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Time Tracking Tips For Faster And More Accurate Billing In 2022

It is critical for every company that provides services to clients to guarantee that the bills it sends after each billing cycle are accurate. Unfortunately, inefficient time tracking techniques make the end of a billing cycle more stressful. Inadequate time management leads to erroneous time data, leads to invoice inaccuracy, and causes confusion and delays. The correct time management tactics will help you avoid these problems and ensure that your billing is faster and more accurate.

WHY IS EFFECTIVE TIME TRACKING CRUCIAL FOR YOUR BUSINESS GROWTH?

When unrecorded hours slip between the gaps, your company loses money and your profit margins shrink. A more precise time evaluation might help you reclaim control over billable hours. It helps concentrate on the most profitable initiatives while avoiding the ones that drain your time and money.

Productivity is also a part of your team’s daily routine and the company’s culture of openness and responsibility. So, to improve your time measurement and invoicing customers based on timesheets, you must involve the entire business as well as partners, workers, and contractors who work on your agency’s projects.

HOW TO INCORPORATE TIME TRACKING AND INVOICING

Your firm will benefit directly from incorporating the best time tracking and invoicing under one digital roof. You can accurately track invoice time on hourly and estimated contracts with a combined time tracker and invoicing application. Reduce the amount of time you spend on these processes. Now you’ll have more hours in your week to do more paid work. Collect useful data to make informed business decisions.

The company should make efforts to expand your necessary features and the quality of your invoices is also important. Clients are more likely to pay fast if you offer a variety of digital payment options, such as credit cards or direct bank transfers, on your online invoices. Usually, the software you have would allow you to generate flexible and accurate invoices that help get payments earlier.

TIME MANAGEMENT STRATEGIES TO ENHANCE BILLING ACCURACY

Time management is always a challenge for some organizations. So, we have assembled a few promising strategies to help you overcome this challenge.

  1. Automate Timesheets with a cloud-based time-tracking platform:

Spreadsheets, ledgers, and other manual timekeeping techniques are certainly burdensome. Each worker must fill out and submit their timesheets at the end of each billing cycle to determine billable work for each client. Since employees fill these timesheets after days, the data becomes far less accurate. Besides, many employees dislike filling out timesheets. Then there’s the additional difficulty of double-checking each statement and obtaining manager approval. Last, process and prepare the time data for billing. As you can expect, this procedure relies largely on manual intervention, making it extremely error-prone. This will influence your earnings.

The most effective time tracking strategy would be to automate all timesheets with the help of time tracking software. In this way, you can avoid late or missed timesheets and hours by entering all data regularly.

  1. Unify Data for Time and Billing

The lack of a uniform source of data is one of the most common causes of delayed client billing. Gather and confirm the time data required for billing which is typically dispersed over numerous spreadsheets. Secondly, process the data before it is used for customer billing. Even if tools are in place, these systems may be disorganized and data is hard to export.

Because there are so many moving elements, it takes a long time and works to bring everything together. It could take weeks in some circumstances. Using a unified platform is one of the best time management tricks here.

  1. Automate Billing through a cloud-based platform

Automated billing through a cloud-based platform eliminates human errors that occur while entering data. It also accelerates the billing procedure and synchronizes billable hours to invoices. Pre-built integration of your accounting and ERP systems can save hours of manual work. Such software can also calculate the expenses which occur while recording timesheets and data. As a result, you save a significant amount of time that you waste on calculating earnings from each timesheet. If you choose a unified solution, this procedure will be even faster.

  4. Integrate Your Time Management and Time Tracking Tools

Understanding which tasks take up the most time for your employees, subcontractors, or yourself is the first step toward improving project management efficiency. To do so, you’ll need to keep track of how much time you spend on each task and set your timer more frequently.

Remember that only recording time spent on a project without a more specific breakdown into tasks will not provide you with a more granular picture. As a result, you won’t be able to identify the tasks that take the most time.

It is now feasible to connect timesheet applications to your accounting software through integrations. This is useful because it allows your accounting staff to manage all of your clients and revenue from one location. They are no longer required to seek information from other departments. All these features also aid in the streamlining of your company’s financial management processes, resulting in increased efficiency and visibility into financial data.

  1. Streamline Invoicing by an automated software

Simply getting the invoices out the door isn’t enough. You must ensure that such invoices are paid on time and correctly. All of your attempts to speed up your billing process will be in vain unless your clients pay you more quickly as well.

To alleviate this problem, you must first keep track of a master invoice and prevent making too several duplicates. Except if the master invoice is labeled as cleared, there will certainly be payment confusion, and you will waste extra time and effort. Payments are automatically recognized against your master invoices when you integrate payment applications with your billing system, so there are no delays or inconsistencies. Second, in your billing system, set up automated late payment reminders. This reduces the need for human input in getting payments on time.

TRACK YOUR TIME  FOR BETTER BILLING – FINAL NOTES

Accurate time tracking is a habit, and unless you’re a sole proprietor, you’ll need to ensure that your entire organization adopts it. Only by including everyone in the process will you be able to make a significant impact on the company’s bottom line.

To attain this goal, you must begin teaching employees.  Monitoring performance regularly, and learning from missteps.

After this, you may need to track the progress and have a better understanding of how your team spends its time. Time monitoring reports will assist you in identifying project management flaws that could result in revenue loss for your firm. You’ll be able to generate stronger sales presentations and manage projects more effectively in the future.

While there are more time management techniques you can implement in your business to improve billing accuracy and speed, the above mentioned points will assist in achieving growth of your business. Also, employing an automated cloud-based solution like TimeLive can benefit your company in a variety of ways. Not only can such a system assist in better billing procedures, but it can also help your company expand and develop.

Alma Reed is an author and researcher dedicated to enhancing productivity. He is deeply interested in areas like time management, increasing productivity, and fostering healthy routines. Through his writing, he aims to assist people in boosting their job performance and attaining an ideal balance between work and life.

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