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Zoho Invoice
Zoho Invoice
Zoho Invoice is a 100% free cloud-based invoicing solution designed to help small businesses with invoicing, tracking expenses and, accepting online payments.Key features include project billing, time tracking, reporting, customiz...Read more about Zoho Invoice
Harvest
Harvest
Harvest is a cloud-based time tracking tool designed for businesses of all sizes. The solution provides timesheet and invoicing features for small businesses and freelancers. Key features include time and expense management, team ...Read more about Harvest
Zoho Projects
Zoho Projects
Right from 2006, Zoho Projects has been a major contributor to every project management need. Automating workflows, allocating tasks, recording time logs, relaying project updates, effective team collaboration, gathering analytica...Read more about Zoho Projects
Unanet ERP GovCon
Unanet ERP GovCon
Unanet’s ERP solutions are purpose-built from the ground up for Government Contractors, A/E, and Professional Services organizations. 3,100+ organizations utilize the power of the Unanet software to gain insights, make more strate...Read more about Unanet ERP GovCon
Project Insight
Project Insight
Project Insight (PI) is award-winning work & project management software that helps companies manage and visualize projects, allocate personnel, streamline accounting, and track what work is being done throughout their entire orga...Read more about Project Insight
Planview AdaptiveWork
Planview AdaptiveWork
Planview Clarizen is an award-winning enterprise work management solution for project portfolio management (PPM) and professional services delivery teams. The solution enables PMOs, EPMOs, PSOs, and ESOs to gain real-time visibil...Read more about Planview AdaptiveWork
Polaris PSA
Polaris PSA
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 about Polaris PSA
Deltek Maconomy
Deltek Maconomy
Maconomy by industry leader Deltek is a complete, fully integrated Enterprise Resource Planning (ERP) accounting system designed for professional service companies both small and large. Maconomy streamlines business operations, el...Read more about Deltek Maconomy
PROMYS
PROMYS
Promys provides CRM, help desk and PSA business software solutions to VARs, resellers and solution providers in the information technology, managed service provider, audio-visual and physical security markets. Promys provides soft...Read more about PROMYS
BigTime
BigTime
BigTime is an online time and billing solution designed to serve professional service firms like accounting, engineering, government contracting, legal and IT services. The integrated solution offers features like time and expense...Read more about BigTime
Dovico
Dovico
Small businesses require big data to scale and improve. Dovico Timesheet helps growing companies with project time and cost data reports that provide insights into labour availability and billable or non-billable project health. T...Read more about Dovico
time@work
time@work
time@work by systems@work is a cloud-based time and expense management solution that helps in resource allocation, billing, reporting and accounting. The solution caters to various industries such as healthcare, banking, insurance...Read more about time@work
iBE.net
iBE.net
iBE.net is a web-based professional services solution. It offers a suite of integrated applications including project management, project accounting, time and expense tracking, billing and invoicing, help desk and business intelli...Read more about iBE.net
Kantata
Kantata
The Kantata Professional Services Cloud is purpose-built to help organizations with 50 to 5000+ employees unify resource management, project management, financial management, business intelligence and team collaboration all in one...Read more about Kantata
Rydoo
Rydoo
Rydoo is a smart expense management solution that brings greater convenience, control and compliance to the expense reporting process. Rydoo offers an intuitive mobile & web app where employees are able to create, submit and appr...Read more about Rydoo
Scoro
Scoro
Scoro is a comprehensive work management software specifically designed to cater to the unique needs of service businesses that have grown weary of dealing with disjointed systems, unpredictable workloads, and shrinking profit ma...Read more about Scoro
CloudBlue PSA
CloudBlue PSA
CloudBlue PSA is a hybrid professional services automation (PSA) solution that helps cloud-based managed service providers and software companies of all sizes to manage their business operations. The solution can be deployed eithe...Read more about CloudBlue PSA
actiTIME
actiTIME
actiTIME is time tracking software that combines time, team and project management functionality. Keep control of your projects with task estimates, deadlines, workflow statuses and monitor your projects’ health with time and fi...Read more about actiTIME
Deltek Vision
Deltek Vision
Deltek Vision is a cloud-based project-based solution for professional services firms that is available for cloud or on-premise deployment. It combines project accounting, resource management, project management, time/expense mana...Read more about Deltek Vision
Knowify
Knowify
Knowify helps contractors Budget, manage, and invoice every construction project and service job with precision, and get insights to grow their business along the way. All work happens in one intuitive platform that integrates sea...Read more about Knowify
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Buyers Guide
Last Updated: March 16, 2023An 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 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
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.
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.
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.