Time is the most valuable factor for any business organization. However, keeping track of employee time and project progress is one of the most challenging tasks for businesses today. To improve employee productivity, it is important to understand how they utilize their work time. Businesses that use a separate, non-integrated system for accounting and time tracking are likely experiencing inefficiencies, revenue leakages, and additional costs. This can be alleviated using an integrated system.
Manually tracking time and transferring time data into accounting software for invoice and payroll processing can be cumbersome. Though many accounting software applications are equipped with time tracking functionality, they typically fail to capture time data accurately, and often lack certain features that are critical to your business.
To manage employee time spent on projects, tasks, and deliverables, you should use a time tracking solution that easily syncs with accounting software. Integrating your accounting software with time tracking solutions can save money and increase efficiency while eliminating unnecessary redundancy in key business processes.
What Does ‘Integration’ Mean?
Integration allows you to sync data generated from one business application to another in real time. The integration connects discrete and disparate solutions that aren’t designed to function together.
Integrating your time tracking and accounting applications centralizes your data, which results in improved payroll/invoice visibility, more accurate billing, and more streamlined payroll processing. In this era of connected and intelligent systems, it’s crucial to integrate your time tracker with your accounting software to efficiently generate profitability reports, improve payroll processes, and enable invoicing from your time data.
Maintaining separate time tracking and accounting systems means you have to manually input time data into your accounting software; this is an arduous task, which increases processing time and causes payroll and client billing errors. Integrating your software allows you to automatically enter filtered time data into your accounting, payroll, and billing systems, which saves effort and reduces the risk of errors.
No matter which accounting software, ERP, payroll, or billing system you use, integrating time data with an accounting system provides a holistic view of the utilization and productivity levels of your workforce, and helps you streamline payroll and billing effortlessly.
Why You Should Integrate Your Time Tracking Solution With Your Accounting Software
Integrating time tracking with accounting software makes a huge difference for organizations, as it allows them to stay on top of the work activities performed by their employees, reduce manual entry, and increase efficiency. Here are five reasons why your organization should integrate a time tracking solution with accounting software.
Enables Fast, Accurate Client Billing
Setting up a precise and accurate billing system is one of the most challenging tasks for client-based organizations. Integrating time tracking with your accounting software lets you efficiently capture and approve time data for costing and billing. Also, it gives managers complete visibility into the hours their teams spend on each task. In addition, integration allows managers to instantly review and approve work time data for faster billing.
Most finance teams wait for a week or even a month before making the time data calculations required to process bills and invoices. With integration in place, time data can be automatically transferred to accounting software without the delays and inaccuracies that often occur with a manual process.
Improves Productivity and Operational Efficiency
Using a time tracking solution with accounting software gives managers a 360-degree view of workflow, productivity, invoice, and billing activities. Using this intelligent approach, managers can keep tabs on utilization and productivity, break down time data silos, and execute accounting operations in a hassle-free manner. In addition, project managers can gain complete visibility into their resources and current workflow by integrating time tracking and accounting systems. With this visibility, managers can easily map out timelines, chart upcoming steps, and deploy extra resources to the accounting team if needed.
Improves Cash Flow and Billing
Streamlining billing and invoice processing can be challenging without the right time data. Time data is essential for tracking project progress, which allows you to bill clients accurately and maintain a positive cash flow. Project managers also need time data to create invoices for billing clients in a timely manner. Integrating time tracking with accounting software gives managers visibility into invoice statuses and helps them better manage cash flow, revenue and profits.
Streamlines Payroll and Invoice Processes
In any business, payroll is one of the most time-consuming, complex and error-prone functions. To streamline payroll and invoice processing, a time tracking solution can be a valuable asset for any organization, as it significantly reduces the time and effort involved in making manual calculations. An automated time and attendance tracking solution minimizes the need for a large payroll department and mitigates errors. An intelligent time solution is a great way to measure employee productivity and compensation, ensuring all payroll processes are streamlined and highly optimized. Syncing time data with accounting software helps in managing all payroll and invoice processing activities seamlessly.
Discovers Potential Areas for Improvement
At the crux of your accounting business’ success is efficient time management. But if your business is riddled with inefficiencies, your business is likely to fail. Tracking time is the best way to ensure more efficient time management, since it identifies the key areas of your business that could be optimized to achieve maximum operational efficiency.
Time tracking software allows you to identify tasks that hinder productivity and increases visibility into workflows that may need to be altered to improve accounting operations. Automated timesheets enable managers to predict delays in project completion and identify the causes of delays. By utilizing the power of time tracking solutions, all tasks that take longer than usual can be investigated, and bottlenecks can be spotted.
How to Find the Right Time Tracking Solution for Your Accounting Software
For any organization that delivers services to clients, it is imperative that client invoices be accurate. Integrating accurate time data with our accounting software ensures faster and more accurate billing.
While there are various time management hacks to optimize the billing process, invest in automated and intelligent time tracking that helps you:
- Track project time with 100% accuracy
- Meet your unique business requirements and eliminate common project time errors by leveraging configurable timesheets
- Gain access to custom validation rules, push notifications and alerts to prompt users to submit accurate project time without delays
- Submit time entries from anywhere, anytime, and on any device
- Track time spent on projects in real-time against set targets to monitor productivity at both project and individual level
- Shift resources to billable projects by tracking the billable and non-billable hours for every user
- Get real-time insights into projects and people, and send custom reports to all stakeholders to drill down on the metrics and identify improvement opportunities
- Easily integrate with all your accounting software to enable a seamless flow of project time tracking data to payroll and billing systems
You need a solution like Replicon, an intelligent time tracking solution. More than 1.5 million people use our award-winning solutions in over 7,800 organizations across 80 countries. We help customers better manage their workforce attendance, projects and expenses.