Account and billing can be an incredibly stressful phase in finishing projects, particularly regarding the relationship between the company and the customer. We all want to have a reasonable estimation and a transparent service that creates confidence. Currently, there is much online invoicing software available for small and medium-sized companies.
Time management is a problem for companies and people alike. Not many businesses use time tracking software, but If you’re not planning your company time management properly, it leads to:
- Delaying or looking over the project budget
- Invoices that do not match the time spent
- Incorrect budgeting and scoping of programs
- In the end, dissatisfied customers.
But with time monitoring online invoicing software, your company will escape these traps. Time monitoring provides advantages to organizations of any scale, including ensuring that:
- You prioritize the best things.
- Jobs and programs shall be finished on schedule.
- Budgeting and billing were still correct.
The use of financial services estimate and invoice software can be beneficial to freelancers and business enterprises providing above mentioned advantages.
When you bill customers for an hour, you ought to keep a record of where the time will bill precisely to make sure the hourly rate is not too low. Here’s how you can simplify the measurement process and figure out how much you need to charge in less than a minute using online invoicing software.
This post briefly describes how billing functions and presents the main features to watch out for and some of the best time monitoring and billing tools.
What’s the combination of time and billing?
If you’re a freelancer, a small business owner or the CEO of a growing start-up, we all want to get a snapshot of our working hours. To succeed and prosper, we should really realize the time spent at work, how much of it should be paid, and eventually, it should be addressed to our customers. And that is when the time tracking software comes into the picture.
Generally billing can be done in two ways:
1. Flat cost – hired by companies/businesses which charge a set rate per job, regardless of how much time they spend finishing it;
2. Hourly pace – hired by businesses and people responsible for the time expended on any new initiative.
Many that appear to bill every hour are usually artists, freelance authors, programmers, accountants, lawyers, etc. There are financial services estimate and invoice software so that they can manage their billing and finance seamlessly.
The following segment should help you decide what kind of time tracking software or online invoicing software is ideally tailored to your particular needs.
Key Features of Time tracking software
When you start searching for a time tracking software or application, you’re bound to meet a wall: which one is going to fit better for you?
Although time monitoring can differ across industries, individual main boxes need to be checked to achieve the most outstanding value for your money. We want to give you some more info in the following segment. Instead of only naming a million applications and making you settle on trial and error, we want to let you know only by reading the product summary if it’s the best one for you.
Adequate time and billing applications should have the following main features:
- Project assignment (also job assignment/client assignment)
- Monitoring of Time
- Reports on billing
- Generation of invoice
Now, let’s see what makes each one of these features so significant.
1. Job Assignment
The program you chose should allow you to split your project into activities, schedule them, and monitor time for each of them.
Although not everything you do is chargeable, you want to discern between work that you can charge and work that you can’t do (unrelated to the project or customer – answering emails, making invoices, etc.).
Second, if you run a team, you want the opportunity to set different prices for each team member, delegate assignments and projects to them.
2. Monitoring of Time
Once you have delegated assignments, the app can monitor the time spent on the job if it chooses to mark the position as billable or non-billable, all the more. It would just help to build the final reports.
What’s more, you’re going to need a chance to monitor these hours through several tasks or customers. After all, any company does not have only one project at a time, and it isn’t easy to keep track of all of them at once.
3. Reports on billing
The sole aim of monitoring time and charging is to be able to compensate equally with your time. Billing reports help you make accurate invoices to make your clients fully transparent.
Any effective program will be able to generate a billing report after the project. With billable and non-billing times shown in a graph or spreadsheet, it would be much simpler to build an invoice to obtain more insight into the workflow.
4. Generation of Invoices
When you generate the billing report, the invoice creation will become easy and more straightforward.
A time tracking software may not have the facility of integrated invoice generation, and all of these apps or softwares opt to collaborate with a provider like Payoneer, PayPal, or Venmo.
So, using financial services estimate and invoice software will give an advantage and ease of creating invoices.
Why Moon Invoice?
Moon Invoice, mainly a platform, providing a solution to many small and medium-sized companies’ challenges of holding project monitoring and billing in one place. It’s a good online invoicing software for freelancers because of the free version, while teams, SMEs and MSMEs can opt for the premium plans.
Using online invoicing software with the facility of time tracking especially for Moon Invoice will provide you with the sure-shot benefits and features mentioned below.
- Accountability of every minute and second
- Management of different jobs and tasks
- Create invoices using in-built timesheets
- Use the Timer Facility
- Real-time productivity analysis (Time spent vs work done)
- Improvement and Enhancement in productivity
Choosing online invoicing software would rely more on the needs of your company. It will depend on the business’s size, the number of customers, and what comes first during accounting and billing.
For those who are still uncertain about the app that will better suit them, a reasonable logic – that is to get one that fits the pocket entirely with the maximum number of features. And with the time you will find which is the best financial services estimate and invoice software suitable for your organization. Explore Moon Invoice, online invoicing software to track hours and adding them to invoices by visiting our webpage.