What is Time and Billing?
Time and billing systems track time spent on client work and generate invoices based on recorded hours, expenses, and fee arrangements. Essential for professional service firms including accounting practices, these systems capture billable and non-billable time, apply appropriate rates, track project budgets, manage expenses, and produce detailed invoices.
Features include timesheet entry, approval workflows, utilization reporting, budget monitoring, expense tracking, trust accounting, and integration with accounting systems. Time and billing software improves billing accuracy, accelerates invoicing cycles, enhances profitability visibility, supports project management, and provides data for performance analysis.
Accurate time tracking and efficient billing processes are critical for professional service profitability, cash flow management, and client transparency.
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