Modern day time tracking system certainly helps in not only tracking time but also billable hours, generate reports pertaining to time tracking and much more. Individuals who are independent contractors or consultants or small and large entities who pay by the hour or bills their clients based on time should definitely opt for a billing or invoicing system that helps you in the process. Manual time-tracking is inefficient because it is not error-free, tedious and also time-consuming.
You need a modern day online invoicing application that increases your cash flow system by reducing any revenue loss as well as wastage of resources. Below mentioned are a few of the essential uses of invoice estimate app:
1) Gives Employees Better Focus
Most of the time do you find employees fooling around the task or probably don’t feel the sense of urgency to finish the task? You can make your employees take initiative and responsibility by introducing a professional online time tracking software. They can also take this opportunity to move forward as a personal challenge to finish the task in the given deadline for which companies can reward for the same to appreciate. Additionally, such an online time tracker keeps an employee always engaged with the work as he/she will always be landed with a task on-hand to complete.
2) Streamlining Client Billing
An average guess can be placed upon for a given task, however, a rough guess can’t be as accurate as a time-log entry. If you don’t record the exact time for a task, you won’t be able to bill for it. By logging correctly the time taken and by tracking it, your clients will be sure of what they are paying for as it is already documented as time-log records. Hence, it is obvious that online time tracking and billing tool can prove to be utmost important to contractors and entrepreneurs to streamline their billing process so as to save money.
3) Fair-play Overtime Remuneration
How many hours your employees have worked? Have they worked or logged in more than usual hours and are entitled to overtime pay? Companies need to track time for even non-exempt employees to ensure the correct documentation of extra hours and henceforth, for the accurate payroll process. If the team members don’t track time accurately which can lead to the discrepancy, fines, penalty, and disruption in the office.
4) Time Tracking Ensures Compliance & Accelerates Audits
Time tracking data help an organization to stay within the legal boundaries and remain compliant with the various government and industry-specific norms and regulations. Time tracking helps in reducing the third party audit cost. Managers can efficiently export employees time tracking and other relevant data to senior management for review to update and bring necessary changes in the process. Free invoice generator can help companies in multifarious ways.
5) Encourages Accurate Predictions & Benchmarking
Every organization has to deal with many projects throughout a year. Hence, to accurately determine the time that each activity or task will take is not possible especially with a manual tracking system in place.
Looking at the past data might help managers to reach up to an estimated time marking for the given number of tasks or work. From the past projects, they can even take an estimate of a number of hours it will take in completing similar kind of projects. More or less, with such a sequence manager can instantly create precise predictions and can set the benchmark for the project so as to generate maximum profit for any project.
Moon Invoice, a simple and easy online invoicing platform can streamline your entire expense management process with its ‘Time & Expense Tracking’ feature. The feature can help you optimize, organize and can help you to take necessary action if your monthly/yearly expenses are heavily accountable.
Few of the ‘Expense Tracking’ features at a glance are:- Track Expense, Categorize Expense, Record Expense, Know Where You Spent More & Hassle-free Tax. Additionally, Moon Invoice lets your business be on top of the competition with Instant Invoicing & Billing, an Easy track of Payment & Notifications, Accurate Insights & Reporting Data. Few amazing add-ons with Moon Invoice are that you can add & “Manage Multiple Businesses”, “60+ Professional PDF Templates”, “Import/Export & Print Utility” and data backup “iCloud sync & MoonSync support”.