What is time and billing software?
Time and billing software is a digital program or application used to manage, track and charge for time spent working on projects.
Used by accountants and CPAs, time tracker software can automatically record the number of hours spent on a particular task or client project.
This data is then used to calculate an accurate invoice or bill, which can be shared with the client.
What is a time tracker?
A time tracker is a digital tool that allows accountants and CPA firms to track, record and manage their time.
Sometimes referred to as a time-tracking app, time-tracker tools help firms account for all billable hours. They can also be used to:
- Generate invoices or bills
- Calculate payroll
- Manage accounts
- Analyze productivity
How to make the most of your time, billing and invoicing software
Investing in time-tracking apps and automated invoicing software is all well and good, but how do you make this technology work for you and your firm?
Check out these tips for optimizing your time, billing and invoicing software and find what works best for you.
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High levels aConnect your software with wider systemsof employee dissatisfaction
To get the most from your time tracker tools and billing and invoicing software, they need to be connected to your firm’s existing systems.
This is referred to as integration; when you link up your separate online or digital software to form one, streamlined system. For example, you could connect your time tracker tool to your payroll system to help calculate an employee’s overtime with greater accuracy.
Integrating your systems means less manual data entry and fewer errors. It can also free up valuable time which can instead be spent on higher-value, billable work.
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Integrate systems to unlock efficiency
You can achieve a whole new level of efficiency by integrating your time-tracking and billing systems.
In practice, this could look like connecting your time-tracking software with your billing software. As your billable hours are logged accurately into your time-tracking system, those figures funnel straight through to your billing software.
This means less time spent on manual data entry and a much smaller window for potential error or miscalculation.
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Use time-tracking software to improve accuracy
Time-tracking tools and similar specialist software can help you maintain an accurate record of hours worked.
A time tracker not only helps with capturing every minute of those all-important billable hours, but it can also record:
- Who’s worked on which project
- Time spent on smaller tasks within a project
- How long a project has taken overall
Most online or cloud-based time-tracking software can function automatically, meaning staff don’t have to worry about manually stopping or starting a timer.
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Automate your invoicing or billing process
By automating your invoicing process, your firm can produce comprehensive invoices without any time-intensive manual data entry.
Data from your time tracker tool is shared with your invoice system, which uses the information to generate client-ready invoices. You can also program your software to autofill details like:
- Client’s name and address
- Breakdown of services and costs
- Suitable payment terms
- Instructions on how to submit payment
Depending on your requirements, you can also instruct your system to generate invoices on set days. This provides clients with a level of consistency while also improving your cash flow.
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Facilitate online payments
Offering clients the option to pay online often results in quicker payments, which has a positive knock-on effect on your cash flow. Some electronic payment methods even allow you to facilitate online payment through your invoice or bill.
Systems like this can also help with:
- Tracking late submissions (and managing compliance)
- Controlling submissions below contracted hours
- to potential concerns
Featured Guide
Navigating the nuances of billing and invoicing
Download this free comprehensive guide to billing and invoicing management – plus, explore how time trackers can support busy accounting and CPA firms.
Have you accounted for time and billing software?
No accounting solution is complete without time tracking, billing and invoicing software.
Whether you’re an accountant or CPA, time and billing software can help improve your cash flow, make life easier for your clients and ensure you never miss a single hour of billable time. Secure these benefits (and unlock even more) for your firm with IRIS accounting management solutions.
How can IRIS help you achieve your vision for HCM in your organization?
Human capital management (HCM) encompasses a wide array of activities in your organization.
From day-to-day people management to running a perfect payroll every month, there are a lot of moving parts in any great HCM strategy. That’s why IRIS has developed a range of HCM tools to help you achieve your targets.
From our gold-standard HCM software, Apex HCM, to our comprehensive HCM service solution, to our three distinct payroll solutions, IRIS has got your back.
Let’s get the most from your people and unlock the true potential of your business today.
IRIS Practice Engine
“Billing is much smoother now; there is a lot more customization that’s possible. Before, people would ask for certain changes and we couldn’t do it. It could get clunky and people would complain. Now, it’s more streamlined and we can do much more data analysis and customization within it. We set up Practice Engine Alerts that run daily when someone’s keyed bills, so our partners can go in and approve them. We close our billing three days earlier than we used to.”
Grimbleby Coleman CPAs
IRIS Star Practice Management
“IRIS Star Practice Management has definitely given us more visibility into areas we need to tend to. From a client relationship perspective, the client knows exactly what work has just been completed and billed. We make the payment process as easy as possible for them, including using a third-party payment system to enable them to pay an invoice at the click of a button.”
Schneider Downs & Co., Inc
