Any business needs to be clear about their transactions to ensure smooth functioning. But often, it is found that the off invoice has gone missing or that there is no record of it. Most of the times, it is a simple case of the record aligning itself in the wrong place. Not much you think, but identifying this itself can be quite a headache eating into precious man-hours and not to mention the anxiety it can cause.
A full-fledged billing software suite can save you from these and many other hassles. Billing software that is rich in features can often help you ensure that you do not miss out on any details in invoicing. Take taxes for instance... you did not intentionally leave out one of the tax charges for your client, but who's going to explain that to the taxman? What it also means is that you have to fork out this money from your pocket for the time being at least! Not a nice scenario, eh?
While the above processes may be streamlined in case of a large corporations where they have full-time finance departments that are paid to ensure all billings are done correctly, in case of smaller companies and more so in the case of a start-up, this could be a troublesome area. Why burden yourself with something that is not your job? Find a good package and just enter all the right data. The rest will take care of itself.
Another advantage most time tracking software offer is the ability to configure and make repeat invoicing easier. So for your long-term jobs, you don't need to remember to make a new invoice every time. Come the time and your invoice will be ready. What's more is the invoice can also be a custom made one that satisfies your and your client's needs.
But even before you reach the billing stage, there is the need to know how much to bill. Even if you are working on a project that does not need you to charge by the hour, it would be worthwhile keeping track of how much time you have spent on what just to make sure you are working optimally. Using a proper time tracking software can help you do just that. In fact, there is some software that sits in your Outlook and can help you optimize the time spent on a particular client by syncing up with your appointments. So by the end of the month, you know exactly how much time you have spent on which client and how much to charge them.
Remember that your time is valuable and also your only tool to prove to your client the effort you have put in. No matter how passionate you are about your work, there is satisfaction in knowing that you have been compensated correctly and there is peace of mind in knowing that your books are up to scratch.
About the Author
Aaron Reed writes technical write-up for AECTek - Offshore Software Outsourcing Company.
AECTek is based in India and also provides Billing and Time Tracking Software solutions