Time is money, and every minute counts. Detailed time tracking and bookkeeping can seem like a hassle if you’re running things independently.
If a skeleton crew operates your business or you’re managing everything on your own, that means relying on the right tech to get the job done. Don’t waste your time and money on software that doesn’t work for your needs.
Instead of wading through the options on your own, let us help. This tip is brought to you by NetSuite, a sponsor of Kim’s show and the No. 1 cloud-based financial management suite.
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It’s so much more than just accounting software. NetSuite gives you visibility and control over your financials, HR, inventory, e-commerce and more — all in one place, instantaneously. Whether doing a million or hundreds of millions in revenue, you can save time and money with NetSuite.
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Freshbooks automates accounting
Freshbooks automates the accounting process and integrates time tracking as a major feature. To start a timesheet, all you need to do is open the in-app timer and start it. The app will count down the minutes and hours as you work, leaving an accurate log that automatically calculates your rate and time together.
With this feature, you won’t just know how long you spent on a project, you’ll know how much you earned at the end of your session. The service even works with teams of multiple users, so everyone can keep track of the time they spend at your business.
The price of Freshbooks depends on the number of clients you work with. If you have five or fewer, the program can cost as little as $6 per month. For 500 billable clients or less, it’s $20.00 per month.
Custom plans are available for bigger companies, so contact Freshbooks to find your options.
Zoho Invoice for time tracking and project management
Zoho Invoice is a solid choice for independent contractors, emphasizing — you guessed it — invoices.
When you create an invoice, you’re usually telling a client about services rendered in addition to their final bill. However, when it comes to hourly rates, you usually need to state the exact amount of time you spend on a given project alongside your rate.
Zoho Invoice lets you track time while you’re working, even while you’re using other parts of the software. You can also send retainer invoices for advance payments, so you can collect upfront and have that portion taken out of your final invoices automatically.
Zoho Invoice is free to use for businesses with five clients or less. Rates go up to $30 per month for unlimited invoicing. Premium plans grant additional access to up to 10 users.
Xero provides more than just business accounting
Like Zoho, Xero emphasizes invoicing when it comes to time tracking. The software’s strength lies in its ability to automatically convert a timesheet into an invoice for customers and your records.
You can track your time via Xero’s mobile app, too. It will then connect your data to your desktop client, which means you’re never without your timer, no matter where your job takes you.
And when the time comes for record-keeping, you can automatically generate reports based on your timesheets without retyping all the data. Who needs a bookkeeper, anyway?
Xero offers a free trial if you have five clients or less, with prices up to $60 per month for unlimited invoicing.