As the world moves more and more towards automation, time and expense tracking software is becoming a necessary tool for businesses of all sizes.
Gone are the days of pencil and paper – today’s business professionals need cutting-edge tools to help them manage their time and expenses effectively.
Time tracking can help you see where you are spending the most time on projects, and where you might be able to cut back. Expense tracking can help you keep tabs on where your money is going, and help you budget better for future projects.
Overall, having a system in place to automate your time and expense tracking can save you a lot of time and money in the long run. It can also help you be more productive, and make better use of your resources.
In this blog post, I have listed for you the best time and expense tracking software in 2022. Keep reading to learn more!
What is the Best time and expense tracking software?
These are some of the best time and expense software for 2022 that can help you manage your schedule and budget.
- Freshbooks – Best for small businesses in need of setting up automatic payments and reoccurring invoices
- BigTime – Affordable, easy, and user-friendly time and expense tracking software are also efficient in creating invoices, and managing a budget.
- Quickbooks – Top time and expense management solution that simplifies your business
- Monday.com – Time and expense software that is popularly used by businesses of all sizes. It helps teams work together more effectively.
- Beyond Software – Easy time and expense management software especially for managing projects on the go, capturing your time and expenses from any device
#1 FreshBooks
The platform has an estimate, expense, and receipts tracking feature, which is a great way to keep track of your expenses and time. Freshbooks software allows you to track your expenses and time, as well as keep track of invoices and payments.
The software platform has a great mobile app that makes it easy to track your expenses and time on the go. Check out a few of the features and benefits of the product
Top Features
There are many reasons why Freshbooks is the best accounting software for small businesses. Some of its top features are
- Cloud-based: Freshbooks is cloud-based accounting software, which means that it can be accessed from anywhere, at any time. All you need is an internet connection.
- User-friendly: The software is designed to be user-friendly, so even those with no accounting experience can easily use it.
- Time-saving: Freshbooks automatically keeps track of your invoices and bills, so you don’t have to waste time doing it yourself.
- Affordable: The software is very affordable, especially considering all the features it offers.
- Customizable: You can customize Freshbooks to suit your specific needs and preferences.
- Integrations: Freshbooks integrates with many other software programs, so you can manage all your business finances in one place.
- Support: The Freshbooks team offers excellent customer support, so you can always get help when you need it.
Pricing
The Freshbooks management solution offers 3 different payment plan options for small businesses, which allows you to Send unlimited invoices to up to 5 clients with the lowest plan, Track unlimited expenses, Send unlimited estimates, Get paid with credit cards and bank transfers, and Track sales tax & see reports, Access anywhere on iOS and Android and much more!
Freshbooks is a great option. It is easy to use and has a great mobile app. You can track your expenses and time, as well as keep track of invoices and payments. With FreshBooks, you can transform your custom estimates into ready-to-pay invoices in a flash and get your invoices out the door faster.
FreshBooks makes it easy to connect your bank account or credit card, and every day your account will update with your most recent spending. This way, you can be confident that your business is always current.
You can check out the software by signing up for their free version or get their limited-time offer of 50% off for 4 months.
#2 BigTime
Bigtime is the leading time and expense management platform for small businesses. It’s simple to use and takes the guesswork out of managing your finances.
With Bigtime, you can easily track your income and expenses, create invoices, and manage your budget. Plus, it integrates with other popular accounting software like Quickbooks and Freshbooks
Highlights
There are many reasons why BigTime’s management platform is an affordable project management software for small businesses. Some of its top features are
- The user-defined work week for daily or weekly timesheet views
- You can add, remove, or rename columns, and make fields required.
- Flexible submission times with an optional lockout period for approvals
- Expenses can be recorded as reimbursable, non-reimbursable, billed, or non-billable depending on whether they are charged to a service fee.
- Easy to generate a Quickbooks invoice, by simply posting credit card expenses to the project.
Pricing
The Big Time solution offers one enterprise plan and 3 different payment plan options for small businesses.
These pricing options cover key features including access to time tracking, Quickbooks integration, cost tracking, project budgeting, and invoice creation; payment processing; a user-friendly client portal, and much more
Bottom Line
Bigtime’s time and expense tracking offers a mobile-friendly app with both Wi-Fi and cellular tracking to ensure that you’re never without a connection.
Whether you’re in the office or out in the field, Bigtime also offers GPS tracking, so you can see exactly where your employees are at all times. And Bigtime’s robust reporting features give you the insights you need to run your business more efficiently.
You can use the software to automate projects and satisfy customers simultaneously.
#3 Quickbooks
Quickbooks is one of the most popular accounting software programs for small businesses. It is very affordable and easy to use. The platform offers help to small business owners by keeping track of their finances and making sure they are on top of their game, with project accounting and tax monitoring all in one place.
Quickbooks can help you keep track all of your income and expenses, create invoices and estimates, manage bills and payments, reconcile bank transactions, and much more.
Highlights
Here are some of the features that make QuickBooks great for time and expense tracking.
- One of the most popular accounting and project management systems, with a stellar reputation for dependability.
- Cloud-based accounting software that helps small businesses save time and money, with a reasonable price and monthly subscription starting at only $15 per month.
- Designed with simplicity in mind, the software is easy to use and has a user-friendly interface.
- Accessible from anywhere, from any device with an internet connection, so you can work from anywhere
- Scalable as an online cloud platform, which is essential for business growth with plans that scale up to 30 users
Pricing
The Quickbooks platform offers one advanced plan and 3 different payment plan options for small businesses.
These pricing options include features like tracking income and expenses, sales and sales tax, receipts, mileage, reports, invoicing & payments progress, maximizing deductions, and more.
Bottom Line
Quickbooks time and expense software can be customized to track your specific business need all in one place.
It offers a platform that can help you make better financial decisions for your business and save time on bookkeeping. Such as quickly generating reports, studying your business growth, identifying areas needing improvement, and monitoring progress towards your financial goals with this easy-to-use software.
If you’re looking to track your income and expenses, create invoices and estimates, manage bills and payments, and reconcile bank transactions, all in one place which is what most small business owners would need to stay on top of their finances, then this might be a great choice for you.
Learn more about the Quickbooks management software and its current 50% discount for your first 3 months.
#4 Monday.com
Monday.com management solution helps businesses manage their workflows and get things done efficiently. It offers a simple and user-friendly interface that makes it easy for users to track their tasks, deadlines, and progress.
The platform also provides features such as task delegation, email integration, and reporting.
Highlights
Monday.com makes a good expense tracking software and time tracking software because it is affordable for small businesses and it has a free account you can start with. Some other features include
- Ease of use and setup
- Can track both time and expenses in one place
- Has a mobile app so you can track on the go
- Can generate reports to see where money is being spent
- Integrates with other accounting software like Quickbooks.
Pricing
The Monday platform offers a free account for up to 2 seats, 3 different payment plan options for small businesses, and an enterprise option.
It is easy to submit, approve and track employee expenses from a centralized system. This can help businesses save time and money by reducing the need for paper receipts, as well as keeping better track of spending.
Monday.com’s time and expense software also offer features such as GPS tracking, which can be useful for businesses that need to track employee travel sure employees are where they’re supposed to be.
Also, because the software integrates with other Monday.com’s project management features, it is a great way to stay on top of your finances and avoid overspending.
Bottom Line
With this integration, businesses can get a complete picture of how their projects are progressing—including how much money is being spent. The lowest plan option includes features like tracking income and expenses, sales and sales tax, receipts, mileage, reports, invoicing & payments progress.
By simplifying the process Monday.com makes it possible to track time and expenses easily.
#5 Beyond Software
Beyond Software time and expense tracking is efficient in capturing time spent on projects. The system offers the ability to upload receipts to create a paperless expense report. You can also customize different expense types to make data entry and reporting easier.
Employees can quickly record their time, expenses and to-do list while on the go, instead of waiting until they are back in the office. It enables easy time and expense entry, allowing employees to spend more of their time working on projects.
Highlights
Some of its mobile time & expense highlights include
- You have the option to eliminate paper receipts by attaching pictures of receipts to the expense entry which serves as an audit trail.
- Employees can choose between entering time in a daily or weekly view, depending on the type of device they’re using.
- Employee time and expense report entry can be supported down to the task level of a project.
- Time entries can be approved by day, week or project; whichever best fits how the project manager is monitoring the project.
- Expense entries can be approved by expense report or by the project to prevent incorrect expenses from being charged to a project.
- Project managers have visibility into the pending time before they are charged to a project to eliminate common entry errors.
- Time and expense entries can be reversed and re-entered easily if an entry error is identified after it has been approved.
- Time can be approved in one step by the project manager, or a two-step process when two managers are required to approve the time.
- Costing options provide confidence that your labor hours are being costed at the correct rate.
- Flexible billing rate tables let you know the correct billing rate is being used to streamline the billing process for your time and materials jobs.
Bottom Line
Beyond Software’s time and expense platform is a great choice if you are looking for software that is flexible, to manage a large number of projects, subcontractors, and expense reports. The reporting consoles make analyzing data easy.
What is time and expense software?
Time and expense software is a type of accounting software that helps businesses track employee time and expenses. This type of software can be used to generate reports, manage projects, and control costs.
Time and expense software can also help businesses automate payroll and invoicing processes. There are many different types of time and expense software available on the market, and choosing the right one for your business can be a challenge.
When selecting a time and expense software, it is important to consider your specific needs and goals. There are many different features and options available, so it is important to select software that will best meet your needs.
This software can offer a number of benefits to businesses, including the ability to track employee time and expenses, generate reports, and control costs. It can also help businesses automate payroll and invoicing processes.
If you are considering time and expense software for your business, it is important to select software that will best meet your needs.
What is time and expense capture?
Time and expense capture refers to the process of tracking and recording the time spent on tasks and projects, as well as the expenses incurred during those activities. This information can then be used to generate invoices, reports, or simply to keep track of how your business is performing.
There are several methods for recording time and cost data, including manual entry, time-tracking software, and expense-tracking applications. Your choice will be determined by your demands and preferences.
If you’re searching for a simple method to keep track of time and money, manual entry may be the best choice for you. This can be accomplished using a spreadsheet or notebook, and all you need is a method for keeping track of the date, task, time spent, and expenditures made.
But If you need something a little more sophisticated, there are a number of different time and expense tracking software options available, which can be used to track billable and non-billable hours, generate invoices, and produce reports.
My Take
When it comes to time and expense management, automation is key. Having a system in place that can track your time and expenses can save you a lot of headaches down the road.
If you haven’t already, consider implementing a time and expense tracking system in your business. It could very well be the best decision you ever make. These tools will help you manage your time and projects more efficiently! But It can be difficult to decide which one is right for you.
I hope this article will help you make a guided decision.
What is your favorite project management software? Let us know in the comments below!
