Running a small business is not an easy task as there is great pressure to manage workloads due to limited resources. To keep up with the demands of everyday workloads, many times the existing staff will take wider roles to open themselves up to more than one functional area. They need an easy way of doing work to handle the width of activities. By automating some of the business operations such as time tracking, invoicing, and billing processes, smaller firms can reduce their workload pressures and improve productivity which will enable them to be competent and build a good name in the marketplace. It is an easy and affordable solution to save time on repetitive tasks with no installation or maintenance costs. Small service firms can cut down their costs and improve efficiency in invoicing & billing activities the way large businesses are benefitting by automating some of their business functionality by using cloud-based billing solutions. The benefits of automated time tracking and billing software for small service firms are wide-ranging and relevant to many industries.
Tracking time & work activities
Due to lack of resources small service firms may hire temporary workers or freelancers to work on specific assignments or projects. Tracking their billable hours and work activities is tricky and time consuming because employees start and end their shifts at different times and from different locations throughout the day. Maintaining time sheets and other manual time keeping methods can be inefficient because it may not capture the billable hours accurately.. Tracking time and recording working hours on a day-to-day hourly basis becomes impractical when an employee is working remotely. The business needs a flexible time tracking system that records employees time logs & work activities in real time and gives an overview on billable and non-billable hours.
Better resource management
The most valuable resource for any business is their staff. Employees of small service firms may feel more pressure or stress to meet deadlines when working on different projects. By streamlining the repetitive tasks, using automated systems, the staff can focus their time and effort on business-critical aspects rather than routine processes. Even the business owners who are implementing time management strategies are able to extract higher work productivity from their employees because they are able to keep track of their employee work logs on a daily basis. Using an automated system will create less distractions from repetitive tasks and more efficiency in the process of generating time slips, bills, and invoices.
Failing to have accurate data on employee working hours can be risky for businesses as it may impact revenues. Businesses can raise invoices for their services to their clients based on the per project billing hours. That means any mistake in tracking billing hours can lead to inaccuracy in billing. By enforcing the time tracking system in the work process, small businesses can avoid billing confusion with clients and reduce delays in the billing process.
Faster payments on projects
By simplifying and automating the billing process, small businesses are able to customize bills in a few steps and send invoices to their clients instantly to get faster payments for their working hours. The billing software helps to track and organize the status of bills so that businesses will have clarity on the bills that have been sent to the client, those that are pending approval, and the bills paid by the client. By having these details readily available, small service firms can track their payments on the projects and know the outstanding balance due from each client.
Transparency in cost
By having real-time access to vital information, small businesses can track their expenditure on employees and monitor the earnings on different projects. The robust comprehensive reporting of time tracking and billing software gives a broader picture on the hours spent on designated tasks and time spent on profitable activities. By customizing the billing software specific to their business needs, small service firms can build efficient business strategies for tracking workforce productivity, project management, & billing activities.