Time and Expense 101: 5 Tools to Grow Your Business Fast
Time and money are two of the most important resources in a business.
Therefore, you need to track all of the time and expense (t&e) related to running your business.
When you accurately record all of this information, your company can operate more efficiently.
What’s the solution?
Time and expense software offers all of the tools you need to manage timesheets, overtime, expense approval, and more. In fact, these benefits can help you reduce your administrative workload by up to 80%. Not all t&e trackers offer the same features, however. Some come as time tracking module only. Others provide comprehensive solutions as part of a project management application.
In order to help you find the right tracker for your business, we’ve created a list of five tools that will help you grow your business:
- MindSalt – Time and Expense Tracking Software
- Everhour – Free T&E Tracking Software
- Bullhorn – T&E Tracker for Staffing Firms
- Upland PSA – Professional Services Automation for Time and Expenses
- BizXpenseTracker – Best Expense Tracking App for iPhone
MindSalt – Time and Expense Tracking Software
Price: Starting at $6/month for each user
If you are looking for a simplified approach to t&e tracking, we suggest that you use MindSalt. It is a comprehensive program for unlimited users, projects, and tasks. The software helps with time tracking, expense reporting, and project management. We love that it allows both time and expense tracking within the same app so that you can reduce administrative tasks. You no longer have to waste time transferring dates from a time tracker to your accounting software.
That’s not all!
The project management capabilities make it ideal for large businesses running multiple projects simultaneously. Since the software works in real-time, you always have updated information at your hands. It also allows you to review your team’s performance, monitor progress towards milestones, and set goals.
With this software, you can enjoy many other benefits and features, including but not limited to:
- Several Reports: MindSalt has more than 100 different reports that help you create visuals, graphs, and budgets. You can even analyze staff productivity, run summaries, and prioritize the most profitable projects within your business.
- Upload Receipts: Whether you have paper or digital receipts, you can store and record them in one convenient app. You never have to worry about missing out on a reimbursement or tax deduction ever again.
- Track Mileage: QuickBooks will put your expenses into the correct tax categories to help you get the most deductions.
- Log Accurate Hours: This feature can differentiate between business and personal trips to make sure that you report accurate mileage deductions.
Everhour– Free T&E Tracking Software
Price: Free with Premium Plans Available
We understand that some companies are working with a limited, budget so we are happy to share a free option for time and expense tracking. If you have fewer than five team members, you can use Everhour at no cost. For businesses with more complex needs, there are premium plans available.
Though Everhour primarily functions as a web application, it also has a mobile device app. However, that’s not what sets this product apart from other time tracking software. We love that it allows you to keep all of your project time management tools in one place.
How?
Similar to Wellybox, this application can integrate with some of your other favorite tools. For example, it easily pairs with Asana, Trello, Basecamp, QuickBooks, and more! Many companies love this feature all! The app offers several other benefits and features, such as:
- Timesheet review and approval
- Budget and project management
- Team dashboard to take care of your employees
- Efficient invoicing for clients
Bullhorn – T&E Tracker for Staffing Firms
Price: Request a Quote
These days, more and more people are working from home. While this can cut back on some of your usual business expenses, it also makes it difficult to accurately track the time that your employees spend working. If you are looking for a simple way to track and record hours in real-time from anywhere, sign up for Bullhorn.
Bullhorn is a time & expense software entirely based on the internet. As long as you have a connection, you can use the time entry feature from anywhere. No software installation or support is required, but that doesn’t mean that it isn’t a powerful tool.
With Bullhorn, you can do more than just track time. You can also enter expenses for review and approval to cut down on time. The product also offers expense management capabilities, so it is a well-rounded t&e tool.
The following are just a few of the other reasons that we suggest Bullhorn for staffing firms:
- Supported by Mobile Devices: Your employees can log hours and upload receipts directly from their smartphone or tablet.
- Easy-to-Read Reports: Automated charts feature critical information about each project, client, and expense report.
- Accurate Time Tracking: With a state-of-the-art interface, you can accurately record employee hours. As a result, you can virtually eliminate any payroll errors!
Unfortunately, the price varies largely depending on your needs and business size. Therefore, you have to request a quote to learn more about the cost of this product.
Upland PSA – Professional Services Automation for Time and Expenses
Price: Starting at $20/month
For businesses that deal closely with many customers, we recommend Upland PSA. Upland offers several professional services automation programs to help you focus on customer relationship management. The Time Sheet and Expense Automation software is one of their most popular programs.
Much like other time and expense reporting tools, Upland PSA gives you the ability to track hours and costs associated with different projects. It is ideal for businesses with remote employees, and it provides updated information to client billing and payroll. It even ensures that all expenses comply with your corporate policies.
What’s different then?
We love that this software gives you the ability to monitor and compare estimates to the actual cost of a project. Whether these are estimates you provide your clients or that you have received, the comparison helps you to remain within project budgets.
That’s not the only reason we think you should use this tool. It also offers:
- Customizable time and expense reports for employees and independent contractors
- Accommodation for federal, state, local, and VAT taxes
- Drag-and-drop workflow editor for easy configuration of approval workflows
- Mobile time entry for employees on the go
BQE Core – Comprehensive Time, Expense, and Accounting Software
Price: Request Quote
If you are a person who likes to have all of your tools in one place, then you can’t go wrong with BQE CORE. Since it offers time, billing, project management, and accounting, it is great for independent contractors and small firms. In fact, this cloud-based solution works well for architects, graphic designers, accountants, consultants, and more.
Are you a dedicated QuickBooks user? If so, you don’t have to ditch it for CORE. This product seamlessly integrates with other accounting software. When used for time and expense reporting only, you can enjoy streamlined payroll and invoicing for efficient payment. You no longer have to stress over creating detailed invoices for your clients. CORE does all of this work for you. The automatic billing isn’t even the best part. It also offers convenient e-payments that your clients will love!
Aside from the benefits of CORE, it also offers:
- Receipt Capture: Like Wellybox, you can easily track and record digital and paper receipts. Once you upload receipts, you can link them to specific projects for more accurate time and expense reports.
- Accurate Time Records: The program offers reminders for time capture, so you never forget to log any hours! Catching just two hours a week could add up to thousands in a year.
- Automatic Overtime: The Overtime Calculator feature makes it easy to comply with your firm’s overtime and wage regulations.
Choose Your Time & Expense Tools
If you are ready to take the first step towards improving your t&e management process, take a look at some of the tools listed above. Whether you can afford all of them or need a free option, there is something for everyone. We strongly recommend that you carefully research every tool to make sure that it is the right fit for your particular business. There are many additional resources available to help you find the ideal tools for managing your time and expenses.
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