Being able to properly manage the time your company spends on client projects and charge the clients is so important. Too often, smaller businesses don't invoice customers at all or invoice them on time. Cash flow is so critical if your business is going to grow - even if you are going to pay your electric bring or meet payroll. You've got to have cash flow.
Tools to help manage time and expense tracking are essential to ensuring your business gets paid for any work done. I wrote about QuickArrow's time and expense solution last year and they've recently updated their solution and renamed it their Small Business Edition (I know the name is not entirely creative but hey - as long as the product delivers is all that matters).
Sometimes, in a vendor's attempt to make software "perfect" they throw too much into a product. With QuickArrow, I was told that the feedback they got from the initial offer was that they were actually offering too much functionality. Less is more in this case.
What QuickArrow's customer were really looking for was a simple-to-use automation solution for Project Time and Expense tracking, with dashboard level visibility into the health of the business.
Purchasing a T&E management solution can help you:
• Recover unpaid work done
• Reduce the billing process
• Know when and where your money is coming from
• Manage corporate resources
If you are using Excel to manage your time tracking, you're probably missing out on valuable customer information to help you grow your business and not using a tool designed from the ground up to better manage time and expense tracking.
If you are not using ANY tool to manage T&E - you are definitely wasting time and losing money.
Integrating T&E with your mobile devices, accounting software and other day to day tools - including email - is something you should consider as well.
Ramon Ray is the Editor & Technology Evangelist for Smallbiztechnology.com