Calculating overtime correctly through manual processes can be tricky, however with time tracking software you receive real-time data for success...
How to Improve Your Time & Expense Tracking
To improve your time and expense tracking, you need software that provides smart timesheets, receipt capture, reminders, and more.
Are you getting the most out of your time and expense tracking software? Is it an all-in-one dashboard that gives you real-time visibility, remote time tracking, and provides excellent customer support?
Or are you still managing your time and expense tracking with manual spreadsheets? Spreadsheets leave so much room for error and make project management time-consuming, they’re never a recommended option for time and expense tracking.
If your current time and expense tracking tool isn’t making your work life easier, it might be time for a change.
Why Time and Expense Tracking is Important
Time and expenses are by far the most common management and staff activity in your firm. Critical management information depends on the accurate and timely recording of hours worked.
This information includes:
- Job costs
- Budget comparison
- Profitability analysis
- Utilization analysis
- Earned value
- And more...
Punctual time and expense tracking mean 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.
Time and Expense Software Features You Should Be Using
Time and expense tracking software such as BQE CORE improves the accuracy, completeness, speed, and depth of time and expenses entry with the following features:
- Smart Timesheets– Stop manually entering time. Whether you’re currently using Excel spreadsheets or another management platform that doesn’t give you this feature, you’re not only wasting time, but you’re setting yourself up to stumble upon errors.
When tracking time, you want to improve your own time, so using smart timesheets honestly just makes sense. To improve your firm’s time and expense tracking, use CORE’s pre-populated timesheets that include custom ranges. This is also excellent for remote workers. At the end of a workweek, all they have to do is hit submit and you’re ready to go. Easy.
- Convenient Reminders – Nothing can slow down your day more than chasing after employees to enter their time. What if instead, you had someone that could do that for you? Better yet, you had convenient reminders that ensured timely and accurate time capture every time? Well, you can. So take advantage of CORE’s built-in reminders so your team can always know when it’s time to, well, add their time.
- Receipt Capture- Paper receipts are a hassle. Keeping track of them and storing them only to find out you’re missing a few when you need them most is a pain. To improve your time and expense tracking, eliminate the need for paper receipts once and for all. Instead, conveniently snap a picture so CORE can turn it into a digital receipt while converting the information into an expense record. Even better, CORE AI can determine the tax and expense type.
- Project Control – Stay in control of your projects will full visibility. 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.
- Cost Rates - Pay rate and overhead multiplier are the components of a timekeeper's cost rate. CORE separates the two components, making it easier and faster to update pay rates and overhead factors.
- Overtime Compliance – If you don’t have a handy Overtime Calculator yet, you need one! CORE's automatic Overtime Calculator makes it easy for your company to stay in compliance with hour and wage regulations so you never run into incorrect time recording or guesswork.
Time Tracking Improvements with BQE CORE
Time tracking is not only one of the most important processes in your firm, but it’s also one of the easiest to mess up. With BQE CORE, we can save you the headache of time and expense tracking errors and streamline your entire process.
We provide options from daily, weekly, and bi-weekly timecards to timers that can be paused and played at your convenience. Plus, we give you the ability to effortlessly track all expenses and receipts while linking them to projects for accounting and billing purposes.
If you’re ready to improve your time and expense tracking, now is the time to explore all of the advanced, yet easy-to-use, time tracking options BQE CORE provides.
Start a free demo of BQE CORE today and see how much easier time and expense tracking can be for your firm!