In case you run an accounting agency that’s grown past a handful of employees, you already know this: time is your stock. Misplace it, and also you lose cash. Misprice it, and you permit income on the desk. Don’t observe it? You’re flying blind. Actually, handbook or delayed time monitoring can overlook as much as 20% of knowledgeable’s precise working day.
But, far too many corporations are nonetheless counting on generic instruments or spreadsheets to trace time, particularly when issues get busy. That works while you’re small. However when you scale previous a handful of workers, the cracks begin to present, and the price of misplaced hours compounds rapidly.
In case you’re wrestling with these points, this information is for you. We’ll break down why devoted accounting time monitoring software program is so crucial as your agency scales, what options truly matter, and methods to examine choices with out getting misplaced within the weeds.
The Development Problem: Why Time Administration Will get More durable as You Scale
Time monitoring is straightforward while you’ve received a staff of 5. However while you’ve received a staff of fifty throughout three areas and 5 providers, it requires a system.
Right here’s what begins taking place as you develop:
- Context switching multiplies: One staff member may work with 20 shoppers in per week. Logging time with out dropping element will get tougher.
- Unbilled hours pile up: Your employees means to trace time…nevertheless it falls by way of the cracks. In case you aren’t logging it, you possibly can’t invoice it.
- You haven’t any clear view of capability: Who’s at 80% utilization? Who’s overloaded? With out real-time knowledge, you’re guessing.
What’s Accounting Time Monitoring Software program?
Accounting time monitoring software program is a system that helps accounting corporations seize, handle, and analyze time throughout shopper work, providers, and employees – with the controls wanted to assist billing, compliance, and profitability.
Nevertheless it goes far past a digital stopwatch. Not like generalist instruments like Harvest, true time and billing software program for accountants ties each entry to the shopper, engagement, employees function, service, budgeted time, budgeted greenback quantity, and billing consequence. It additionally helps audit trails, approvals, and reporting you possibly can belief.
Listed below are some particular options to search for:
- Billable vs. non-billable monitoring tied to precise providers
- Position-based permissions (not everybody must see firm-wide knowledge)
- Consumer and task-level tagging
- Immutable logs and audit trails
- WIP and retainer integration
- Approval workflows
- Lock dates and interval management
- Tight linkage to billing, invoicing, and CRM instruments
- Budgeted v. Precise time
- Budgeted v. Precise {dollars}
Why Time Monitoring is Important for Accounting Companies
Ask any agency proprietor who’s been by way of a progress spurt – the issues don’t present up unexpectedly. They trickle in. A number of missed hours right here, an unclear bill there. Earlier than lengthy, you’re dropping cash and might’t pinpoint why.
Right here’s what occurs and not using a correct system:
- You’re pricing fixed-fee work primarily based on intestine. With out time knowledge, your margins are only a guess.
- Your senior employees are burning out. You don’t see it till it’s too late.
- Write-downs present up in billing. However not earlier than.
- Purchasers query invoices. And also you don’t have a transparent log to clarify time spent.
- You need to develop. However you possibly can’t inform what’s worthwhile or scalable.
Should-Have Options for Accountants
Right here’s the shortlist to search for when evaluating time monitoring instruments
|
⚙️ Function |
💡 Why It Issues |
|
Constructed-In or Simply Built-in |
Reduces double entry and streamlines reporting – whether or not constructed into your observe administration or integrating with instruments like QuickBooks, Xero, or FreshBooks. |
|
Automated Timesheets & Approvals |
Cut back handbook entry whereas making certain time is reviewed and permitted rapidly for billing accuracy. |
|
Simple Logging |
Help timers, handbook entry, and mobile-friendly monitoring so employees can log time with out friction. |
|
Billable vs. Non-Billable Flags |
Clearly separate billable shopper work from inner or non-billable actions to guard margins. |
|
Position-Primarily based Permissions & Staff Views |
Management entry to delicate knowledge and provides managers visibility into staff efficiency. |
|
Time Evaluate & Approval Processes |
Add oversight and accountability to make sure accuracy earlier than hours are billed. |
|
Interval Locking |
Stop backdating or retroactive edits to take care of compliance and audit integrity. |
|
Work-in-Progress (WIP) Monitoring |
Monitor progress towards retainers and ongoing engagements in actual time. |
|
Customizable Service Codes |
Standardize how time entries are categorized for constant reporting and billing. |
|
Actual-Time Dashboards |
Monitor utilization, shopper profitability, and challenge standing at a look. |
|
Information Export, Retention, & Audit Trails |
Guarantee compliance with safe information, straightforward export, and long-term knowledge retention insurance policies. |
Different nice-to-haves:
- Capability planning
- Staff utilization views
- Funds vs Precise monitoring
How you can Select the Proper Software for Your Agency
Right here are some things to remember as you’re deciding on a software:
- Begin along with your present ache. Is it lacking time? Inaccurate billing? Burned-out employees? Begin there.
- Set your price range. Prices can vary broadly. Be certain that the ROI is obvious to your agency’s measurement and progress stage.
- Match agency measurement and complexity. A five-person agency has completely different wants than a fifty-person, multi-location agency.
- Verify compliance necessities. Make sure the system helps audit trails, interval locking, and knowledge retention.
- Consider the way it matches your stack. Search for one thing in-built, not bolted on.
- Pilot it with a small staff. Don’t go firm-wide on day one. Study what works, then broaden.
- Plan for rollout, coaching, and SOPs. Even one of the best software wants good habits to succeed.
Choice Guidelines
Use this guidelines to resolve if a time monitoring software is the correct match to your agency:
✅ Helps approval workflows and interval locking
✅ Gives audit historical past with immutable logs
✅ Integrates seamlessly along with your accounting and billing programs
✅ Permits cellular and offline time entry
✅ Studies on utilization, WIP, and variance
✅ Provides role-based permissions for safety and visibility
✅ Allows adequate export or API assist for flexibility
✅ Contains high quality onboarding, coaching, and vendor assist
✅ Clear pricing and scalability as your agency grows
Remaining Ideas
Time monitoring doesn’t remedy the whole lot, nevertheless it offers you the visibility to unravel the correct issues. It helps you value with confidence, spot burnout earlier than it occurs, and perceive which elements of the agency are actually worthwhile.
As you’re evaluating choices, search for instruments that suit your workflows, work seamlessly along with your tech stack, and assist your staff’s habits.
With Cover, you get accounting observe administration with time monitoring and billing in-built, so time seize, invoicing, and shopper administration all stream collectively in a single platform.
Monitor time and invoice confidently with Cover.