The Official BQE Software Blog

How to Improve Your Time & Expense Tracking Featured Image

How to Improve Your Time & Expense Tracking

May 22, 2013 | By Bob Wolff | 0 Comments

Topics: HR, Employees, Time Entry, Product Features & Updates, Best Practices, Expenses

Time and expenses are by far the most common management and staff activity. Critical management information depends on accurate and timely recording of hours worked. This information includes:

  • Job costs
  • Budget comparison
  • Billing
  • Profitability analysis
  • Utilization analysis
  • Earned value
  • And more...

Punctual recording of time and expenses means more complete and timely billing, which in turn results in faster cash flow. Timely and accurate invoices add to your professional image. It also reduces potential client hassles and write-offs. Bill it or not, time (and expense) entries are the foundation for management information and effective decisions.

BillQuick improves the accuracy, completeness, speed and depth of time and expense entry with the following features:

  • Pre-fill – The last five, ten or more projects can display on the Simple Time Card, Simple Expense Log and Calendar View on which an employee worked. Saves a little more time and speeds up entry.
  • Charge Amount - Bill amount or value of a time/expense entry is available to those with appropriate security permissions. This expands the depth of information, for instance, while checking entries when a client calls.
  • Default Approver - Set the default reviewer/approver of time and expenses submitted by timekeepers. This greatly reduces time wasted fixing incorrect submissions because timekeepers were not paying attention or were confused by company policy. It simplifies the submission and approval process. In turn, it speeds up billing, cash flow and provides timely job costing information.
  • Project Control – Set up Project Control and allocate hours and units to employees. See assigned, used and remaining hours for a task assigned to a timekeeper. Your staff will only see relevant dropdown lists and have information that lets them manage their time to meet set goals.
  • Comp Time - Improved control of the compensation time calculation allows companies to match regulatory requirements and preferences. BillQuick automatically computes and ‘banks’ comp time for employees to use later. It saves time managing comp time after the fact.
  • Reimbursable Expenses - Employees enter reimbursable expenses in BillQuick. After synchronizing with QuickBooks, bookkeepers can print checks for them. BillQuick automatically converts the employee identity to a vendor identity in QuickBooks. However, you have a better alternative—use BillQuick's Accounts Payable module to do so. This reduces the numbers of steps needed in the past. It also reduces errors, extra tasks for admin, etc.
  • Cost Rates - Pay rate and overhead multiplier are the components of a timekeeper's cost rate. BillQuick separates the two components, making it easier and faster to update pay rates and overhead factors.
  • Double-Time to QuickBooks - Identify and flag time entries as double-time, piece rate, or other unique payroll items. When transferred to QuickBooks, they are tagged and the right pay rate is applied.
  • Web Suite - Improved user interface makes remote time and expense entry in Web Suite faster, smoother and easier. Being similar to BillQuick, it involves less learning time. You can also use the BillQuick Mobile app to capture time and expenses on a smartphone.

Bottom Line: It's All About Time.

Bob Wolff
The Author

Bob Wolff

Bob Wolff is Director of Business Partnerships at BQE Software. He began his career in public accounting and went on to start a consulting firm, Fresh Eyes, providing technology, marketing, sales, support, strategic and tactical planning, and executive coaching to various professional services firms until he joined BQE Software in 2004. His greatest joys are his wife, Dayleen, his dogs, Roxie and Wilson, writing science fiction, and helping BQE grow.

More From This Author

Comments