Find out more about Time & Expense Management Software
What is Time & Expense Management Software?
Time and expense management software is used to expedite billing cycles and the period close procedure. It offers helpful expense entry and time card features that you can customize for your needs. This software helps employees to save time while managing time cards. You can also use it to update assignments and tasks easily. The main benefit is that you can collect payments much faster. Top vendors offer mobile apps that enable users to enter expenses and time cards from anywhere. Managers can also review and approve expenses on the go. This system provides graphical reports that reveal how time and resources are used in a company. Advanced solutions offer claim and approval features and automated credit card transactions. We urge you to peruse our top apps section, and check the front-runner in this category FreshBooks.
Most Popular Time & Expense Management Software
Best Time & Expense Management Software
How To Choose The Best Time & Expense Management Software
Time tracking and expense management is an important part of executing a project. Small businesses and startups usually use a standard bookkeeping solution and Excel spreadsheets to track this information. But these are not enough for large enterprises that plan and execute multiple projects simultaneously. They need a specialized Time & Expense Management software for enterprises that specifically tracks the time and costs linked with each project. Since there are hundreds of time and expense software available, we have prepared this buyer’s guide to help you select the best time & expense management software among the lot.
Get to know each product with free trial
The best way to go is to sign up for at least a few free trials and basic unpaid plans from the vendors that are popular. With that method you will have the opportunity to test the important elements and you will get a good overview of the capabilities of each app. The best thing to do is to try software tools that currently have the highest results in our SmartScore and Customer Satisfaction Rating in the Accounting and Finance software category and to discover the best time & expense management software for your company: FreshBooks reviews, Zoho Invoice, WorkflowMax, Turbine HQ, CloudBooks, Xpenditure, Invoicera, Motiv, and PaymentEvolution.
Customers who purchase and use time and expense management software fall into the following main categories:
- Specialty buyers – Time and expense solutions generally fall in the category of Professional Services Automation (PSA) software. However, this feature is also found in specialty suites such as manufacturing software, construction software and others. If your company belongs to any of these industries, try to find an appropriate suite for your requirements.
- Large professional services companies – Big consulting companies need more than a basic solution. They can invest in a comprehensive PSA system like those offered by AtTask and Clarizen.
- Medium and fast-growing professional services companies – These firms usually opt for best-of-breed solutions for time and expense management that can help them progress to their next growth phase. Example software include Sage Timeslips, Replicon Web TimeSheet, and Deltek Maconomy.
- Soloprenuers and small companies – These companies can make use of free or low-priced solutions with basic features that can be used both on PCs and smartphones. For this target market, many vendors like Harvest and 1DayLater offer subscription-based packages that are affordable even on a tight budget.
What are Examples of Time & Expense Management Software?
- FreshBooks: One of the best cloud solutions for small business that streamlines tracking and invoicing. It allows you to collect payment online, and it is packed with advanced analytic features.
- Zoho Expense: A great program from Zoho’s productivity kit to automate and group your expenses, generate reports, and to capture and convert credit card transactions.
- Zoho Invoice: Another of Zoho’s proud moments which creates and manages invoices, and has a variety of beautiful templates to choose from.
- SutiExpense: A web-based platform for businesses from all scales which creates, submits, and approves expense reports.
- Turbine HQ: An easy way to track HR records and to streamline purchase order management, empowered with outstanding features for tracking and reporting expenses.
Types of Time & Expense Management Software
One of the things that makes choosing time & expense management software so difficult is the variety of programs that can be used for the purpose. They range all the way from basic tool suites to ultra costly and accurate programs. Features can also be categorization criteria, as certain programs do nothing but track expenses, while others are more robust and they allow users to track time, report, and forecast future expenses, and even do some custom branding. The basic division criterion is deployment, depending on which you can choose between:
- On-premise time & expense management systems. These are covered with a single license, and are hosted on the client’s local server. They qualify as the most expensive ones, due the fact that they require complex setup and occasionally some hardware installation.
- Software-as-a-service (SaaS) time & expense management systems. These are usually paid per month, and are hosted on the vendor’s server. The business owner is not responsible for installation, updating, and maintenance.
- Cloud-hosted time & expense management systems. Most of these offer free basic plans, and qualify as the most affordable ones due to their universal access and the fact that the client doesn’t need to update them or to pay for maintenance.
Key Features of Time & Expense Management Software
- Punch-Clock plus Manual Time Entry. This is a basic functionality that is offered by both simple and advanced products. You can clock in and out electronically and also manually enter times if necessary. Sophisticated solutions offer magnetic card readers, PINs, and automated start/stop feature that clocks out if your computer goes into sleep mode.
- Expense Tracking. You can track the costs of tools, materials, etc. and link them to general expenses or individual projects.
- Project-Based Accounting. If you have a number of employees working on different projects, you need this feature to know which projects each one was working on and when. Project-based accounting helps to track revenues and costs by each project and client, and export them for your accounting solution.
- Workload Management. Advanced solutions can help you track the work done by each employee, providing reports that show the projects each one worked on, the time dedicated to each project, and when they ended a particular project. This feature helps to streamline assignments to employees and can be handy as your company grows to employ hundreds of team members.
- Resource Planning. This is a sophisticated feature that uses historical information and analytics to help you estimate a project. It can assist you to bid more accurately and optimize your budget, which can ensure you get a profit after completing the project.
- Mobile Integration. This feature is particularly helpful if your employees travel a lot and need to access data using their mobile devices.
Benefits of Time & Expense Management Software
This the list of benefits companies experience when using a good time & expense management system:
- No more lost receipts. Lost receipts can lead to wasted time, frustration, and inaccurate reporting. But with time and expense management software, you do not have to worry about this problem. You can use e-receipts, import credit card expenses, and route them to the correct expense report. Another advantage is you can clear these receipts from your desk and enjoy plenty of clear space!
- No more clunky spreadsheets. Spreadsheets are an old-fashioned and error-prone method of tracking time and expenses. Manual data entry in spreadsheets can lead to mistakes. With a time and expense management software, you can get the data automatically uploaded or need to enter data only once. The software solution also provides detailed information and reports that can help you to analyze your time and expense data.
- Timely submission of expense reports. This can be a problem if an employee submits their expense report long after you have closed the books for the fiscal year. It can be avoided by using an expense management system that sends automatic reminders such as email notifications to make sure employees comply with deadlines. If late submission of expenses cannot be avoided, you can reserve an account for the purpose of paying for outstanding expenses.
- Accurate planning. Time and expense management software is an essential tool for companies that plan and execute multiple projects. It can help you accurately track the time each employee spends on a particular project and bill the client accordingly
List of Time & Expense Management Software Companies
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