With organizations giving increased importance to better invoicing and time tracking, you surely need good time tracking software to manage your time logs. You can even use expense tracking software to create invoice from tracked time without any hassles. But, before we move on to see the benefits of having time logs for your business, let’s see how you can create an invoice using a time log.
How to Generate Invoices Using Time Logs?
Not only does expense tracking software help you manage your business expenses with detailed reports, but it also lets you integrate with time tracking software and create better invoices.
In most time tracking software, time logs are categorized automatically. These include employees, customers, jobs, and services, among others. As a result, invoicing becomes super easy and accurate. This is because when you have time logs calculated automatically, there will be zero chances of manual or duplicate entries.
Your time logs will be either considered as time activity or time charge. Tracking time with your expense management software will help you classify if it is a billable or non-billable activity. Luckily, most time tracking software lets you approve it with a single click. So let’s know more about them.
Time Charge is basically a billable job assigned by a client. At the same time, time activity is the time spent completing a job.
Luckily, all activities are listed in audit logs of a time tracking software. Therefore, you can easily segregate these time entries and make invoices. Besides, you can also use it to process payroll with ease.
Benefits of Having Time Logs for Invoicing
Here are some of the advantages of using time logs for invoicing purposes.
1. Simplify Payments
Time tracking software has multiple uses. From sending retainer invoices to collecting advance payments, it does it all! So, when it is time to bill your clients, time tracking solutions will automatically include it in your invoice. Besides, the tracking can be done from anywhere on your mobile or desktop. So, with every billable minute being captured, you can make the customized software from the best expense tracking software for business.
2. Convert Hours Into Dollars
Well, there is always an issue of what you should do about your unbillable hours and how to add billable expenses correctly. If this is something you face too, you must use time tracking software with your invoicing solution. It will automatically add both to your invoice in a single click.
3. Keep Track of Expenses
Often we miss out on the hours and expenses incurred. The reason? We think that it will significantly eat a chunk of time. But, expense tracking software will help you have a look at all these parameters in a single glance. Moreover, when you don’t need to go through piles of papers, you will better deal with company finances and plan budgets accordingly.
4. Boost Team Productivity
When your team members know that they need to have a dedicated time log, they are bound to streamline their efforts and stay productive. Besides, it will also help you add tasks easily and assign them to your staff.
5. Fulfills Reporting Needs
Well, truth be told, when you cannot compare your budgeted hours and unbilled hours, you can not improvise your processes. Not only will it lead to issues in invoicing at a later stage.
You can easily sync your time tracking software with the expense management system. As a result, you will be able to access built-in reports and keep track of your time logs. Besides, you will be able to say goodbye to invoicing issues and any other problems with payroll processing. With tasks being completed at the drop of a hat, you will have enough time to focus on other pressing issues.
This was all about how time tracking software and the right expense management techniques can help you better invoices and build better relations with clients. Moreover, you will never have to worry about getting an invoice wrong. In this way, you will be able to reduce back and forth. So, if you are still looking for the right expense tracking software, schedule a demo with us today!