So, Why Is Timely and Accurate Billing So Important? It goes without saying that time tracking and timely billing is keys to realizing optimal cash flow in project-based businesses. It is very important for you to take proper account of project costs and submit invoices to the clients on time in order to maintain consistent cash flow in the company, thereby ensuring growth of the business. It is vital that billing processes are streamlined in an efficient manner in order achieve targets. But, it is sad to know that many companies struggle with manual methods for creating, submitting and reviewing employee time, processing expenses and managing project-related activities. Manual process is not only slow but also hinder profit because there are chances of error and omission of valuable information. Due to this, you cannot submit invoice on time that results in late payment from the client’s end. Basically, invoices cannot be prepared until all employee hours and expenses per project have been maintained. But, businesses who do everything manually fail to submit employee hours and expenses together on time, which hinder preparation of an invoice. It is necessary for you to have precise information about all the projects and their cost as well, because every project is billed at different rate. And before preparing invoice for a project, you need to have accurate information about hours spent on the same. If any of the data is re-entered or wrongly entered at any stage, errors can surface. This makes you put extra effort to revise invoices in order detect and rectify errors, which takes time and efforts as well if done manually.
Contested invoices delay payment can affect your reputation. This is why you are suggested implementing efficient time tracking and billing software that simplifies data entry and management to a great extent. With the right software in place, you will get accurate information about billable hours whenever you want without any error, which accelerates cash flow and make you execute business process diligently. Here are some benefits of a time tracking and billing software to a smallsized business. Flexible monitoring: With time tracking software, you can keep track of the work employees are doing. Accurate recording hours: A time tracking software helps you keep track of the time spent on a project, which makes you maintain invoice accurately. Better management of resources: Employees working at your company would be able to pay more attention to their projects and manage them efficiently if they have a tool monitor their working hours.