Time And Expense Tracking Software

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Showing 1 - 20 of 210 products
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Showing 1 - 20 of 210 products

BQE CORE Suite

FrontRunners 2022

BQE Core makes it easier and more profitable to run your business. It organizes information, automates repetitive tasks and allows your firm to spend more time providing service to your clients instead of managing internal process...Read more

4.42 (544 reviews)

52 recommendations

FreshBooks

FrontRunners 2022

FreshBooks takes billing out of your hands and puts it on autopilot. Set up automated invoicing, online payment options (ACH and Credit Card), and late payment reminders to get paid 2x faster. Next, boost team productivity with pr...Read more

4.47 (3657 reviews)

21 recommendations

TimeSolv

TimeSolv is a cloud-based time tracking and billing solution that caters to accountants, consultants, architects, and freelancers, helping them manage daily business operations. TimeSolv integrates project management features...Read more

4.64 (96 reviews)

20 recommendations

Polaris PSA

FrontRunners 2022

Polaris Self-driving PSA by Replicon harvests 100% accurate business data in real-time, does the heavy-lifting analysis, and provides recommendations for proactive decision-making. SmartBeats constantly harvests data from us...Read more

4.64 (198 reviews)

7 recommendations

Emburse Nexonia Timesheets

Finally, there's a modern way to manage you team's diverse spend needs. Too many organizations still struggle with blind spots, inefficiencies, and time-consuming manual processes in managing their team’s spend. Emburse Spend solv...Read more

4.40 (5 reviews)

6 recommendations

Mavenlink

The Mavenlink, now Kantata, Industry Cloud for Professional Services™ is a powerful collection of operational management, resource optimization, business intelligence, integration, and workflow automation functionality that optimi...Read more

4.19 (566 reviews)

5 recommendations

monday.com

monday.com, an award-winning collaboration and project management platform, helps teams plan together efficiently and execute complex projects to deliver results on time. monday.com team management and task management tool allows ...Read more

4.59 (2419 reviews)

4 recommendations

PriceDemo

Mosaic

Mosaic is an AI-powered, web-based resource and project management software that's guaranteed to boost profitability and productivity. It integrates with most project and financial management software (including Zapier, Jira, Delt...Read more

4.46 (26 reviews)

1 recommendations

PriceDemo

eTimesheets.com

eTimesheets is a web-based time tracking and labor cost management software for contractors and consulting firms who need to manage their hours in compliance with the Defense Contract Audit Agency (DCAA) regulations. eTimesheets i...Read more

4.90 (10 reviews)

1 recommendations

PriceDemo

Beyond Software

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 ac...Read more

4.71 (7 reviews)

1 recommendations

Software pricing tips

Read our Time and Expense Software Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

QuickBooks Time

QuickBooks Time is a cloud-based time tracking solution that helps owners and managers keep track of employees in real-time from their web or mobile applications. It provides mobile time tracking for employees who either work remo...Read more

PriceDemo

Time Tracker

Time Tracker is an employee time and attendance tracking solution designed to simplify employee tracking and reduce administration using automation functionality. With Time Tracker, businesses are able to examine and track employe...Read more

PriceDemo

Smartsheet

Smartsheet is a work execution platform and collaboration tool with a familiar spreadsheet-like interface that helps teams plan, track, and manage projects in real-time. Smartsheet features include a range of project management to...Read more

Toggl Track

Toggl Track is a cloud-based time tracking solution for teams of 1 to 1000. Getting started is as easy as clicking the start button on the timer. Users can track work tasks to evaluate their productivity or calculate the profitabi...Read more

Wrike

Wrike is a cloud-based project management platform for teams of 20+ that is suitable for both large enterprises and SMBs. It supports remote work for various teams. This solution comes with Gantt charts, calendars, workload view f...Read more

Hubstaff

FrontRunners 2022

Whether businesses are starting up a new team or looking for a better way to manage employees, Hubstaff has everything required to run teams confidently. With the innovative and robust time tracking and task management solution, e...Read more

Expensify

Expensify works as a cloud-based business accounting system that is designed to manage expenses and transactions using real-time data processing. The platform allows businesses to maintain different summaries of various accounts a...Read more

PriceDemo

Workday HCM

Workday HCM assists global businesses of all sizes in a variety of industry verticals with workforce planning, analysis, and execution. Workday delivers user and administrative tools across financials, HR, planning, talent, payrol...Read more

PriceDemo

CoConstruct

CoConstruct is a construction project management software that provides custom home builders and remodelers with tools for managing projects, financials and clients. It allows users to sync data from estimates, specifications, sel...Read more

Timesheets.com

FrontRunners 2022

Timesheets.com provides cloud-based time tracking for small and midsize businesses. The service allows employers to track both hourly time for payroll and project time for billing. Employers can also track reimbursable expens...Read more

Buyers Guide

Last Updated: May 24, 2022

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.