Don't have the time to read through the entire article? You can simply take a look at the summary below to get an overview of the top 10 time and billing software for accountants and pick the right one for you.
Welcome to the future of accounting! As we step into 2024, the world of accounting is no longer confined to ledgers and calculators. 2024 is the time of AI and already 48% of accountants have plans to incorporate automation software like time and billing software in their workflow. This surge in interest is not just a response to the rising competition but also a strategic move to adapt to the demands of the industry.
To meet these evolving challenges and stay ahead in the game, accountants are increasingly turning to innovative solutions like time and billing software. The demand for streamlined accounting time and billing software has skyrocketed, with CPA tracking, seeking the perfect balance between accuracy and productivity.
Also, reports say that money lost per day due to unrecorded activities of employees that affect productivity in companies is almost $7.4 billion! That money, if it was used to grow the company, could give you tremendous results, isn't it?
But time tracking manually is a tedious task. That is why, we have found 10 top-notch accounting time and billing software solutions specifically curated for CPA tracking. From intuitive interfaces to robust reporting capabilities, these software options offer a bridge between seamless accounting practices and enhanced client satisfaction.
What to Look for in a Time and Billing Software for Accountants?
When you're hunting for time tracking and billing software for accountants, you want a tool that really suits your needs well. Here are some things to consider:
- Simple workflow: It should make time tracking for accountants a breeze. Logging hours, assigning them to projects, and making reports should be simple, not a headache.
- Invoicing is crucial: You'll want time and billing software for accountants that help you create pro-looking invoices, track payments, and ideally link up with your accounting system.
- Payments: Payment integrations and multiple payment options like Credit and Debit Cards, and ACH features provided by time and billing software for accountants is also important to receive money on time.
- Accounting Integrations: It’s critical for time and billing software for accountants to Seamlessly integrate with QBO, Xero, and Zoho Books to automatically sync customers, invoices, and payments.
- Ease of use: It's very important to have an easy-to-use system. Nobody wants a complex system that takes ages to figure out. A user-friendly interface is gold.
- Security: Security is non-negotiable. Look for strong security measures to keep your financial data safe and sound.
- Support and training: Good support, helpful guides, and training resources can make the software switch a whole lot smoother.
- Cost-efficiency: Cost is important. You want something worth the money, balancing the price with what you get in terms of features and efficiency.
Benefits Of Using Time and Billing Software for Accountants
Managing time and tracking how team members spend their time allows you to not only bill, but also help improve productivity, resource utilization and planning of projects. Time and billing software for accountants can help you with all these benefits:
Time Efficiency: Billing process automation reduces manual effort. This lets accountants concentrate more on key tasks instead of wasting time with invoicing and accounting.
Productivity: Improve the efficiency of your team by identifying and eliminating productivity bottlenecks. Ensure you are billing clients accurately for extra hours.
Accurate Billing: Time and billing software for accountants for free is a good tool to show that people can make mistakes in accounting and billing. The program does the math perfectly, lowering mistakes and making sure every bill is correctly counted.
Professionalism at Its Best: Amaze customers with nice, professional invoices that show your brand. Customizable templates and polished layouts elevate your business image.
Quicker Payments: Faster invoicing means quicker payments. When you give clients clear and easy-to-understand bills, they usually pay them faster. This helps keep your cash flow good.
Cost Savings: Spending money on time and billing software for accountants might feel like a big cost at first, but the time saved can help you save lots of cash over time. Less mistakes, quicker handling, and better work can all help lower costs.
Reports and Analytics: Time and billing software for CPA often makes in-depth reports and studies. They give insights about how money is paid, what's owed, and income sources.
Integration Capabilities: Integration with other accounting tools and software systems helps data run smoothly. This reduces the need to write information by hand. It also makes everything work better overall.
Top 10 Time and Billing Software for Accountants
Choosing the best accountant time and billing software can be a cakewalk if you have the right guidance. Go through the list we have prepared below and we are sure by the end, you will find the best software for you. If you practice in UK, explore the best alternatives for accounting practice management software in UK.
Cone
Meet Cone’s Accounting Practice Management Software – the best time and billing software for accountants you've been waiting for! This all-in-one solution is more than just time and billing software; it's everything that modern accountants need to run their practice.
Best Features:
Time tracking: Cone has a robust time tracking module that allows users to efficiently track billable hours to specific clients, projects and tasks.
Projects and Tasks: Create projects and tasks customized to accounting like bookkeeping, start tracking time against them.
Set hourly rates: Easily set hourly rates for team members or at a project level.
Manually add time: Provides a capability to add time manually if you missed tracking time for a project.
Automated Invoicing: Invoices can be automatically created from the hours tracked on the project. Never miss an invoice.
Invoice Tracking: Provides an ability to track the invoices sent whether they are paid or not. Also, offer an ability to send payment reminders automatically.
Payments: Payment integrations and multiple payment options like Credit and Debit Cards, and ACH features to receive money on time.
Project Reports: Track project budgets and costs(time spent etc.) to understand profitability. Also, figure out your most and least profitable projects.
Team Reports: Analyze team capacity to improve productivity and resource utilization.
Accounting software: Integrations with all major accounting softwares like Xero, QBO and Zoho Books.
….and a lot more features
CRM, Proposals & Engagement letters: Manage proposals, engagement letters, invoices, and client billing all in a single platform. Want to know about other alternatives for proposals and engagement letters for accountants, learn here?
Projects & People: Managing projects, customers and the team is a breeze with an easy to use platform.
Client Portal: Send your clients forms, collect e-signatures and request files needed to move forward on projects.
Pricing:
Cone is offering a free 1 year access to early birds, go ahead and grab your access now. Has a generous free tier and paid prices start at 13$/user/month.
Unlock the powers of Cone and revolutionize your accounting workflow today!
FreshBooks
FreshBooks is a leading accounting platform based in Toronto, Canada. It has made a special place for itself in helping small to medium businesses. FreshBooks is very famous because it's easy to use and has many useful tools. It helps professionals, freelancers, and businesses with paperwork tasks like making invoices easier, tracking expenses, and managing time better.
Best Features:
Automatic Invoicing: It ensures the creation of professional and customizable invoices without manual effort. Its automatic invoicing capability liberates teams to focus on client work while ensuring a professional touch to every invoice.
Payment Acceleration: By enabling credit card and ACH payments, FreshBooks accelerates payment processing, slashing the waiting time. Additionally, FreshBooks’ payment reminders ensure proactive measures against late payments, nurturing healthy cash flow
Precise Time Tracking: The platform’s robust time tracking module allows users to efficiently allocate billable hours to specific clients and projects, facilitating precise billing and enhancing client profitability assessment.
Limitations:
Accounting software integrations: If you use Xero or QBO, it doesn’t integrate with them.
Projects and tasks: The project and task management features are limited compared to a project management or practice management system.
Pricing:
FreshBooks time and billing software offers four pricing plans catering to varying business needs. But we suggest freelancers go with the lite plan which starts at $4.25 per month or the plus plan which is priced at $7.50 per month.
A 30-day free trial period allows users to explore FreshBooks’ capabilities, making it an accessible and risk-free option for businesses seeking efficient financial management solutions.
Toggl Track
Toggl Track, a well-known time and billing software that was created in 2006, entered the world of helpful productivity tools. Toggl Track is famous for being easy to use and for its versatile functionalities. It caters to diverse industries, making it simple to manage time for professionals across the world.
Best Features:
Effortless Time Tracking: With a single click, initiate or continue time entries, minimizing navigational complexities for streamlined usage. You can also detect idle time and manage it later, ensuring accurate tracking without interruptions.
Intuitive Integrations: Seamlessly embeds the Toggl Button within favorite online apps, enabling instantaneous tracking without switching between pages.
Fair Compensation: Assign billable rates to tasks and gain insights into team members' tracked time for balanced work distribution.
Limitations:
Invoices and Payments: Have limited capabilities around invoices and payments. This software doesn’t have the capability to manage invoices.
Accounting software integrations: Have limited accounting software integrations.
Pricing:
Free Plan: Offers basic functionalities for users.
Starter: Starting at $9/month per user, unlocking advanced features.
Premium: Priced at $18/month per user, with expanded functionalities.
Enterprise: Tailored pricing based on firm size and specific requirements.
Toggl Track gives a 30-day free trial, allowing users to explore its array of features before selecting a subscription.
Big Time
BigTime stands as an all-encompassing professional services automation platform meticulously crafted for the needs of accounting and law firms. Its capabilities include time tracking for accountants, project management, billing, and invoicing, offering a unified solution. It is aimed at refining workflow automation and enhancing practice management. BigTime caters primarily to large CPA, bookkeeping, and accounting firms seeking to automate workflows and effectively manage practices.
Best Features:
Customizable Timesheets: Capture project-related and out-of-office time with tailored flexibility.
Expense Management: Efficiently log expenses and automate billing for meticulous financial oversight.
Project Monitoring: Track project status, define tasks, and assign activities for comprehensive management.
Billing Flexibility: Manage diverse billing rates and streamline the invoicing process effortlessly.
Integration Capabilities: Seamlessly integrate with various accounting solutions, amplifying functionality.
Limitations:
Projects & Tasks: Not available
Payments: Not available
Pricing:
BigTime offers a free trial and presents four monthly plans:
Essentials: Priced at $20 per user per month
Advanced: Priced at $35 per user per month
Premier: Priced at $45 per user per month
Projector: Starting from $60 per user per month
Paymo
Established in 2008, Paymo commenced its journey as a time-tracking and invoicing software. Evolving steadily, it has transformed into the comprehensive work management platform catering to businesses across over 50 countries. Paymo caters primarily to medium and small businesses, creative agencies, consultants, and engineering companies managing multiple client projects. It is ideal for those seeking efficient time tracking, financial monitoring, resource organization, and invoicing capabilities within a unified platform. Notably, time tracking remains a pivotal feature at the core of its product.
Best Features:
Automatic Time Tracking: Incorporating a stopwatch, automatic tracker, and Pomodoro timer for streamlined time management.
Timesheets & Time Reports: Comprehensive views and management of time entries with personalized reporting options.
Invoicing & Payments: Seamless generation of invoices based on tracked time, expense tracking, and integration with popular payment gateways like PayPal, Stripe, and Authorize.net.
Limitations:
Proposal Software: If you want an in-built proposal software to start the project and track time as soon as the proposal, it’s not available.
Pricing:
Paymo offers a free plan with time tracking and invoicing features, with paid monthly plans starting at $9.9 per user per month.
It provides a 15-day trial period for you to get to know the software better.
Tick
Tick serves as a dedicated time-tracking tracking for accountants designed to streamline the tracking of time across various projects and specific tasks within each project effortlessly. This software enables users to manage separate timers concurrently and easily populate time cards with minimal clicks. By leveraging these time cards, comprehensive reports and insights can be generated, offering a detailed view of performance metrics and billable hours for clients.
Best Features:
Project budgeting and tracking: This feature empowers employers to monitor project progress and employee hours. The option to create and automate recurring projects adds an efficient touch.
Instant budget feedback within the timecard: Provides real-time insights into project budgets as time is logged, aiding in proactive budget management and preventing overruns.
Seamless invoicing via QuickBooks or FreshBooks integration: Offers smooth integration with leading invoicing software, simplifying billing processes and ensuring accuracy in financial transactions.
Limitations:
Projects & Tasks: Not available
Invoicing and Payments: Not available
Accounting software integrations: No accounting software integrations.
Pricing:
Tick offers a 30-day free trial and pricing commences at $19 per month when billed annually. It operates on a cloud-based infrastructure, ensuring accessibility and convenience across different devices and locations.
Time camp
TimeCamp, a versatile time-tracking application, doubles up as a billing and invoicing solution, suitable for businesses across various scales. Founded in 2009 TimeCamp has evolved into an essential tool for time tracking and billing software for accountants, measuring project profitability, and facilitating employee payments. Suitable for freelancers and teams across small, medium, and large businesses, TimeCamp is ideal for maintaining productivity levels and streamlining time-tracking processes.
Best Features:
Automatic Time Tracking: Streamlines processes by automatically tracking time linked to project and task management.
Billing and Invoicing: Tracks billable and non-billable project hours, facilitating automatic invoice generation using timesheets.
Extensive Integrations: Integrates seamlessly with over 37 project management solutions like Asana, Basecamp, Trello, and tools within marketing automation such as Zapier and Freshbooks.
Work Visibility: Provides insight into colleagues' activities, fostering a collaborative work environment.
Limitations:
Proposal Software: If you want an in-built proposal software to start the project and track time as soon as the proposal, it’s not available.
Pricing:
TimeCamp offers a variety of plans to suit diverse needs:
Free Plan: Includes time tracking and limited tasks.
Starter Plans: Starting at $3.99 per user per month
Premium plan: Starting at $6.99 per month
Ultimate Plan: Priced at $10.99 per user per month
Harvest
Harvest stands as an intuitive time-tracking tool that seamlessly integrates timekeeping and invoicing within a single platform, eliminating the need for exporting data to manage payments based on tracked time entries. Originating in 2006, Harvest's intuitive interface, coupled with its features for time tracking, expense management, and detailed reporting, makes it an excellent choice for individuals and teams seeking a unified solution for efficient timekeeping and invoicing.
Features:
Time Tracking and Expense Management: Allows time tracking for accountants for specific clients, projects, tasks, and staff members through web-based time tracking.
Team Overview: Provides insights into team members' tracked time, workload, and detailed reports by categorizing time entries into billable or non-billable hours. The timesheet approval system enhances team oversight and control.
Visual Reports: Offers comprehensive visual reports comparing time entries with project budgets, ensuring project alignment and profitability. It also highlights the invoiced sum required for profitability.
Limitations:
Projects & Tasks: No support to track against tasks.
Proposal Software: If you want an in-built proposal software to start the project and track time as soon as the proposal, it’s not available.
Accounting software integrations: Limited, supports only QBO.
Pricing:
Harvest offers a free plan, inclusive of unlimited invoices and clients for one user, with a cap of two projects. Its paid plan is priced at $12 per user per month. Additionally, the scheduling feature, Harvest Forecast, is available separately for $5 per month, offering unlimited users and projects.
A 30-day free trial is also allowed for the users.
Quickbooks Time
QuickBooks Time stands out as a cloud-based time tracking solution tailored for mobile workforce management, allowing employees to conveniently clock in and out via mobile apps. The platform seamlessly transfers this information into timesheets, streamlining payroll processes and time-off management. QuickBooks Time caters ideally to businesses with a mobile workforce, aiming to enhance productivity and profitability through comprehensive geotechnology and efficient time management.
Best Features:
Mobile Time Tracking: Empowers employees to log hours and manage time-off requests, including vacations, sick leave, and holidays, all from a user-friendly mobile app.
Custom PTO Management: Enables the establishment of customized rules for managing time-off requests, ensuring efficient vacation and leave management.
Scheduling Tools: Equips users with drag-and-drop tools for schedule creation, facilitating informed communication of open shifts or schedule changes to employees.
Limitations:
Accounting software integrations: Limited, supports only QBO.
Pricing:
The platform doesn't offer a free version.
Paid plans commence at a base fee of $30 per month. Further, Essentials, Plus, and Advanced plans start at $60, $90, and $200 per month respectively. You can also opt for a 30-day trial period before jumping to the priced versions.
Zipbooks
ZipBooks provides a comprehensive suite of functionalities, enabling users to create customized invoices adorned with logos, themes, and personalized messages. This online bookkeeping platform covers accounts receivable, and bank reconciliation, and integrates seamlessly with banking services to automate transaction imports and generate real-time expense reports.
Best Features:
Project Management Tools: Facilitates task creation, assignment to team members, and performance tracking via an integrated time-tracker.
Client Communication: Enables direct texting for enhanced client communication and reconciliation, streamlining interactions within the app.
Additional Services: Offers payroll integration, reputation management, and bookkeeping services.
Limitations:
Accounting software integrations: Limited, supports only QBO.
Pricing:
Starter Plan: A free-tier option with unlimited usage for an unlimited number of customers and vendors.
Smarter Plan: Starting at $15 per month.
The Sophisticated Plan is priced at $35 per month.
Custom Pricing: Available for Accountants, upon request, tailored to their specific needs.
Tips For Choosing The Best Time And Billing Software For Accountants
Here are some salient points to consider during the selection process of a time and billing software for accountants:
- Scalability: Look for a time and billing software that can adapt to the growth of your firm. Ensure it accommodates an increasing client base, offers customizable features, and supports various billing models (hourly, fixed-rate, retainer-based).
- Interface: Consider the intuitiveness of the time tracking for the accountants' interface. Opt for a solution that minimizes the learning curve, reducing the time required for training your staff to use it effectively.
- Invoicing and Payments: Ensure the time and billing software you pick has robust invoicing and payments capabilities so that you don’t have to switch between apps.
- Accounting Integrations: Consider a time and billing software for accounting that have deeper accounting integrations with software like QBO, Xero and Zoho.
- Collaboration: Choose a time and billing software accountant that provides seamless collaboration between accountants and clients. Features such as client portals, real-time notifications, and interactive dashboards can greatly enhance communication and transparency.
- Security: Given the sensitivity of financial data, prioritize time and billing software for accountants should comply with industry standards (such as GDPR, HIPAA, or SOC 2) and offer advanced security features like encryption, access controls, and regular data backups.
- Trial: Opt for time and billing software that offers a trial or demo period. This allows hands-on exploration of its functionalities before committing. Additionally, evaluate the quality and responsiveness of their customer support and training services.
- Automation: Look for time and billing software that leverages automation and AI capabilities for tasks such as invoice generation, expense categorization, predictive billing insights, and smart reporting, thereby improving efficiency.
Best Time And Billing Software For Accountants
Confused about which time and billing software is the best? Hands down - it is Cone’s Accounting Practice Management Software. Cone redefines how accountants manage time tracking, invoicing, and billing. It's a game-changer, blending innovation and efficiency. Cone stands out because it consolidates not just time and billing modules, but everything an accounting firm needs into one user-friendly platform.
Why Cone?
Free 1st year subscription
Offers a free 1st year subscription if you sign-up now.
Fraction the cost of other alternatives
Save up to 90% on software costs.
Way more than time and billing software
Manage everything you need(like e-mail management, projects etc.) in one place, for less.
Sign up today to enjoy all these benefits!
Ready To Embrace The Best?
When it comes to time and billing software, each software is unique, offering extraordinary features to make your life easier. Whether you're juggling invoices or chasing after lost time, these software are here to save your day!
Choose wisely, for in this battle of bits and bytes, finding the right software will make you the accounting hero of your story. So, equip yourself with these fantastic tools, and soar through financial success. And of course, educate yourself and stay relevant!
Frequently asked questions
- Do time and billing software integrate with popular accounting software like QuickBooks or Xero?
Yes, most leading time and billing software are designed to integrate with QuickBooks and Xero (in all countries that they are available), ensuring efficient data sync for streamlined accounting processes.
- Are these programs easy for accountants who aren’t tech experts?
Most time and billing software are designed with user-friendly interfaces, making them accessible even for accountants with limited technical expertise. For best solutions, look for software that offers intuitive navigation and straightforward functionalities, reducing the learning curve. Users can access user guides, tutorials, and customer support to utilize features better.
- Can these software options create detailed reports for billing and finances?
Yes, time and billing software have different options to generate comprehensive reports for both billing and financial purposes. The best ones come with features that provide detailed insights into billing trends, outstanding payments, revenue streams, and overall financial health. Ensure that the software you use lists these under their features.
- What criteria should I consider when selecting time and billing software for accounting purposes?
When choosing time and billing software for accountants' purposes, look for:
- Integrations
- Simple interface
- Invoicing options
- Payment integrations and multiple payment options
- Accounting Integrations
- How Do Accountants Track Time?
Accountants track time either manually or using softwares like timesheets software, project management software or a specialized time tracking software. These softwares have features like an ability to track time at project or task level and invoice or bill clients based on the tracked time.
- What Is Billing Software for Accountants?
Billing software for accountants is a software to track time and be able to invoice and collect payments from the clients easily. The softwares usually has features like time tracking at project or task level, invoicing and payments collection. It also provides capabilities like payment gateway integration, invoice tracking and accounting software integration.
- How Do Accountants Bill Their Clients?
Accountants bill their clients based on the services they offer. They are usually charged either fixed recurring fees or based on the number of hours spent on their work. To automate billing, accountants use a billing software to track time, create, and send invoices, and collect payments.
- Which Software Is Best for Billing?
The best time and billing software will depend on specific needs of the business. Some of the best options for accountants include Cone, FreshBooks, QuickBooks, Xero, and Zoho Books.