Perhaps unsurprisingly, the idea that electronic billing
saves time and money is widely touted by the time and billing software
companies that provide these types of solutions. That said, what is especially telling is that many of the firms who adopt and leverage electronic time and billing solutions also report similar positive effects. By digitizing and automating their records, companies can enjoy a number of varied benefits, including:
- refined time tracking procedures
- streamlined billing frameworks
- accelerated invoicing processes
- improved accuracy rates
- increased ability to maintain time and billing compliance
To expand upon the final point about compliance, electronic billing gives companies the tools to ensure compliance to a degree that would be untenable if they were using manual processes. Less-sophisticated technology—spreadsheets, for instance—comes with a significantly higher potential for error, as one small coding mistake can affect entire sheets of data. Even worse, pen-and-paper records introduce significantly more work for those charged with managing time and billing.
In addition to saving money by mitigating instances of incorrect time records or inaccurate invoice calculations caused as a result of human error, automation also virtually eliminates the expenses associated with printing and mailing paper invoices. When companies send invoices through the internet—by using desktop computers, laptop computers or mobile devices, such as tablets and smartphones—the bills arrive in clients' email inboxes almost immediately, circumventing the inefficient, costly and often frustrating lag time that is typically associated with sending this type of financial correspondence through the mail. The sooner clients receive bills, the more quickly they can go about paying them, thereby improving companies' cash flow processes by allowing them to be paid sooner for the goods and services they provide.Expedite accounting processes through time and billing efficiency
Electronic time tracking and billing management also facilitates companies' accounting processes, as the data stored by time and billing software can be easily synced with accounting software, enabling users to get a more cohesive and centralized view of their cash flow. Once the inefficiencies caused by manual methods are identified and addressed, companies can focus on zeroing in on other delays in their systems, which may otherwise have gone unnoticed.