You would be using time billing software to track time, bill your clients, or link the software to your timeslips application. With the add-on options that are available with the software, time billing software is bound to meet all your application requirements. These options make the software more adaptable to your business environment, providing you with all the features to track your employee time and billing.
Time billing software will let you record all your time variables and the related expenses. Your billable expenses are all collected and compiled, which you can query online in real time and generate appropriate reports for your management use. The software features generation of customized invoices at different rates for your clients, ensuring accurate representation of the costs which ensures customer satisfaction.
Time billing software lets you track your invoices, the payments that you have made, the payments received and pending from your clients, and the billable amounts. This provides you with a greater transparency to the cash flow situation of your company. This process ensures that you are fully aware of your financial transactions, with the effect that you have an improved financial performance with a better cash flow result.
The time tracking component in your time billing software increases the efficiency of your company by tracking the time of attendance by your employees, which reduces much of your labor cost. The billing part of the software provides you with the facility to generate timely bills for your customers, there-by improving your cash flow and debtors. The software allows you to track project timesheet, along with your employees work hours, and the different expenses involved, facilitating a comprehensive time tracking and billing process, providing a low cost solution to increase the profitability of your company.
The advantages of time billing software include:
1. Billing by hour, or any other configuration of the time unit.
2. It lets you set up your employee structure at variable charge rates, and provides the facility to define individual billing.
3. Helps to create billing structures for your specific clients.
4. The software provides you with multi-level user access.
4. It lets you calculate the reimbursable amounts.
5. The software can be configured to any tax structure that is applicable to you, such as, VAT and GST.
Time billing software offers a stream-lined time tracking and billing process, resulting in improved cash management with a better profitability. You can now track the time component of your projects, employee attendance, and customer-related expenses. The features of the software include:
Time tracking: This feature provides tracking of time and allows you to generate reports by its class, such as, the billing rate and specific job. You can also track reimbursable and non-reimbursable time, and generate bills against jobs anywhere and anytime.
Customer billing: If you are a service organization, Netsuite time billing software would support direct submission of your employee billable hours and all other expenses directly to your customers. The expense reports generated by the software would appear in the dashboard of your supervisor for one-click approvals, and when approved, the reports would be transformed into bills, which will in turn will await approval by the accounts department.
Advanced billing: The advanced billing feature of NetSuite provides you with the facility to track invoices and billing schedules. Additionally, the software provides revenue forecasting of the scheduled payment of the individual bills. The software processes the billing schedules and commission payments automatically so as to reduce your business operational cost.
Job tracking: Time billing software allows creation of specific jobs and sub-jobs which can be linked to individual customers. As and when you create the jobs, the software provide you with the facility to include the start date, estimated end dates, percentage of job completed, actual end dates, as well as all income and expenses associated with each job.
Advanced time billing software would include general ledger, and double entry accounting. The software would also support the assignment of variable rate invoicing, scheduling of purchases and invoicing, account debtor payments, reserve rebates and negative reserve rebates. Report generation is another important feature in time billing software, where such reports could be generated based on individual customers, specific rates, by date, and by project name. It is also possible to cutomize the reports in different formats, such as, PDF, MS word, HTML, Excel, and many more. You can also program alerts in the software, which provides you with alarms at specific date and time, periodically reminding you of tasks pending.