As an accountant, time is literally money. To maximize revenue and maintain a healthy cash flow, you must accurately track your billable hours and efficiently invoice your clients.
That’s where time and billing software comes into play. It helps you simplify your workflow and ensure you get paid for every minute of work.
In this blog, you’ll uncover the benefits of time and billing software, and learn your best five options.
Let’s dive in!
Benefits of time and billing software for accountants
There are countless benefits to implementing time billing software. Here are the top reasons why you should consider it.
Faster payments from clients
By automating invoicing and payment reminders, time and billing software helps you get paid faster. No more chasing down clients for overdue invoices.
Efficient time management
Time tracking tools allow you to accurately log billable hours across multiple projects and clients. This ensures you bill the correct amount and don’t leave money on the table.
Customizable invoice and report generation
Create professional, branded invoices and reports with just a few clicks. Customizable templates let you tailor the look and information to your needs.
Automated recurring invoices
For clients on retainer or subscription plans, automated recurring invoices save time and ensure you never miss a billing cycle.
Submit and approve timesheets
Easily submit timesheets for approval and keep a record of approved time entries for payroll and client billing purposes.
How time and billing software works
Create projects and establish your hourly rates
Set up projects for each client and assign hourly rates for yourself and team members. This forms the basis for tracking time and generating invoices.
Track billable hours and time entries
Use a desktop timer, mobile app, or manual time entries to log hours worked on each project and task. Descriptions provide context for your time.
Get insights from time tracking and billing reports
Visualize time spent per client, project, team member, and more with reporting dashboards. Identify areas for improving profitability and efficiency.
Key features of time and billing software for accountants
Personalized invoicing and reporting
Customize invoice templates and reporting formats to match your branding and include the specific information you need.
Expense tracking
Log expenses alongside time entries and bill clients for reimbursable costs in addition to hourly fees.
Timesheet tracking
Approve employee timesheets and payroll based on logged hours. Integrate with payroll systems for seamless processing.
Integration with your everyday tools
For a unified workflow, connect your time and billing software with:
- Accounting software.
- Project management tools.
- CRMs — and more.
Top time and billing software for accountants
1. Method:Proposals
Method:Proposals combines proposal creation, time tracking, invoicing, and CRM capabilities into one platform. It lets businesses streamline their entire workflow, from lead acquisition through final payment collection with customizable tools tailored to their needs.
Features
- Proposal and contract management.
- Automated approval process.
- Time tracking and invoicing.
- CRM and task management.
Limitations
- Best for QuickBooks or Xero users.
- Limited pricing flexibility.
- Only available in English.
Cost
Method:Proposals comes free with your subscription of Method CRM. There are three pricing plans:
- Contact Management: $25 per user per month.
- CRM Pro: $44 per user per month.
- CRM Enterprise: $74 per user per month.
Method also offers a 14-day free trial — no credit card required.
Ratings and reviews
Method:Proposals users love the platform for its automation potential. Reviewers also frequently praise the software’s:
- Intuitive interface.
- Robust feature set.
- Excellent customer support.
2. Scoro
Image credit: Scoro
Scoro is an all-in-one work management solution that combines time tracking, billing, project management, and other capabilities into a single platform.
Features
- All-in-one work management solution
- Time tracking, billing, quoting
- Project management and collaboration
- CRM, sales pipeline
Limitations
- Steeper learning curve
- Less accounting-specific than some options
Cost
Scoro offers four pricing options:
- Essential: $26 per user per month.
- Standard: $37 per user per month.
- Pro: $63 per user per month.
- Ultimate: Custom pricing available upon request.
Ratings and reviews
On G2, Scoro has accumulated over 300 reviews with an overall rating of 4.5 out of 5 stars. Users frequently highlight the software’s all-in-one nature that combines multiple work management functions into a single platform.
However, some reviewers mention the learning curve can be steep initially due to the breadth of features available.
3. Xero
Image credit: Xero
Xero is a robust cloud-based accounting platform designed specifically for small businesses. This comprehensive solution empowers users to efficiently manage critical accounting functions such as invoicing, bank reconciliation, and inventory tracking from a centralized system.
Features
- Cloud-based accounting software.
- Strong add-ons available.
- Invoicing, expenses, and bank reconciliation.
- Inventory management.
Limitations
- Time tracking is not a core feature.
- Less robust time billing capabilities.
Cost
Xero offers three pricing plans:
- Early: $15 per month.
- Growing: $42 per month.
- Established: $78 per month.
You can also try the software free for 30 days.
Ratings and reviews
As one of the most popular cloud accounting solutions, Xero has amassed over 2,800 reviews on Capterra with a 4.4-star rating overall. Users rave about the software’s ease of use, wide range of integrations, and robust mobile apps.
However, some reviewers note that the time tracking functionality as an add-on feels tacked on rather than fully integrated.
4. Harvest
Image credit: Harvest
Harvest is a cloud-based time tracking and invoicing solution that lets businesses accurately log billable hours across projects and clients. It seamlessly transforms tracked time into professional invoices that can be sent to clients for convenient online payment.
Features
- Simple time tracking.
- Online invoicing and payments.
- Reporting and timesheet approval.
- Integrations with accounting software.
Limitations
- Limited project management features.
- No built-in accounting capabilities.
Cost
Harvest offers two pricing options:
- Free: 1 seat and two projects.
- Pro: Unlimited seats and projects at $10.80 per seat per month.
It also offers a 30-day free trial.
Ratings and reviews
With over 700 reviews on G2, Harvest maintains a 4.3-star rating from users. Reviewers consistently praise the software’s intuitive interface and easy setup process that lets you start tracking time quickly.
Some users note that the lack of built-in accounting features means additional integration is required.
5. FreshBooks
Image credit: FreshBooks
FreshBooks offers a comprehensive cloud-based accounting solution. It:
- Streamlines invoicing through customizable templates.
- Simplifies expense management.
- Enables efficient project oversight.
- Speeds up payment collection via online payment processing.
- Sends automated reminders for overdue invoices.
Features
- Cloud accounting and invoicing.
- Time tracking and billing.
- Expense management.
- CRM and collaboration tools.
Limitations
- Limited reporting compared to alternatives.
- Per-feature pricing gets expensive.
Cost
FreshBooks offers four pricing plans:
- Lite: $15 per month.
- Plus: $30 per month.
- Premium: $55 per month.
- Select: Custom pricing.
Ratings and reviews
FreshBooks has accumulated an impressive 4,000+ reviews on Capterra, with an average rating of 4.5 out of 5. Businesses love that it’s an all-in-one solution for time tracking, invoicing, and basic accounting. Its robust mobile app also receives high marks from its users for functionality.
However, some reviewers note that the per-feature pricing model can get expensive quickly if you need multiple add-ons.
Why track time with Method:Proposals?
Along with countless other benefits, the biggest reasons to use Method:Proposals for time tracking are automation and customization.
Automate your client management workflow
In one platform, Method:Proposals automates key workflows around:
- Time tracking.
- Invoicing.
- Proposals.
- Client interactions.
As a result, you reduce the time from lead to payment and improve your bottom line.
Completely customizable
Tailor every aspect of your app, from invoice templates to project stages, to match your processes and branding. Method scales with your business, so you don’t have to worry about outgrowing your business software.
Recap: How to choose a time and billing software
When evaluating options, consider:
- Must-have features.
- Integrations with existing tools.
- Pricing that fits your budget.
- User reviews from others in your industry.
The right time and billing software will save you time and boost revenue. If you use QuickBooks or Xero, Method:Proposals is a no-brainer. It gets you paid faster and more reliably while keeping you organized.
Timesheet tracking FAQs
What is a time tracker?
A time tracker is a software tool that lets you log and monitor the time spent on tasks, projects, and clients. You can then use this data for billing, payroll, productivity analysis, and more.
What is time and billing software?
Time and billing software combines time tracking capabilities with invoicing and billing functions. It lets you:
- Log billable hours.
- Generate invoices based on those hours.
- Manage client payments.
What should I prioritize when looking for time tracking and invoicing software?
Key factors to consider when looking for time tracking and invoicing software are:
- Ease of use.
- Integration with your existing tools.
- Customizable invoicing and reporting.
- Robust time tracking with multiple entry methods.
Also, look for software tailored to the needs of your industry.
Track time and bill clients more efficiently with your free 14-day trial of Method:Proposals.