Important Features You Need in an Expense Tracking Software


important-features-expense-tracking-software

Expense tracking software can help organizations make accurate estimates, gain control over their finances, automate their business spending and reduce costs. Without this tool, the finance department of a company may struggle to adhere to the strict timelines. This software features important tools that are required to run a business smoothly. Any expense report requires receipts, billing, and invoice generation. With an expense tracking software, you can record your numbers in real-time to get clear insights and skip the tedious and time-consuming process of going through the files. Although expense tracking software are made to suit almost every business out there, but you should look out for a these must-have features before choosing one.

• Regular Audits
• Advanced Analytics
• Claim Checks
• Smooth Integration
• Legal Compliance

Regular Audits
A periodically occurring event is auditing. Businesses hire specialists to get keep every detail intact. An expense tracking software can make this process relatively easy. This tool has all your documents and transaction history stored in its database. So, it becomes easy to keep track of the data. This way, you can always be ready for an audit. An expense tracking software can do this by auditing proactively. As soon as an employee uploads an expense report, your expense tracker can automatically perform an audit. It verifies the documents uploaded, cross checks information to ensure that you are on track with each and every receipt. The best expense tracking software should aim at keeping you on top of your audits with a complete audit trail.

    Also Read: Business Expense Management Software for Transparent Expense Tracking

Advanced Analytics
Businesses tend to ignore so many recurring expenses that are bleeding them dry. Maybe it is just a newsletter subscription or an over-prized coffee. Every business needs to take a long and hard look at what they are spending their money on. This is what you should expect a business expense tracker to do. An expense tracking software can provide daily reportage and accurate analytics with interactive mediums like graphics and pie charts. This is simply to bring to your notice where your numbers are soaring and where are they dwindling. This way, you can get a grip on your funds, and use your budgets carefully.

Claim Checks
Many organizations send their employees outdoors on a work-related trip. When they come back, they claim the business expenses. This process is generally considered cumbersome and lengthy. Some of them tend to submit bills for their personal expenses while some end up paying for the travel from their pockets. Clearly, both these approaches are wrong. What you need is a simpler way to file claims and expenses. With a cloud-based expense tracking software, employees can file their expenses in real-time, and receive automated approvals.

Smooth Integration
As a business owner, you use a lot of software to run things properly. Especially in the financial field, the amount of work that is done in terms of manual labor is quite a lot. An expense tracking software allows businesses to navigate their finances at every step. To achieve this, they allow integrations with all kinds of business tools and software. You can link your invoicing software directly with your expense tracking software for timely billing. You can even link your communication systems to your expense tracker to manage tasks efficiently.

    Also Read: 6 Reasons Expense Tracking Software is Important – Link

Legal Compliance
Another important aspect related to any kind of capital is the policies that go along with them. Every industry has its own laws and policies for money management and exchange of funds. This is of paramount important during the tax season. You may receive some claims that are irregular and in violation of the current policies. An expense tracking software keeps you updated with the legalities and nuances of your finances. This way, any violation of policies gets flagged and subsequently corrected.

7 Advantages of Using Time-Tracking Software in Your Business


advantages-of-using-time-tracking-software-for-business

Keeping track of time can be difficult, but it is important for businesses to do that to establish accountability among the employees. This is where a time-tracking software comes into the picture. With this tool, businesses can keep a track of the team activity and handle expenses efficiently. They will know how much time a team or an employee spends on a particular task. This helps a business identify and eliminate inefficiencies.

Here are the seven advantages of using a time-tracking software –

Accurate Payments
Time tracking software will automatically record the login activity of your employees. It clocks in as your employee logs in and clocks out as and when your employees log out. In many organizations, employees are expected to fill timesheets. This leads to unnecessary confusion on pay days and leads to pointless arguments. You can even integrate this technology with your invoicing software for accurate billings.

Estimate Budgets on the Go
Your budget estimates depend on your employees and the amount of work they put on a project. Although most small businesses usually do things quickly, but there are also instances of mismanagement. So, either the projects are finished too early or too late. Did you know clients tend to pay more for quick work? You can avail such benefits using analytics available on time tracking software. With this tool, you can estimate the budget of your projects accurately and provide the same to your clients.

Boost Productivity
Generally, managers have the responsibility to supervise, analyze and encourage their employees. It is not easy as even your best performing employee can have bad days. With a time-tracking software, you can avoid these bottlenecks. This tool will provide with scalable metrics and statistics. Using them, you will be able to identify your best performing employees in terms of numbers, and the ones who need a little extra push.

     Also Read: How to Choose the Right Time Tracking Software for Your Business

Smooth Project Management
From vision to the execution, a project has many layers. Only a few managers get the tuning of a project right. However, a time tracking software can make this process easier and convenient. This tool helps you analyze your team and tasks in measurable metrics. This means, you have a clear vision in terms of direction. You will know where you are supposed to go and where you now.

Collaboration
If you want to run a smooth operation, you need to make sure everyone is on the same page. However, it is not as easy as on occasions, teams tend to lose their vision and direction. With a time-tracking software, employees will know whether or not they can meet the meet deadlines. They can communicate to the managers about their requirements. This keeps the work relationship healthy, and allows team members to connect through their work in a transparent manner.

     Also Read: Why Your Small Business Needs Time Tracking Software

Set Team Goals
It is important for team members to have a clear idea about the project they are undertaking. When employees have a specific set of tasks that they have to finish within a set period of time, with a time-tracker running, they will be able to do it better. It makes setting up team goals easy and devoid of confusion.

Increase your Profit
Nowadays, time is money. Inefficiency in the workplace is unacceptable and defeats the purpose. By using a time-tracking software, organizations can save a lot of time. They can use that time to complete another project. This will make your organization more productive, and thus increase your profit.

How Time-Tracking Software Can Increase The Productivity of Your Business?


time-tracking-software-increase-productivity

Time tracking software is an important tool for a small business. Using this software, businesses can minimize time wastage on unnecessary tasks and increase their productivity.

Due to the increased competition, many businesses are constantly looking for way to increase their productivity. One of ways to do it is by using a time-tracking software. With this tool, you can easily track the time, you and your employees take to complete a particular task. This way, you can find a better and efficient way do it. You can even prioritize your tasks and ensure that projects and other work are finished on time. The software also helps in making automatic timesheets, invoices, track your expenses with respect to your tasks, and the overall project management.

Read on to know how using a time-tracking software can improve the productivity of your business-

Focused Activity
Quite often, employees lose their focus and take a lot of time to finish their work. This is why, organizations hire manager to keep employees on track. However, a cost-effective solution to this problem is to get a time-tracking software. With this, business owners will know how much time an employee takes to finish a task. On the other hand, when you have an application to track the time, employees are less likely to do anything else. They will concentrate on work at hand. This way, you can avoid any unnecessary delays and comfortably meet the deadlines.

    Also Read: How to Choose the Right Time Tracking Software for Your Business

Make Accurate Estimates
Due to errors in billing and unnecessary losses, small business owners often find themselves in financial trouble. This is where a time tracking software comes into the picture. They are simple to use and provides all the required details for making an accurate estimate for a project. Many time-tracking software come with an additional project building tool. This allows you to make a project plan with specific tasks and budgeting needs. It also pans out your entire project in terms of dates, times, the manpower required and even automatic assignments. Along with this, this software will provide you with accurate billing information customized for each client. This avoids a lot of unnecessary confusion at the end of a project.

Supervising Made Simpler
In every organization, no matter how big or small, supervision of employees is important. Managers have to ensure that the employees fill their timesheets accurately. A lot of times, they find that a project isn’t complete, but the timesheet shows that everything was already done. Before you judge your employees, make sure you are giving them a right format to file in timesheets. Using a time tracking software, you can see employee activity in real-time. This means your employees have a platform to bill every second of their hard work, and you get to draw accurate conclusions. Since most time-tracking software are available cross platform, it makes it easy for employees to record the time they spend on each task.

Do your Business Efficiently
Time-tracking software pushes you to perform better and complete projects on time. Once you have completed your task in the allotted time, you can utilize the remaining time in some other projects. With a time-tracking software, you can fill in the gaps in your day with billable activities. This allows you to make more money. Most businesses are unaware of the time they waste in between tasks. With a time-tracking tool, they can keep track of the efficient hours. This knowledge is beneficial for the organization in the longer run. This way, you can you’re your business more productive.

    Also Read: 5 Benefits of Time Tracking Software for Business