Traditional methods for capturing billable time on projects can cost your company money. Relying on paper forms, email, and spreadsheets prolongs the data gathering process, introduces errors, and often misses hours and employee expenses that should have been billed. You can overcome these costly shortcomings by implementing a project time-tracking software. Why is this important?
Getting your invoicing done quickly and accurately is a key to optimal cash flow. The sooner you bill, the sooner your receivables can be available as working capital. Your profitability is a function of this “cash flow velocity.” So it’s vital that your billing processes are as streamlined as possible. Unfortunately, in many organizations this is far from the case. Many struggle with manual methods for submitting and reviewing hours, managing project-related items, coordinating approvals, processing expenses, and much more. These factors impede cash flow, hindering profitability just as much as clients who pay late.
This problem is compounded in many situations because billing depends on capturing the appropriate hours and expenses from multiple employees. Normally, invoices can’t be sent until this information is collected from everyone involved in a project. But people are too often late in submitting their hours, or fail to submit them altogether. It becomes a prolonged effort to collect all the information needed to prepare invoices for sizable projects.
A related problem is billing accuracy. To invoice accurately you need precise information about factors that can vary. For example, different individuals are billed at different rates, or the same individual’s time is billed differently per task. Before invoicing, their hours and rates must be calculated, which can be tedious and slow if done manually. And if any of this data has to be re-entered at any stage, errors can result. Such problems only increase with the number of workers. And what happens if billing is wrong? Contested invoices delay payment, and can erode client confidence and loyalty.
All of these difficulties can be overcome by implementing software that simplifies and centralizes data entry and management. User adoption rises, and information about billable hours, becomes available instantly, making it easy to shorten billing cycles and accelerate cash flow.http://www.timekeepersoftware.com/
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