Time and Expense Tracking and Invoicing Management in Organizations

Over the years, time and billing software have become an essential part of all sizes of organizations. Employees need to accurately keep track of their work hour schedules so that the organization gets paid by the clients for the dedicated amount of time and expenses for their projects. As the organization keeps growing, the employee strength increases and so does the number and variety of projects handled by the employees. Inevitably, it becomes a headache for the organization to allocate and optimize resources with considerable visibility to fetch the maximum output as well as to maintain the account receivables with utmost accuracy.

There lies the importance for a time and attendance software. This kind of a system can help an organization to effectively manage employee timesheets and timely generate the invoices in order to keep the cash inflow running. An efficient application can keep track of all the work hours based on tasks, projects and/or resources for a particular client in order to bill the clients correctly and timely. It can also contribute to streamline the workflow at various levels of running projects. Organizations, big or small, are increasingly turning up to third party providers or for in-house development team to implement project tracking software as per organizational structure and project requirements. AccountSight is example of one such time and billing software that enables single users as well as organizations to manage their weekly time sheets and billable hours efficiently.

Employees, however, do not always feel free to use these time tracking software. Most of the time, it takes a whole new system for them to understand thoroughly before they can actually fill up the online timesheet. Often the time and attendance software are complex and difficult to interpret for the users. It requires a lot of time to first learn the system and then completing the process on a regular basis. Most of the employees consider this tasks as out of their project scope and nothing but waste of time.

Therefore, it is important for organizations to opt for a system that is simple and easy to use. A good project tracking software should have rich functionality to track time and expenses incurred in projects, separately and together. There should be some efficient tools to analyze the data stored in the system so that it can keep track of all invoiced and un-invoiced time and expenses and accordingly bill the clients for that. For example, AccountSight provides an effective dashboard view which helps to slice and dice all the data and make reports of invoiced and un-invoiced time and expense entries based on different parameters. Also, convenience is very important for such a system. As employees have to submit weekly time sheets on a regular basis, it is essential that they can add, save and submit T&E entries as well as upload any necessary document/file without any hassles.

Currently existing web-based web based time tracking software have some restrictions when it comes to convenience and user experience. Such a system asks for certain hardware and software requirements. Employees can fill up online timesheets only while working in office network. But if an employee is working out of office or in some other remote place, he/she may not be able to login to the system and submit timesheets.

This difficulty can be overcome by newly emerging cloud based project tracking software. A cloud based system requires no upfront investment. A computer with internet connection will suffice. The system can be accessed anytime anywhere as it demands no software or hardware. All the data is stored in the cloud and can be freely accessed. Employees, irrespective of where they are working from, can simply login to a computer or a mobile and can submit weekly time sheets. AccountSight being a cloud based application offers all these advantages in order to optimize the time tracking and invoicing process with minimal complexity.

Organizations of varied sizes are increasingly adopting timesheet software into their systems. Even individual consultants and freelancers who work alone or in small groups are understanding the importance of such a time tracking software that can help them to collaborate more effectively with the clients and keep the payment system more transparent. And with the ever growing complexity of organizational hierarchy and increase in clientele, cloud based applications are sure to make a big impression in near future in addressing time tracking, expense tracking and billing management issues in organizations.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s