Best Accounting Tools: Tracking Time & Expenses

Businessman and businesswoman discuss together about there business performance.
Bookkeeping can be painful. Freelancers and small businesses tend to avoid the topic of accounting as it is too exasperating, time-consuming, and boring. Fortunately, there are various innovative companies solving accounting problems for specific freelancers and large enterprises. A big part of bookkeeping is payroll and a big part of payroll is tracking time and validating expenditures. The significance of time-tracking might be apparent. Small companies usually have workers who are salaried hourly. Obviously making sure you know where and how your money gets spent is a must. Similarly, handling and verifying expenses that you and your employees make on behalf of your commercial will help you spend money on what you need and save on what you don’t. And, you still need to trail and categorize your expenses for tax purposes. Have a look at these accounting tools to track time and expenses whilst managing your employees.

1.   TSheets

TSheets is an online labor and time management software program that can save your business time and money. It is an operational and easy to use time tracking tool. You can track time from the workplace or in the field with mobile compatible time tracking applications.

  • TSheets offers a fresh interface free of needless clutter
  • The virtual timesheets are easy to use
  • The retailer provides free training and setup via live chat and phone
  • You can use the online knowledge base to learn the system on your own
  • TSheets automatically trails and updates both time-off requests and accrual tracking
  • If you do not need the automatic system, you have the choice of manually filling in timesheets
  • Email and phone support are offered free of cost to clients
  • Top notch consumer support averaging 4.9 out of 5 rating

TSheets also makes it easy for you to control a shift-based schedule, altering it week-to-week according to you and your operatives’ needs. The publishing supervisor is intuitive and your employees will get notifications when their shifts have been posted or changed. Moreover, you can even accord specific tasks, projects, or jobs to these shifts, minimizing mis-perception and maximizing efficiency.

2.   Expensify

Expensify is a business structure used to manage expenses, transactions, and money matters through its real-time data and reporting procedures. The bookkeeping functions performed by the user-friendly interface of Expensify come handy for many money management issues. It allows companies to maintain summaries of different accounts along with calendars. Transparency can be obtained and different ratios such as debt-to-income ratios can be balanced at the right time, averting any crisis or undesirable situation. Expensify can also track your travel expenses based on the miles traveled or the amount of time spent on a particular project. For international traveling, you can change currencies and it records the information in the accurate text fields. It offers a simple resolution to recording expenses by the information provided through photos.

3.   Neat

Similar to Expensify, Neat excerpts the key information from your receipts and documents. It assimilates with popular accounting and business software and simplifies how you work. Neat lets you scan receipts and financial documents. Neat allows you to use a smartphone, a desktop camera, or a real scanner. You can securely access your files from any device anywhere. Neat also incorporates with your other bookkeeping tools, so you can transfer your expense documents directly. You can build expense reports, track bills, and share financial data with your co-owners and accountant.

With Neat, you can also easily add in contact information and sync these new contacts with your email marketing platform. It gets rid of the slow, laborious manual entry normally associated with expense filing and gives you an easy-to-use online process in its place.

Conclusion

Time-tracking and expense management accounting tools, while a bit more limited in their functionality when compared to many of the apps, can still be an integral part of your suite of accounting tools.

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