How to track time and bill clients properly for your business projects
Whether your projects are big or small, your business should have a way to efficiently and accurately track time and bill clients. Most firms rely on software to get the job done accurately. Whatever you choose, remember that when you streamline your company's time and billing practices, the end result is an increased cash flow and a better bottom line. The top three things you should do to track and bill for your company's projects are:
- Make and follow a To-Do List.
- Track times using the best computer resources and software.
- Analyze time expenditures against your company's goals and priorities.
The best contacts and resources to help you get it done
Tackle the to-do list
The to-do list is vital for any project, especially those with multiple parts. This sets forth all tasks – big and small – to be completed, and lets you and your employees work on one item at a time, so nothing slips through the cracks.I recommend: Check out TimeTiger, a "one-click," Web-based time and project tracking system with many benefits, including a track-as-you-work system. There's a free trial download.
Use the top tracking software
Tracking and billing time manually on a project is difficult for even the most organized business. Instead, look to specially designed software to tackle the job for you.I recommend: One great solution is BillQuick Software - you choose the best version, add-ons, and pricing for your company. The software comes with over 400 invoices and reports. Order their Free Evaluation CD to see if this software will work for you.
Track time and expenses
Check out the various software choices available for project tracking and billing, rather than choosing the first one you find. Look for software that is customizable or small business-focused.I recommend: Netsuite Small Business can track and process job and customer-related expenses with a single click. Remote employees can track/bill projects from their off-site locations, allowing for quicker cash collection.
Analyze time and billing to estimate future project success
During and after a project is completed, take a close look at how you and your employees used your time and whether this project (and this client) was profitable for your company. Was this project and its time/profitability in keeping with your company's goals?I recommend: Activity & Expense Tracker includes detailed invoices and reports, and offers a free 10-day trial. Visit Timewatch for scheduling and project management solutions that include tracking and billing projects for your telecommuting and traveling employees.
Tips & Tactics
Helpful advice for making the most of this Guide
- Customize: Look for customizable tracking and billing resources.
- Delegate: Whenever possible, to your employees.
- Outsource: If you're running solo, outsource some work to free time up for the tasks you, the business owner, must handle.
- Just Say "No": Be choosy in the projects you accept – do not bother with those that drain workplace productivity.
- Bill incrementally: Want to improve your cash flow? Then bill at project landmarks or specified time increments for larger projects.
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