Sunday, January 8, 2017

Unsolved Issues Solved by Time Billing Software

Time and money are two very close friends. If you befriend with time, you are most likely to get the favor of the other. Conversely, if you ignore time, no amount of help in the universe can rescue you from getting deprived of the other. Guess a striking difference between the two? Well it’s a no brainer, time can earn you money, but money can’t earn you the former. In the business realm, their camaraderie is hidden from none. Perhaps, that’s why every institution or entity seeks to stay in tune with time and here comes the significance of companies that offer time billing software.

In the Google era, finding time tracker is not a big deal. However, the crux is in getting the right one that can untether excellence while keeping a check on everything else that imposes a challenge to entrepreneurship. Let’s watch 4 critical challenges that a time billing software must address.

1. Knowing Contribution of Members

If you are a project manager or business owner, you must stay in the know that how efficiently members or teams are contributing towards the goals. Go with time billing software that informs you of their status on hourly, daily, weekly or monthly basis. In this way, you would be in a position to find bottlenecks and ensure speedy completion of your projects.

2. Time Lapses in Approval Process

In the competitive world, project or resource management means juggling with different projects at the same time. If it’s a norm for you, the situation is not much different for your team members too, they have different projects and under each different tasks to be taken care of.

So challenges are enormous and any time lapse in approval, whether it’s regarding getting started or confirming to a project or task will only deteriorate the situation. Make sure that the time billing software automates the process. A few DCAA complaint ones do offer feature where users can seek and provide approval over email. Users also get notified through push notifications about any updates or changes in the workflow. They clearly present the status of approved and non-approved projects.

3. Hassles with Importing and Exporting Data

Your partners might not have the same time billing software that you have. In case, you have outsourced your projects, you may receive time record on excel or in some other formats that are freely accessible. So your billing software must provision import and export feature allowing
synchronization of data easily.

4. Visibility on Bottlenecks

You or your project manager must have a 360-degree view of workflow. It must convey about the bottlenecks or challenges faced by members. If a timesheet is approved, it’s fine, but if it’s rejected, the time billing software must depict the reasons. Approvers at different levels must be in a position to add comments as what improvement is required. The same should be available to the bill or invoice maker across any device. Here is an illustration from AccountSight time billing software. It shows the approver’s name, date, etc. in the Pending section.

In the below images, the bill or invoice sender can check the status of approval or rejection. He or she can know from the Rejection Comments as why a project got rejected, if any.

Approval details

Hope you found the information useful. I will be back soon with more insights on project resource management and time tracking. Until then goodbye!