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Time And Expense Tracking Software

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Unanet – Resource Management, Project Accounting and Financial logo
 
Available as a Software as a Service (Saas) offering or an on-premise solution, Unanet Project Portfolio offers project and resource management, timesheet and expense management, resource requesting and workforce collaboration.
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Available as a Software as a Service (Saas) offering or an on-premise solution, Unanet Project Portfolio offers project and resource management, timesheet and expense management, resource requesting and workforce collaboration.
 
Replicon PSM logo
 
Replicon Professional Services Management can be implemented quickly. The cloud-based software empowers greater time expense reporting efficiently. Mangers also garner great real-time visibility with more than 150 reports.
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Replicon Professional Services Management can be implemented quickly. The cloud-based software empowers greater time expense reporting efficiently. Mangers also garner great real-time visibility with more than 150 reports.
 
BigTime - Time & Billing logo
 
BigTime offers an intuitive time sheet format, as well as the ability to see, review and log every expense the minute it hits your books. It's guaranteed to improve your efficiency, making incomplete records a thing of the past.
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BigTime offers an intuitive time sheet format, as well as the ability to see, review and log every expense the minute it hits your books. It's guaranteed to improve your efficiency, making incomplete records a thing of the past.
 
NetSuite OpenAir logo
 
NetSuite OpenAir offers buyers a collection of applications designed to support every stage of the professional services delivery lifecycle. Offered as Software-as-a-Service, the platform includes applications to manage projects, resources,... Read More
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NetSuite OpenAir offers buyers a collection of applications designed to support every stage of the professional services delivery lifecycle. Offered as Software-as-a-Service, the platform includes applications to manage projects, resources,... Read More
 
Mavenlink logo
 
Mavenlink’s Web-based growth management solution allows users to input project-based expenses, upload receipts and categorize for easy accounting. The platform supports both time spent as well as a fixed-fee on a single invoice.
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Mavenlink’s Web-based growth management solution allows users to input project-based expenses, upload receipts and categorize for easy accounting. The platform supports both time spent as well as a fixed-fee on a single invoice.

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Clearview InFocus logo
 
Clearview InFocus is a scalable, comprehensive billing & invoicing and project management solution, and includes full financials. Best suited to A/E firms looking for a scalable, affordable system offering comprehensive features.
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Clearview InFocus is a scalable, comprehensive billing & invoicing and project management solution, and includes full financials. Best suited to A/E firms looking for a scalable, affordable system offering comprehensive features.
 
FunctionFox logo
 
With 70,000 users, TimeFox is a trusted project management solution for small businesses. The web-based system includes timesheet solutions, task tracking and project cost tracking.
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With 70,000 users, TimeFox is a trusted project management solution for small businesses. The web-based system includes timesheet solutions, task tracking and project cost tracking.
 
KeyedIn Projects logo
 
Designed to provide an end-to-end project management solution for enterprise-level companies, KeyedIn Projects offers a full suite of features, including Program Management, Professional Services Automation, and their Project Portfolio... Read More
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Designed to provide an end-to-end project management solution for enterprise-level companies, KeyedIn Projects offers a full suite of features, including Program Management, Professional Services Automation, and their Project Portfolio... Read More
 
Beyond Software logo
 
Beyond Software is a project accounting and management software system available for small to mid-size companies. The system allows organizations to manage and execute around their projects by increasing visibility and creating accountability.   Industries... Read More
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Beyond Software is a project accounting and management software system available for small to mid-size companies. The system allows organizations to manage and execute around their projects by increasing visibility and creating accountability.   Industries... Read More
 
BQE Core - Time, Billing, Project Management, and Accounting logo
 
BQE Core is available as a stand-alone solution, self-hosted or a cloud service, and offers integrated business accounting, project management, and business intelligence. It can support the operations of a variety of industries, including... Read More
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BQE Core is available as a stand-alone solution, self-hosted or a cloud service, and offers integrated business accounting, project management, and business intelligence. It can support the operations of a variety of industries, including... Read More

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Progressus logo
 
Progressus is Professional Services Automation software built on the Microsoft Dynamics NAV platform for project-based businesses of any size. The software provides native integration with Microsoft Office 365, Dynamics CRM, and Microsoft... Read More
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Progressus is Professional Services Automation software built on the Microsoft Dynamics NAV platform for project-based businesses of any size. The software provides native integration with Microsoft Office 365, Dynamics CRM, and Microsoft... Read More
 
AccountSight logo
 
AccountSight is a cloud-based professional services automation (PSA) solution targeting startups and other growing businesses. Key features include applications for project management, time tracking, billing and invoicing, expense... Read More
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AccountSight is a cloud-based professional services automation (PSA) solution targeting startups and other growing businesses. Key features include applications for project management, time tracking, billing and invoicing, expense... Read More
 
Dovico logo
 
Dovico offers employers the ability to track employees’ progress on individual tasks, as well as the option to enter times manually. Supports multiple permission levels and rates. A great fit for international organizations.
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Dovico offers employers the ability to track employees’ progress on individual tasks, as well as the option to enter times manually. Supports multiple permission levels and rates. A great fit for international organizations.
 
iBE.net logo
 
Suitable for mid-sized companies in many verticals, including IT and Advertising, iBE.net offers Professional Services functionality normally found only in costly enterprise solutions at an affordable price point.
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Suitable for mid-sized companies in many verticals, including IT and Advertising, iBE.net offers Professional Services functionality normally found only in costly enterprise solutions at an affordable price point.
 
Intacct logo
 
Intacct is web-based Software-as-a-Service (SaaS) with a broad set of functionality for small to mid-sized businesses. Supports applications for core accounting, time and expenses, revenue management, project accounting, and more.
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Intacct is web-based Software-as-a-Service (SaaS) with a broad set of functionality for small to mid-sized businesses. Supports applications for core accounting, time and expenses, revenue management, project accounting, and more.

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Clarizen logo
 
Clarizen is a web-based solution offering real-time visibility into every aspect of the business, from project status, budgets, timesheets, expenses and resources. A great cost-effective, collaborative work execution solution.
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Clarizen is a web-based solution offering real-time visibility into every aspect of the business, from project status, budgets, timesheets, expenses and resources. A great cost-effective, collaborative work execution solution.
 
FinancialForce logo
 
FinancialForce Professional Services Automation (PSA) is an industry-leading business management tool that leverages cloud technology and advanced functionality to help companies gain a competitive advantage.
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FinancialForce Professional Services Automation (PSA) is an industry-leading business management tool that leverages cloud technology and advanced functionality to help companies gain a competitive advantage.
 
AbacusLaw logo
 
Abacus Law is a case automation software for legal practices. The system works as a practice management tool and scales to grow with a business. This system allows users to automate deadline management through the use of rules based... Read More
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Abacus Law is a case automation software for legal practices. The system works as a practice management tool and scales to grow with a business. This system allows users to automate deadline management through the use of rules based... Read More
 
TSheets Time Tracking & Scheduling logo
 
TSheets is a web-based time tracking software solution that helps owners and managers keep track of employees in real-time from their desk or on the go. TSheets provides mobile time tracking for employees who either work remotely... Read More
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TSheets is a web-based time tracking software solution that helps owners and managers keep track of employees in real-time from their desk or on the go. TSheets provides mobile time tracking for employees who either work remotely... Read More
 
Project Insight logo
 
Project Insight is a project and portfolio management solution for project driven organizations. It provides visibility into the workloads of resources, project budget, and status, with real-time reports. Project Insight is a collaborative... Read More
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Project Insight is a project and portfolio management solution for project driven organizations. It provides visibility into the workloads of resources, project budget, and status, with real-time reports. Project Insight is a collaborative... Read More
 

Buyer's Guide

by Eileen O'Loughlin,
Market Research Associate
Last Updated: July 27, 2017


An important aspect of managing the costs of a project is tracking employee time and external expenses separate from other projects or operational costs. Although young companies are usually able to get away with using Excel spreadsheets and standard bookkeeping software to track all this information, as professional service businesses grow and start changing how projects get assigned, they often find these tools to be insufficient for their needs.

The solution is software that’s specifically designed to track the time and expenses associated with each project. But with so many time management systems on the market, picking the right one can be a challenge. With that in mind, we’ve written this buyer’s guide to help you as you start to narrow down your choices from the hundreds available.

Here's what we'll cover:

What Is Time and Expense Tracking Software?
Common Features of Time and Expense Software
Time and Expense Software Benefits
What Type of Buyer Are You?

What Is Time and Expense Software?

Time and expense report software gives professional services organizations the ability to monitor and control the labor and costs associated with every project. This, in turn, helps streamline their invoicing, improve bid accuracy and reduce unnecessary costs.

Time tracking software is often used as part of a comprehensive professional services automation (PSA) suite, which would also include features that support project management, help desk, resource management and customer relationship management, among others.

Screenshot of time card in BillQuick

Screenshot of time card in BillQuick

This type of software can be deployed in the cloud, or on premise. In the case of the former, the software is hosted online and accessed via Web browser. On-premise deployment, on the other hand, means the software is installed manually on a user's local servers and run directly on the user's machine. An online time tracking system may be preferable if you need remote access or prefer a lower up-front cost (since pricing for web-based systems is usually by annual or monthly subscription, rather than purchasing a license in full up front).

Common Features of Time and Expense Software

Features and functionality of time and expense reporting software include:

Punch-clock and manual time entry The most basic functionality, which free and high-end products alike will provide: the ability to electronically clock in and out and to manually enter or change clocking times as necessary. The more advanced the product is, the more likely it is to offer PINs, magnetic card reader hardware, automated start/stop capability (e.g., clocking out when your computer goes to sleep) or other features.
Expense tracking Monitor costs of materials, tools etc., with the ability to tie them to individual projects or to general expenses.
Project-based accounting If you’ve got 15 employees each working on five different projects, accurate time reporting requires knowing which projects they were working on when. So this feature is there to help you track revenues and expenses by client and project and then export in a way that your accounting software can understand.
Workload management Some time and expense tracking software can help you monitor the bandwidth of each employee, providing clear reports that show you which ones are working on which projects, how much time they’re dedicating to each one, where they’re heading and when and when they complete a certain project. This helps streamline employee assignments, and becomes especially useful as company sizes grow into the hundreds of employees.
Resource planning An advanced feature, this uses historical data and analytics to improve your ability to estimate any given project. This impacts the accuracy of your bids and optimizes your budgets, so you never end up taking a loss on a project again.
Mobile integration Since many consulting companies travel extensively, the ability to integrate this software with your mobile device is often essential.

Time and Expense Software Benefits

If you’re still on the fence about whether you should implement a dedicated time and expense software system, consider the following benefits it can bring to your business:

  • It makes the tracking process more accurate. Thanks to all the features we described in the previous section, the tracking process is less error-prone compared to manual methods.
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  • It simplifies workflows. This is especially true if employees in one company are currently using separate spreadsheets or systems to report work time. When you have to combine disparate documentation, you’ll often have to check records against each other to ensure accuracy. A unified solution makes it faster to evaluate the entire company’s progress when it comes to time and expense reporting.
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  • It will help you better manage resources. Once you’re able to see time and expense information at a glance, you’ll be able to better plan or avoid employee overtime.

What Type of Buyer Are You?

  • Specialty buyers. Although time and expense reporting is generally considered a feature of PSA software, it could also be considered a function human resources or accounting, and similar features can be found in any number of other specialty suites, including construction software, manufacturing software or others. If you fit into one of these categories, take a look at those buyers guide to see if other solutions might be more appropriate for your needs.
  • Large professional services firms. Large consulting operations likely won’t be happy with a basic time and expense tracking program. With the right resources, a more comprehensive PSA solution like Clarizen or AtTask would be a much better fit.
  • Medium or rapidly growing professional services firms. We usually find that this is the sweet spot for the best-of-breed time and expense tracking programs. These will be focused on optimizing the features described above, and are designed to take medium-sized businesses to the next phase of their growth cycle. Example products include Deltek Maconomy, Replicon Web TimeSheet and Sage Timeslips.
  • Small businesses and solopreneurs. There are a number of free solutions, both for computers and for smartphones, which perform the basic functions listed above. Even with cross-user compatibility, these subscription-based solutions are very affordable for companies on even the tightest budget. Products to consider include 1DayLater and Harvest.
 

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