Academy
Business

Why Your Time Tracking Solution Should Integrate with Accounting Software

The modern business climate seems to have given birth to innumerable software innovations, providing our teams with a software tool for every need we might think of. Indeed, every need has a plethora of options catering to the more generic need or the industry specific needs of different professionals.More and more small businesses are cottoning on to the fact that using these innovative software tools can reduce the hassle of menial and repetitive tasks,improve the efficiency of workflow, allow for broad and inclusive team communication, and provide valuable statistical data which can offer incredible insight into the ways we work and help identify where we can improve.

Improving our efficiency and creating more value through the use of software solutions is one way in which we can provide a point of difference against our competitors. Any advantage we can create in order to get ahead in our chosen industries is critical, and it’s no secret that accurate time tracking software can create data to provide valuable reporting insight into our time management practices, but it isn’t enough to just grab the first app you see and call it a day – you need to make sure you are picking the right option for your specific needs!

Why You Shouldn’t Use an All-In-One Solution

It’s a really common trap to fall into: the all-in-one solution seems at first glance to be a great idea, catering to every software need your team might have. But the problem is that an all-in-one solution is that while they cater to a variety of needs, they tend to be unable to compete with dedicated products when it comes to the value of each service they provide. A dedicated software app will, inevitably, be able to provide a better service for their specific niche than a jack of all trade’s product is able to.

Cost is also likely to be less of an issue than you might imagine. Large scale, all in one solutions will tend to be drastically more expensive than any individual, specialised product, so you are likely to be able to afford a few specialised apps for a similar price range as the all encompassing option, letting you extract greater value out of your software solutions without straining the budget too much more than you would have by sticking to a singular choice.

What Do We Mean by Integration?

Software as a service is a broad community, and a true community in the sense that businesses in the sector tend to have strong partnerships and relationships. Companies will often look to create more value for their customers by designing their software to work specifically with the software of other companies, to the point where the apps may work almost as an extension of one another, to allow for ease of use and greater efficiency for customers.

For example, MinuteDock’s time tracking software for professional services has a variety of accounting software integrations, because one of the primary uses of time tracking is for billing purposes. So, by syncing time tracking data and generating invoices which are sent across to accounting partners like Xero and QuickBooks, the overall billing process for clients is made easier, allowing the apps to operate together almost as seamlessly as if they were in fact just two aspects of the same solution.

This means you can get the best of both worlds! By choosing a suite of software apps which have integration features, you can get the increased value that comes from a dedicated service while maintaining much of the benefit associated with an all-in-one solution, as the apps you choose will work together in a similar fashion.

Why Use Time Tracking Software?

The best time tracking software solutions will provide your team with a number of benefits. For a start, the data you track can make client billing and payroll processing a much easier hurdle, as you can trust the data you create to be accurate, while your clients can also see the work your team have put into their project and how those costs have come to be.

You will be able to garner valuable reporting insights into your time management from time tracking data. How long certain tasks need on average,where you might be over investing time (or under investing it) on certain clients or jobs, and generally how profitable the time you are spending is turning out to be.

There is even potential to save time when using software integrations such as time tracking for Xero, where you will make the billing process operate more smoothly and create less hassle, freeing up time for you to work on the important tasks rather than the administrative duties which can occupy  a substantial section of your workday. 

Picking the Right Time Tracking App

Time tracking is like any other software service: if someone is offering you a one size fits all solution you would do well to be skeptical. The truth is that different industries and work types have different time tracking requirements. While it might be enough for a retail outlet to have a simple time in attendance timesheet system for workers, the reality is that professional services like accountants or virtual assistants tend to need to break down and categorise time according to the work they are doing and the clients they are working for. So make sure to consider the way in which it will benefit you most to track your time, and look for an app that will cater to the needs of your industry.

Other articles that might spark your interest...