There are many professional services firms that require tracking of billable and not billable hours. Apparently it not effective for non-billable, salaried employees to enter data every few minutes. But it is important that they keep records of their time and kind of work they do. What are best practices for monitoring the time? Or should we leave the workers to their devices, even if they spend a lot of time while recording? Here look at some of the best methods to track your time and invoicing efficiently.
Which Time Tracking Method is finest?
When you’re in business for yourself, time is also a precious commodity as money is. As time is money, so it is vital to track the working time for your customers, and the time spent doing something else. To ensure you are properly billing customers and win the right amount of their efforts, it is important to know how long it takes to complete a particular job. It is essential to use a time tracker. There are many options for the pursuer’s time, payment tools, that includes billing also.
You should go for an application that offers a variety of ways to track your time as you go, which can help you to stay on task and within budget. A desktop widget, for example, is a useful way to record your time you spend the whole day. They are just a keyboard shortcut when you’re away from your computer, and they stay away while you work, you can focus on another project at hand.
Invest in time-tracking software
With Time tracking software, you can keep a track of time spent on projects and can submit invoices directly to customers on time sheets. Time-tracking software continues to advance a more accurate and easy to use. Many time-tracking applications also includes start and stop timer. You just need click on the start button when you start the project and click stop button when you are switching to another project.
A system that allows you to start/stop timer to save the time for the selected task during the day is ideal because it allows the entry and retroactive correction time by the user. This flexibility of the diversity of personal time keeping styles while providing a centralized tool for real-time tracking time.
Alternative Methods of Time Tracking
If you can not keep up your time as you go, you must use a method that works best with your workflow. This may require a time sheet each day, and enter the time through the day or at the end of each day. At a minimum, maintain weekly time sheets. In this way, the time you spent on projects is still fresh in your mind and you will not have the stress of an accumulation of weeks of time to consider.
Plan Your Time
Make sure that the time tracking application which you are using should allow you to schedule specific time or cost of estimates. This will help you keep an eye on how you are performing against your calculated budget in order to adjust your workflow or notify your clients before will be too late.
Professional looking Invoices will play an important role
Invoicing is the livelihood of every business. If you are contracting and using a company as your payment structure, you will need to raise invoices for the services you provide. To make sure that money is in your account and not in your client’s account, send them an invoice as soon as a job is done One thing we understand is that, for many small businesses, the look and feel of the invoice is very important. Pictures are worth a thousand words indeed
While invoicing format varies as per corporate identity, there are many basic components to make invoice look professional: Add your company logo and contact information clearly, mention for what you are billing for, show the total amount due correctly, add the modes of payment through which he can pay, clarify the payment instructions properly.
Create Invoices rapidly and effortlessly
You should use a system that allows you to create invoices for as long as you and your staff monitored the worksheets. The system should be aware of billable hours and can easily turn into bills billable hours that you can complete and send to customers.
When to Send an Invoice to your Client
You should always invoice immediately according to the schedule. The tasks which you have completed will be fresh in your mind and the minds of customers. It also allows you to start your payment terms of the day you send the invoice and hence, you’ll be paid much faster.
To save even more time, you should be opting that system which will track your outstanding invoices, so you can see on a screen in which invoices are due and which are overdue.
Treat Your Clients Well, And They Will Return the Favor
You should send your customers reminders when they have not paid your bill or you should choose a system that allows you to automatically send a reminder for late payment to your customers. When you receive the payment from your customers, and then send them a message of thanks to let them know not only that you received the payment, but also you enjoy doing business with them.
To achieve a success in your business, it is important to manage your time wisely. The best way to manage your earnings and keep the economy healthy and under control is to track time and billing in a proper manner to take your business to a great height. Follow these simple methods of time management and you will find that you are getting more output in the long haul. Your income will increase accordingly and you will achieve more success in business.