Online time tracking is a great way to glean information about employee work habits, to learn about the progress of projects, to help make certain types of business decisions, and to easily run payroll and billing. Not tracking time online is almost as crazy as not using a smartphone in today’s world, but let’s not get carried away. Online time tracking isn’t magic fairy dust either.
Expense tracking serves a couple of important business needs. One, it is used to calculate reimbursable expenses for employees. And two, it complements billing and job costing for customers. This last one is important because it helps business owners make better business decisions.
Any business whose employees make company purchases is already familiar with tracking expenses for employee reimbursement. But expenses that aren’t made with employee funds should be tracked for billing and job costing too. This helps improve visibility into the real cost of projects, beyond just the cost of payroll.
Freelancers often start out (and end) charging too little for their services. It’s normal to feel like you’re asking too much – especially when your fee is more than you yourself have ever paid for anything – but businesses have bigger budgets than most individuals have so your desired price tag is probably fine. A couple thousand bucks is not as much money to them as it is to you.
Businesses can charge clients either by the hours spent on a project or by a set amount towards the entire project or tasks of the project. A web based time tracking system is invaluable for billing clients accurately by the hour. And a reliable system to track clients and work-history is important when you’re charging by the project. A time tracking system like Timesheets.com keeps track of both clients and projects, plus the time spent working on them, either for freelancers or for entire an workforce.
Timesheets.com was designed to track time but it can also record jobs as an instance of work done, ignoring the hours and minutes all together.
For some businesses this is important because not every company, team, or freelancer needs to track the time they spend on projects. Sometimes, just tracking the project itself is all that is needed for billing.
Most employees make an hourly wage and are paid based on the number of hours they work. That’s typical for most businesses. However, some employees are paid based on the job they do regardless of how long it takes them to finish it. Still others are paid based on a daily rate.