According to our research of the 1500 accounting firms, we identified that 60% of them do not use appropriate timesheet software for accountants or other digital tools for time tracking. So many of them face a challenge of how to evaluate:
- time and cost allocation per each client or working task and
- profitability per each client, project, or service line
- Accountant’s productivity.
Time tracking for accountants and CPAs can help them get a deeper insight into accounting business psychology. Timesheet automation is an essential condition for successful business controlling, revenues and cost budgeting and growth. On the other side, transparent data on time spent per project, working task, and the client provides the possibility for accurate billing, hourly rate optimization and evaluation of the accountant’s efficiency and productivity.
Why Accounting Firms Should Use Automated Timesheets?
Time Tracking Improves Accounting Firm Profitability
Accounting firm owners or managers want to increase firm profitability, but they have difficulties evaluating profitability per specific client and project. Without timesheet tracking and accounting billing software, they can’t identify the loss-generating projects and clients. They need a timesheet solution, i.e., hours and costs tracking per projects, clients, and work tasks. Without this, they can’t manage essential accounting frim metrics such as hourly rates, margins, and time utilization.
People and Productivity Management
Without a timesheet software for accountants, it’s impossible to identify who the accountants involved in low-performing (or top-performing) accounting projects are. The report from the timesheet software answers the crucial questions:
- Are the right people involved in working on the right projects?
- Do they spend more hours than expected with specific clients?
- What is the accountant’s time utilization?
Time Tracking Software Resolves Organizational Issues
Time tracking for accountants will allow the accounting firm management to have accurate information on how many hours people spend on operational and routine activities and to calculate overtime hours. On the other side, time spent on business development and education should be used in company ROI assessment. In that way, accounting firm management can save time and work more efficiently and strategically.
Best Time Tracking & Timesheet Software
1. Time Analytics –Best Time and Billing Software for Accountants
Time Analytics is a simple tool for making smart business decisions and improving the accounting firm’s performance. The software concept was initially designed by an accounting/consulting firm as a timesheet software for accountants. As a result, software users come mainly from the accounting, tax, and audit sectors.
Time Analytics tracks accountant’s billable hours, time utilization, and cost of engagement, accompanied with excellent analytics for managing your clients, projects, and employees.
It takes a few minutes per day for each accountant to fill the timesheet, thanks to the simple workflow and timesheet templates.
Say goodbye to timesheet headaches for good with Time Analytics.
- Simple online timesheets for accountants
- Time tracking per employees, projects, clients, and working tasks
- Expense tracking (cost allocation to the projects and clients)
- Clients monitoring (billable hours, total hours, utilization, cost of engagement)
- Productivity management
- Invoicing assistant
- Calculation profit per each client and project (feature under preparation)
- Strict control over profitability per each accounting client
- Easy calculation of accurate hourly rates and insight in low performing clients
- Cost evaluation per each project/client
- Insight in overtime and overtime reasons
- Transparent invoicing details
Time Analytics offers four different plans:
- The free version is available for up to 5 users. For the accounting firm that employs up to five accountants and doesn’t have high business volumes, this solution could be free forever.
- Starter 4.99 USD / user/month – available for up to 15 accountants and 150 accounting clients.
- Optimum 6.99 USD / user/month – available with no limitations in users and clients.
- Premium 12.99 6.99 USD / user/month – available with no limitations in users and clients and include profitability KPI tracking.
Discounts: For annual license payments Time Analytics offers a 15% discount. Besides, if you have more than 50 accountants (users), Time Analytics offers special discount pricing.
Time Analytics offers a 14-day free trial which is the longest trial period among all 25 presented solutions. Moreover, you don’t have to submit your credit card info during the trial period.
2. Tick– Time Billing Accounting Software
Tick timesheet software for accountants is suitable for both freelancers and big accounting enterprises. This time tracking and accounting billing software offers a minimalistic app that tracks the duration of particular activities and gives you an insight into how much time is spent on each task.
It integrates with other accounting software, making the work smooth and automatic.
- Simple time management software for accountants
- Instant budget feedback in the timecard
- Works across all platforms — PCs, tablets, smartphones
- Create multiple timers for different tasks
- Time reporting by person or task
- Saves about an hour per month
- Stay on top of the tasks with running timers
- Set budgets and keep them on track
- The free plan is offered for an unlimited number of people but with limitations to the one (1) project.
- 19 USD / month plan is available with limitations of up to 10 projects.
- 49 USD / month plan is available with limitations of up to 30 projects.
- 79 USD / month plan is available with limitations of up to 60 projects.
- 149 USD / month plan is applicable with no limitation of projects.
Tick offers a 30-day free trial that doesn’t require your credit card info.
3.Myhours – Free Time Tracking App
Myhours is a free time tracking app that aims to unify all features you need to lead a successful accounting business. The software allows its users to get rid of their messy inboxes by streamlining projects from creation to fruition.
You can also track every step and important metric along the way. For example, you can set up a budget for a project and receive a warning if you are close to overstepping it. profitability calculation is one of the biggest advantages you will get by using the solution.
Time tracking through Myhours can be as detailed as you need it to be to make sure your business is flourishing while its reputation remains high.
- Project and task organization
- Billable rate management
- Detailed time tracking
- Custom and appealing reports
- Timesheets and log approvals
- Email reports for clients
- A sturdy, yet flexible charging system
- Task prioritization
- In-app report editing
- Detailed insights into all aspects of your business
Pro – $6 per user per month
Myhours offers a 14-day free trial.
4. Bill4Time– Accounting Time and Billing Software
Even though legal practices primarily use Bill4time, we find that it’s also suitable for accounting firms. This handy tool provides online invoicing and payments, expense and time tracking, alongside the project, document, and project management. Moreover, it gives regular reports so you can stay on track with your business’s financial health.
- 256K-bit SSL encryption and SSAE 16 Type II certification
- Professional and detailed invoices
- Track time to capture revenue-loss
- Create and edit invoice batches
- Guaranteed data safety
- Time tracking for CPAs and accountants
- Manage clients, projects, tasks, accounting, and reports
- Timesheet management system is perfects for CPAs, accounting, tax and audit firms
- Improve your business’s productivity
- Software support and integrations
Pricing starts from 29 USD per user per month for the Time and Billing plan, while the Legal Enterprise plan starts from 89 USD per user per month.
Bill4Time offers a 14-day free trial.
5. WeWorked – One of the Best Time and Billing Software for Accountants
WeWorked timesheets for accountants to provide timesheet approval, balance tracking, and billable projects calculation. It’s best suited for small to large businesses that can benefit from automatic time capture, mobile time tracking, and monitoring billable and non-billable hours. The software is intuitive, easy to use, and doesn’t require a tutorial or training.
- Track time at your location or remotely
- Automatic reminders for employees to fill their timesheets
- Reduce billing errors and track expenses from anywhere
- Available for browsers, iOS, and Android
- Suitable for remote teams around the world
- Stay on top of what your team’s projects
- Keep your data safe, secure, and encrypted
Pricing depends on the number of users. It starts from 9.99 USD per month for three users and 79.99 USD per month for 100 users.
WeWorked offers a no-strings-attached free trial
6. QuickBooks – Accounting Software with Timesheets
QuickBooks is one of the most popular billing and time tracking software for CPAs, financial advisors, and tax accountants, but it’s also a great time management tool for small businesses. The program offers all granular accounting functionalities. Moreover, the smartphone app additionally provides GPS tracking for easier travel expenses management.
- Track time, income, and expenses
- Create and send invoices, and accept credit cards for faster payments
- Detailed timesheets for accountants
- Run and export financial reports and deduct taxes
- Manage billable hours and clock employees
- Automatically organizes your books
- Manage expenses for freelancers and get live bookkeeping
- Accept all types of payments and roll payouts
- Save time and scale smarter with profitability insight
Pricing starts from 4.5 USD per month for one user (Simple Start plan) and goes up to 8.70 USD per month for three users (Plus plan).
QuickBooks offers a 30-day free trial.
7. Jetpack Workflow– Time & Billing Software For CPAs
JetPack Workflow is your accounting firm’s managing admin. This cloud-based timesheet management software for accountants manages, tracks, and automates your client’s work. It was explicitly designed with CPAs, accountants, and bookkeepers in mind.
- Standardize processes and customize jobs to clients
- Safely store client information and documents
- Quick reports to track your team’s project progress
- Manage your firm’s internal processes
- Provides training and customized support
- Increase your profit and time spent on client work
- Decrease the time spent on admin client work
- Excellent timesheet reporting for CPA firms
- Grow your client base instead of focusing on planning
Pricing starts at 45 USD per user per month.
JetPack Workflow offers a 14-day free trial.
8. ClickTime – Easy Online Timesheet Tool for Accountants
ClickTime will help you organize, manage, and track your employee time while providing you with reports on expenses to help you reduce project costs and improve operations. It also offers overtime calculation, mobile time tracking, and offline tracking for easy management.
- Employee database, activity tracking, and time organization
- Expense tracking, billing, invoicing, and overtime calculation
- Vacation tracking and time tracking by client or project
- Export reports into different formats
- Simple to set up and use, no need for a training
- Allows you to focus on work and clients, not administration
- Break up the time according to tasks
- Timesheet reporting suitable for accounting and CPA firms
- Summarize hours by client, project phase, or task
Clicktime offers four pricing plans:
- STARTER – 12 USD per user, per month (includes easy time tracking, 70+ reports, and email reminders)
- TEAM – 16 USD per user, per month (additionally includes approval workflows, advanced billing rates, and time off management)
- PREMIER – 28 USD per user, per month (additionally includes utilization goals, resource planning, and project budgeting)
- ENTERPRISE – Custom price (additionally include single sign-on, named account manager, and custom integration)
Clicktime offers a 14-day free trial.
9. Time Doctor – Time Tracking Software with Focus on Productivity
Time Doctor is a time billing accounting software that tracks how your accounting firm uses time and provides you with reports and analytics to improve performance. The software integrates with over 60 tools to make your time management and organizing work activity easier.
- Cloud, SaaS, and web-based time trackers
- Automatic time capture, idle time monitoring, and employee activity monitoring
- Billing, invoicing, timesheets, and billable and non-billable hours managing
- Online punch card, offline time tracking, and mobile time tracking
- Tracking of your employee’s salaries and activity
- Track and monitor your employee’s projects and tasks
- Offers the flexibility of managing multiple clients
- Helps your accounting firm grow into a company
Time Doctor offers three different plans:
- Basic plan – 7 USD per user, per month
- Standard plan (most popular) – 7 USD per user, per month
- Premium plan – 20 USD per user, per month
Time Doctor offers a 14-day free trial that doesn’t require your credit card info.
10. Toggl Track– Time Tracking Solution Loved by More Than 5 Million Users
Toggl Track is a simple yet compelling time tracker and timesheet app for accountants. Even though it’s so simple, it comes with impressive features like idle time detection and tracking reminders. If you have a small team, its free plan should cover your time tracking needs.
- One-click timers for easy tracking
- Provides multi-device support
- Time tracking by client, project, or employee
- Billing, invoicing, managing billable and non-billable hours
- Mobile and offline time tracking
- Tracking employee productivity for specific projects
- Categorizing tasks and generating weekly reports
- Especially useful if you’re paid by the hour
- Simple timesheet reporting
Toggle Track offers four different pricing plans:
- The free plan is available for up to five users
- Starter – 10 USD per user, per month
- Premium – 20 USD per user, per month
- Enterprise – custom pricing
Toggle Track offers a free 14-day trial.
11. Xero – Specialized for Accounting Business
Xero is a powerful timesheet billing software designed especially for granular accounting. Their online platform will provide you with everything you need to build the perfect solution for your business needs. Capture costs, reimburse payments, track expenses, organize time, and much more.
- Share information with clients, track timesheets, expenses, and pay bills
- Simple employee expense claims
- Track business finances and cashflow in real-time
- Tacking fields for expenses, invoices, and bills
- Share information, data, and reports to your clients directly from the platform
- Track project profits and prepare estimates and quotes
- Manage compliance workflows, clients, and staff in one place
Xero offers three plans. Pricing starts with 11 USD per user, up to 62 USD per user, per month.
Xero offers a free 30-day trial. After that, you can decide which plan suits your needs best.
12. TaxDome – A Platform for CPAs, Bookkeepers, and Accountants
TaxDome is a fully integrated time & billing software for CPAs with well-connected and easy-to-navigate modules. Besides billing and time tracking, you can use it for automated workflows, e-signatures, file storage, and more.
- SSL encryption to keep your data safe
- Portal dedicated to clients
- An intuitive platform that understands financial professionals’ needs
- Document management and due date tracking
- Approval process control and workflow
- Excellent timesheet reports for CPAs and accountants
- Track the communication with your clients
- An all-in-one solution that will make your office paperless
- Client, project, and staff management
Pricing starts from 50 USD per user per month (when billed annually).
TaxDome offers a two-week free trial.
13. Ronin– Accounting Time and Billing Software
Ronin is an online time tracking and invoicing app with basic accounting features. It allows you to specify employees’ roles and set time budgets and rates for time tracking. Ronin will also enable you to make multi-currency invoices and integrate with apps like PayPal and Stripe.
- Set estimates and track expenses
- Create a customized or recurring invoice
- Collaborate on a project and track your team’s time
- Manage clients, projects, employees, and estimates
- Quickly store and access your clients’ data
- Role-based permissions for easy team management
- Saves time and improves the relationship with clients
- Comprehensive suite of tools for both freelancers and small businesses
Ronin offers a free plan with a limitation of up to two clients, one contact per client and one staff user. Other paid plans include:
- Agency – 49 USD per month, with a limitation of up to 5 users. New users are charged 10 USD per user per month.
- Team – 29 USD per month, with a limitation to 3 staff users
- Solo – 15 USD per month, with a limitation to 1 staff user
Ronin offers a free 30-day trial.
14. Replicon– Track Project Time and Costs
Besides time tracking, Replicon also provides an advanced project management solution with an abundance of features to organize your team’s workflow. It will help you submit and monitor expenses, manage resources and employee attendance, set estimates and rates for different services, and much more.
- Real-time data validation for dynamic routing
- A centralized platform that will allow you to stay on top of all services
- Capture project hours, in/out time, and apply rates for precise invoicing
- Pre-populated timesheets and GPS tracking
- Mobile timesheets and digital receipts
- Streamline client billing with the invoicing module
- Track billable and non-billable hours by project with intuitive time capture
- Avoid billing errors and project delays
Pricing of features that include time tracking starts with 18 USD per user per month.
Replicon offers a full-access 14-day free trial.
15. TimeCamp – Accounting Firm Timesheet Billing Software
Time tracking for accountants has been made incredibly easy with TimeCamp — a free time tracker with accounting features. Besides staying on top of your deadlines and project times, TimeCamp will also allow you to keep track of your expenses and control the budget. This intuitive software will track your time automatically or let you enter it manually.
- Manage all projects in one place
- Keep track of the margin, budget, and expenses
- Control the payroll and manage administrative procedures
- Allocate budget to employees, clients, tasks, or projects
- Create invoices based on tracked hours
- Accurate estimates for predicting future expenses
- Timesheet system management
- Track remote employees with GPS
- Create quotes, define taxes, and track billable and non-billable hours
TimeCamp offers a free plan with unlimited users and projects. Besides the free plan, there is a Basic plan for 7 USD per user per month and Pro plan for 10 USD per user per month.
TimeCamp offers a 14-day free trial.
16. Scoro – Optimize Time Utilization
Scoro is an end-to-end service automation solution that will allow you to manage your entire team’s workflow. You can schedule and track work, manage projects, lists, and taskboards. Moreover, Scoro provides you with real-time reporting dashboards.
- Quoting, billing, and advanced reporting
- Advanced calendar and reminder system
- Budget, campaign, and contact management
- Cost-to-completion tracking, billing, and invoicing
- Enhances efficient team collaboration
- Streamline projects and optimize utilization
- Shows you what your team is spending time on
- Insightful timesheet reporting for accounting firms
- Track productivity and profitability
Scoro offers four pricing plans:
- Essential – 28 USD per user, per month
- Work hub – 42 USD per user, per month
- Sales hub – 42 USD per user, per month
- Ultimate – Custom pricing
Scoro offers a fully-featured 14-day trial, no credit card required.
17. Clockify – Free and Simple Time Tracker and Timesheet App
Clockify is a free time tracker that allows you to track billable hours, productivity, and attendance. The software itself is easy to use, while the dashboard is flexible so that you can customize it to your team’s needs.
- Project management with billable hourly rates and estimates
- Works well across multiple platforms
- Granular reports that can be customized to your needs
- Specify time duration for each project
- Track employees’ hourly rates
- Easy to use timesheets module
- Integrates with Pixie so you can track time directly from its tasks
- Visualize time breakdown for different projects
- Filtering and grouping options for better organization
Clockify offers basic features for free forever. Extra features are given in paid plans:
- Basic – 4.99 USD per user, per month (includes all FREE features, adding time for others, hiding time and pages, required fields, bulk edit, time audit, customize export, project templates, and historical rates).
- Standard – 6.99 USD per user per month (includes all BASIC features, lock timesheets, time approval, manager role, targets, reminders, import timesheets, task rates, time rounding, invoicing).
- Pro – 9.99 USD per user, per month (includes all STANDARD features, labor cost and profit, scheduled reports, budget and estimates, alerts, custom fields, force timer, GPS tracking, screenshots).
- Enterprise – 14.99 USD per user, per month (includes all PRO features, single sign on, custom subdomain, and control accounts)
Clockify offers a 7-day free trial so that you can try their extra features.
18. Beebole – Easy and Beautiful Time Tracking System
BeeBole is a timesheet management system for accountants working for both small and big companies. The software allows you to track time and control expenses with modules for departments and projects. It’s also GDPR-compliant and multilanguage.
- Custom modules and timesheet approval
- Multiple currencies for billing costs
- Configurable reports and a team calendar
- Employee database, scheduling, and tracking
- Online punch card and offline time tracking
- Track your team’s productivity with automatic time capture
- Calculate overtime, billable, and non-billable hours
- Manage payrolls, budgeting, and forecasting
Pricing starts at 6.99 USD per user per month.
Beebole offers a 30-day free trial.
19. Avaza – Easy Time and Expense Tracking
Avaza is an intuitive, easy-to-use, responsive project and task management system. Accountants love it for its ability to integrate with Xero, while managers get the most use out of its time scheduling and tracking and expense management.
- Cloud-based software for client-focused businesses
- Project management and collaboration
- Quoting, invoicing, and task tracking
- Kanban boards task lists, Gantt Charts, status views, priority views
- Easy data import and export
- Go from a project straight to invoice
- Makes working with your team and clients effortless
- Seamless integration with QuickBooks
- Provides timesheets suitable for accounting firms
- Free – available with limitation to 1 user with timesheet/expense access
- Startup — 9.95 USD per month, with a limitation to 2 users with timesheet/expense access. Adding new users costs additionally 5 USD per user per month.
- Basic — 19.95 USD per month, with limitation to 5 users with timesheet/expense access. Adding new users costs additionally 5 USD per user per month.
- Business — 39.95 USD per month, with a limitation to 10 users with timesheet/expense access. Adding new users costs additionally 5 USD per user per month. There is no limitation to active projects.
Avaza offers a free trial.
20. Zoho Projects – Online project management with timesheets
Zoho Projects is a project management software with 200,000 global customers. It allows you to easily assign tasks to your team, track the project progress, and communicate with your team and client. Zoho Projects will provide you with detailed reports, allowing you to get all your projects done in time.
- Automatic time capture and activity tracking
- Assignment, budget, calendar, and capacity management
- Color codes, icons, and brainstorming
- Expense and cost-to-completion tracking
- Vacation, leave, and time tracking by employee, client, and project
- Precisely plan and execute your projects
- Efficient communication with clients and employees
- Track all major project milestones
- Simple timesheet reporting
- A free plan is available with a limitation of up to three users and three projects and space for file attachment of 10 MB
- Premium – 5 EUR per user, per month, with a limitation to 50 users
- Enterprise – 10 EUR per user, per month
Zoho Projects offers a 10-day free trial.
21. Noko – Time and Billing Software For Accountants
Previously known as Freckle, Noko is a timesheet management system for accountants that stands out from other software for its robust reporting features. You don’t need a detailed initial setup — Noko will start tracking time as soon as you start it while blending seamlessly into the background.
- Unlimited projects and hourly backups
- No need for installation or long-term contracts
- Weekly timesheets, PDF, Excel, and CSV export
- Track non-billable time and expenses
- Multi-currency invoicing and billing increments
- Keeps your data safe with bank-grade SSL encryption
- Import data from other time trackers
- Measure your project goals and meet them
- Team – starts with five users for 49 USD per month. Additional users cost 10 USD per user per month.
- Organization (most popular) – starts with 25 users for 199 USD per month. Additional users cost 8 USD per user per month.
- Enterprise – starts from 499 USD per month
- Solo – One user for 18 USD per month
Noko offers a free 30-day trial.
22. Harvest– Expense Control and Project Budget Management
Harvest takes money and time — the main currencies in business, very seriously. Over 400,000 tracked hours and 13 billion USD from paid invoices over the last ten years make it one of the most reliable time monitoring softwares. It’s a time tracking app that helps businesses grow.
- Track expenses and time easily
- Automatically transform tracked time to revenue
- Add time tracking to Asana, Trello, Jira, and Slack
- Integrate with PayPal and Stripe for quicker payments
- Track time as you work or enter the hours at once
- Integrates with tools your team is familiar with for streamlined workflow
- Get visual summaries of your team’s time spending
- Get visual reports for easier project management
Free plan – limited to one user and two projects
Pro – 12 USD per user, per month, unlimited users and projects
Harvest offers a free 30-day trial.
23. Paymo – Time and Task Tracking
Remote teams and small businesses can benefit the most from Paymo — an intuitive time and work management solution. This accounting time and billing software will allow you to plan and schedule your team’s projects while communicating efficiently with your employees and clients.
- Advanced task planning and management
- Schedule and track projects
- Time zone tracking and employee activity monitoring
- Gantt timeline view and Kanban board
- Client portal and collaboration tools
- Keep track of an entire project — from start to payment
- Track significant milestones of each project
- Calculate the time spent on the project so your client can understand what they’re paying for
- A free plan is available with a limitation of up to 10 users. The number of projects is not limited.
- Small office – 11.95 per user, per month
- Business – 18.95 per user, per month
Gain access to the plan of your choice during your 15-day free trial.
24. Journyx – Project Time Tracking and Resources Management
Journyx will streamline your timesheet processing and automate project cost accounting so your team can focus on your clients. You can track your work profitability, pay your employees, and bill your clients effortlessly.
- Activity tracking and overtime calculation
- Vacation, leave, and offline time tracking
- Multiple billing rates, invoicing, tracking billable and non-billable hours
- Timesheet and reimbursement management
- Time tracking by client and project
- Better control of employees and budget
- Manage the distribution of working hours according to established schedules
- Integrates with QuickBooks
Pricing is not publicly available.
Journyx offers a free demo.
25. Teamwork Projects – Project Management with Time Tracking
Teamwork Projects is a project planning software that will help your team improve its productivity and the final projects. It will allow you to manage anything from project planning and scheduling to managing campaigns and launching the final product.
- Cost-to-completion, due date, and progress tracking
- Budget, campaign, and calendar management
- Access controls, permissions, and business process automation
- Status and percent-complete tracking
- Customizable templates and third-party integrations
- Track all major project milestones
- Prioritize tasks and projects
- Maintain research archives for projects
- Free forever – limited to five users, two projects, and 100 MB of storage (for individuals and very small teams)
- Pro – 22.5 USD per user, per month
- Premium (Recommended) – 12.5 USD per user, per month (ideal for larger teams)
- Enterprise – customized pricing (advanced security and premium support)
Teamwork Projects offer a 30-day trial period.
In case you are looking for a tool for a small company, we also prepared specific research about the best timesheet software for small business.
26. BigTime– Automation Software for Timesheet Management and Billing
BigTime is a time tracking app suitable for accountants, architects, engineers, IT-services firms, marketing firms, legal firms, and scientific and management consultants. It’s a professional service automation software that organizes all your company info in one place. It’s best suited for accountants who need extensive accounting features.
- Timesheets, customizable views, user-driven presets/defaults, and smart lookups
- Expense tracking (billable and non-billable hours, equipment, mileage, reimbursable/non-reimbursable, etc.)
- Custom payment processing, invoicing, and billing
- Business reports and analytics
- Integration with other tools
- Customized timesheets for accountants and clients
- Real-time insight into resource allocations
- Streamline internal processes
- Focus on data without extra tools
- The Pro plan is 30 USD per month per user, with a minimum of five users.
- The Express plan is 10 USD per month per user, with a minimum of five users.
- The Premier plan is 40 USD per month per user, with a minimum of five users.
BigTime offers a free trial of their timesheet software for accountants.
The Benefits of Time Tracking and Question
No More Paper Timesheets and Excel Spreads
Using physical paper timesheets and excel templates to keep track of employee time is becoming an obsolete practice in today’s offices. New time tracking methods are available, and they enable businesses to understand the way they function on a deeper level. Reports on key metrics by the task, client, employee, and other categories are some of the most important options timesheet software for accountants offers.
The paper and Excel methods don’t enable admins or managers an overview of employees who have or haven’t completed their timesheets. This is another reason for the recent popularity of accountant time tracking. Secondly, time tracking software for accountants usually only costs a few dollars per user per month. Finally, filling the timesheets only takes a couple of minutes a day. The accountants can log their time in detail at the end of their day without disrupting their workflow.
You will be able to calculate and allocate work hours per various categories, such as projects, tasks, and clients automatically. Timesheet software offers modules for time reporting that do all these tasks for you.
Finally, you will be sure that all your employees are logging their time and submitting the timesheets, as the program will send out a reminder to users after a week of inactivity. This way you’ll be able to curb time theft.
Logging Time Through a Single Click
Time tracking software for accountants comes in many shapes. Some systems can be very complex, with multiple timers and a great variety of compulsory data. However, these systems can be overwhelming for most users. Especially so if they aren’t well-versed in computer usage.
In these cases, logging time can take quite a bit of time, as well as a complicated initial setup with the admin team. That is why you should make sure to choose a relatively simple platform that is accessible to all team members.
Security and Transparent Timesheets for Invoicing and Payroll
Reputation can make or break a business. That is why it is important to remain reputable, both with your clients and your employees. Timesheet software for accountants can help you achieve this through itemized invoices and payroll.
When it comes to invoicing, having an itemized and accurate bill is a great way to maintain a fair and transparent business relationship. Receiving an invoice that details how much time, energy, and resources went into your project makes any miscommunication impossible.
Remaining transparent towards your employees should be a priority as well. Some countries made monthly timesheets a mandatory document to be able to conduct payroll as well. You will greatly benefit from your employees logging their time, as you will be able to measure their productivity and see whether they’re respecting their contracts.
Results that are significantly lower than the rest of the team can signify an accountant is experiencing burnout, needs additional help, or is simply slacking. You will have an accurate insight into their time and results and be able to compare them to their peers.
Time tracking for CPAs allows businesses to allocate their costs according to the services they provide and pay their employees justly.
Time tracking software solutions offer project profitability reports. Their value lies in determining your most valuable clients.
Accountant time tracking allows you to track how big each client’s profit margin is. This is shown through numerous crucial KPIs. These metrics will show whether you need to change contract terms or even terminate certain collaborations that are especially unfavorable.
Eliminating negative business practices and clients that cost you money is bound to increase your billable time and significantly improve income statement.
Optimizing the Hours Structure
Understanding the ratio of billable and non-billable hours is an important goal for every manager and business owner. They should always strive to optimize hours structure, which means reducing menial and repetitive tasks, as well as unnecessary meetings to the absolute minimum to be able to increase the number of billable hours. this will also leave you with more time for bigger projects with higher hourly billing rates.
Businesses aren’t the only party that can benefit from using time tracking software for accountants. The employees themselves can obtain a better understanding of their own time and the ways they spend it. this will allow them to measure their productivity and increase it by working smarter, and not harder. Simply put, they will be able to follow their natural work rhythm. This means using the most productive periods during the day for the most demanding and important tasks, and taking breaks or doing smaller and repetitive tasks during lower activity periods.
There are different labor laws (which include time tracking regulations) in different countries. Hence, you should first take the time to see whether the time tracking system you are considering follows them.
For example, the Fair Labor Standards Act (FLSA) requires every business to have accurate working hours records. Yet, companies can decide the way they will keep this data. A time tracking solution safely keeps this data, so it is ready at any time if a company goes through a government audit.
Prevent Buddy Punching
This time theft practice is one of the most widespread, and using a timesheet software platform makes it impossible. To put it simply – buddy punching requires a physical way to clock in, whether it’s a written timesheet or a punch card.
A single employee ‘’stealing’’ five to 10 minutes here and there isn’t a big deal. However, employees constantly using this technique to appear to be at work when they’re not in the company can turn into a big problem. Hence, it is important to ensure all your accountants know how seriously you take workplace honesty.
Companies that don’t require some overtime here and there are rare. In accounting, it is normal to have a spike in activity around the end of fiscal periods. However, not all overtime is good, and it can indicate more serious problems within your organization.
A rise in overtime can be caused by simple forgetfulness during the initial period of using a time tracking system. in other words – users may forget to clock out. On the other hand, there are more insidious reasons for overtime. The first one is an employee or team not being able to handle their workload. In that case, different overtime regulations are going to protect the employees from being overworked, or not paid for their efforts. In this case, you will have to calculate overtime and pay them accordingly.
On the other hand, some employees will commit another form of time theft, by staying longer in the office without actually working. Timesheet software will allow you to compare the results of your employees compared to their coworkers.
Time Theft Prevention
Time theft represents different behaviors that employees partake in to give the impression of working while not doing so. In other words, they make it seem like they’ve worked for a certain number of hours when in reality that number is much lower, but the company still has to pay them. Different time theft methods cost US employers $11 billion per year. These methods include
- Buddy punching
- Fudging with numbers
- Stand-in attendance
- Coming in late and leaving early
- Taking multiple breaks or longer breaks than mandated
- Using work time for personal matters
Timesheet software is a great way to conduct a time audit. The benefits of this practice include immediately recognizing which employees aren’t using their time as efficiently as their peers (or at all). This is a great way to make your employees more self-aware of their actions and their impact on the company. More importantly, they will understand their work rhythms and adjust their work structure to become more productive.
Time Off and Time Tracking
Attendance and time off tracking are a crucial part of any business. This is especially true for the companies that work in multiple shifts. If you track absences and employees can ask for days off through the same system, you’ll be able to plan shifts without clashes or being understaffed.
Expense Tracking and Assessment
One of a time tracking platform’s most important features is cost management. Time tracking software for accountants draws the total price of a work hour. This total price includes direct and overhead expenses. Once the platform has all the necessary data, it can allocate expenses to different projects and clients. This will significantly simplify your billing process, which, in turn, raises the company’s total productivity.
Time Tracking Apps FAQ
How Do Time Tracking Apps Work?
The process is quite simple. Employees log the working hours they spend on a specific task, project, or task. The systems often give the employees the option to label their hours as billable or non-billable. The accountants will also be able to track their billing rates.
Once you decide which criteria are important for your business, you can create a time tracking template that can be used on recurring tasks or be a daily model for a specific position.
The time tracking is most often conducted through an automatic tracker (i.e. a stopwatch), or manually.
The platform then pulls all entered data into its database and turns it into reports on different aspects of your business.
Time Tracking Platforms and Privacy
Most employees don’t jump in joy once they find out you will start using a time tracking software solution. The reason is simple – no one likes feeling like they’re being monitored all the time.
That is why it is important to make sure your employees understand that you care about their privacy. You can communicate this by the time tracking method choice itself. For example, a timesheet-based solution allows the user to track their time on their own. On the other hand, solutions that take screenshots or monitor keystrokes and mouse activity are more invasive and can raise privacy concerns.
Monitoring documents, web pages, and apps a user interacts with are also all invasive methods. All of these techniques signal a level of distrust, which will create distrust on the side of the employees as well.
A trust-based timesheet solution allows employers to get all the information they deem necessary without micromanaging or invading their team’s privacy.
Time Tracking Platforms and Security
A time tracking platform is a third-party that unifies all data about work, projects, clients, and employees on the company level. In other words, security concerns are understandable as well.
Can a Time Tracking App Help Small and Large Businesses?
The simplest answer is – yes. If you use a platform that tracks time accurately and delivers reports on your business, the size of your team doesn’t matter. Firstly, you will be able to react immediately when things start going awry thanks to real-time tracking. Secondly, it will allow you to register underlying problems within your company that aren’t obvious at a glance – such as low-performing employees and clients.
Other benefits of time tracking include creating invoices and payroll slips and documentation with ease. Finally, the personal benefit of understanding work rhythms makes time tracking platforms great for freelancers as well. Never get lost in work or undercharge again.
Is a Free Timesheet Software for Accountants Enough?
As you know, we would be lying if we said there was a universal answer for every business. There are many free time tracking solutions, as well as some that offer a free plan or trial. However, the quality of these platforms isn’t consistent.
You also need to be aware of the fact that some businesses have much higher demands than others. You can always start with a free version and upgrade it if you aren’t completely satisfied with the results.
The Pricing of Time Tracking Software
Affordability is one of time tracking software’s biggest advantages. While some companies charge exorbitant fees for their services, most solutions only cost a couple of dollars per user per month.
We are aware that even this small investment can be burdensome for larger companies. Thus, we have special discounts for clients with a great number of employees. You can check out the Time Analytics pricing page for more information.
Time tracking has become one of the main methods to fight off time theft. According to Salary.com, time and wage theft cost the US industry alone $400 billion per year. The site also reports that 21% of employees admit to wasting 5 hours during their workweek, and 3% waste ten hours – a quarter of a standard workweek.
Fighting against these losses happens through knowing what your employees are doing during their work hours, and making sure the distribution of tasks is equal and just. An accounting time tracking platform does exactly that, while also helping employees learn about their habits and how to increase productivity without causing burnout.
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