyone that needs to keep track of their project expenditures and make the most of their time, regardless of the field they are in.