As an accountant, your time is precious, and billable hours need to be tracked accurately. Time and billing software can help streamline your processes and boost your productivity. These programs allow you to track your hours efficiently, generate invoices, and get paid faster.
Many great time and billing options are on the market today explicitly tailored for accountants and other professional services firms. Some key features include timer functions, project tracking, invoice customization, payment reminders, and reporting. It is crucial to be able to capture your time effectively and generate polished, client-ready invoices.
Importance of Time and Billing Software for Accountants
Timer functions are among the most valuable features. Built-in timers let you track your time by project or task with just a click—no more guesstimating hours at the end of the week. Start the timer when you begin work and stop it when you finish. Some programs even have options to track different rate schedules by client, employee, or task.
Project tracking allows you to organize your work and billable time into discrete projects. This brings structure and clarity for both you and your clients. Project tracking also facilitates reporting and helps ensure no billable hours fall through the cracks. Most software includes capabilities to assign tasks, teammates, and due dates to each project.
Invoice customization is essential for maintaining a polished professional image with your clients. Advanced time and billing programs provide templates to design attractive, brand-matching invoices formatted with your company logo and payment terms. Invoices can be automatically populated with the captured time entries and optional expenses, and custom fields let you add extra billing details.
Choosing the Right Time and Billing Software for Your Accounting Firm
Timer Functions
Built-in timers allow you to track your time by project or task with just a click. They also prevent you from guessing hours at the end of each week.
Project Tracking
Organize your billable time and work into discrete projects. Project tracking facilitates reporting and ensures no billable hours slip through the cracks.
Invoice Customization
Design polished, branded invoices automatically populated with time entries and expenses. Customization maintains a professional image with clients.
Payment Reminders
Automated payment reminders via email or text help get you paid faster by following up on outstanding invoices.
Reporting
Comprehensive reports give visibility into trends, like unbilled time, top billers and collection history for optimized processes.
Choosing the Right Vendor
Research vendors that are well-established and specialized for accountants. Look for highly-rated options with robust feature sets tailored to your niche.
Consider both one-time purchase software and affordable monthly subscription models. Weigh upfront costs against the flexibility of the cloud.
Request free trials whenever possible to thoroughly test key workflows before committing. Look for intuitive interfaces requiring minimal training time.
Implementing Your New Software
Develop templates, settings and categorizations needed for your unique practice—leverage vendor onboarding support as required.
Train staff and get buy-in on standardized processes. Run parallel systems initially if transitioning from another solution.
Measure results like faster billing cycles and greater visibility. Optimize over time based on usage data and feedback.
The right time and billing solution streamlines processes to help accounting firms work more efficiently and profitably. Choose a vendor carefully based on your unique needs.
