Let’s be honest. Accountants have a lot on their plate. They deal with hundreds of data regarding payments, expenses, incomes, etc. Manually entering this data in an Excel sheet is a nightmare.
Thankfully, there are time time-tracking software to save accountants from the burden of administrative activities.
But the challenge is to separate a good time and billing software from a great one. When confused, just stick to the following list.
Figure Out the Best Time and Billing Software
If the following features don’t exist in software for accounting firms, it isn’t the right one.
- Tracks billable and non-billable hours
- Estimate project budget and assign costs accordingly
- Create projects or tasks and delegate them
- Generates invoices
- Generates dynamic insights and custom reports
- Works like a time keeping app and monitors productivity across the team
- Managing Projects Qualitatively and Quantitatively
These features do not ensure that you have the best time and billing software for accountants. However, they are the minimum requirements every time management tool should fulfill.
The Bigger Questions: Why Do You Need Time and Billing Software?
Accountants need to be efficient and effective. They don’t have the luxury to make minor errors because it may lead to bigger blunders. Time and billing software can be your ‘knight in shining armor’ in 2 ways:
Automate Everything
- With Just one click, you can track all billable and non-billable hours
- It’s a piece of cake to record over-time hours
- Redundant tasks are no longer your headache, which saves time and energy
Profitability Metric
- You can track whether you are on a budget and identify miscellaneous expenses
- The cool thing about time and billing software is the variety of integrations they offer
- You can integrate Slack, Google Calendar, etc. So, you can measure your meeting health, personal productivity, team productivity, and so on.
It’s evident that time tracking and billing software for accountants are a blessing. But which ones should you use?
Our Top Picks for 2023
Using any one of the following time and billing software for accounting firms will improve your life significantly.
Paymo
With its collaboration tools, Paymo streamlines project management, communication, and information sharing.
If you are an accountant, you can track time and monitor your revenues and costs. In addition, you can deeper insights into your business with this time and billing software for accounting firms.
You can make spreadsheets, to-do lists, and task calendars on Paymo. Also, your payments become faster because of integration with PayPal, Payoneer, and Stripe.
Key Features
- You can generate multilingual invoices with more than 85 currencies
- Has a centralized document management system
- Automating time tracking so that you don’t bill the unrelated tasks
- Real-time task comments
- Integrations with Google Calendar, Slack, QuickBooks, and other productivity apps
Pros VS Cons
| Pros | Cons |
|---|---|
| Multilanguage and Multicurrency | Geofencing isn’t available |
| Multiple Templates for Project Management (boards, tables, Gantt chart) | Custom alerts are not available for overtime |
| Free Plan for Unlimited Projects |
Price Plan
- Free: $0/user/month (Maximum Clients: 3 and Maximum Tasks: 50
- Starter: $4.95/user/month (Maximum Clients: 6 and Maximum Tasks: 300
- Small Office: $9.95/user/month (Clients: Unlimited and Tasks: Unlimited)
- Business: $20.79/user/month (Clients: Unlimited and Tasks: Unlimited)
TimeCamp
This time and billing software for accountants holds the trust of 18,000 teams across the world. It’s a timesheet app that you can use to check logged hours.
Its GPS tracking feature can help assess remote employees as well. Although it doesn’t have an expense tracker, it works great as payroll software for accountants.
The enterprise plan tracks time at the highest level. TimeCamp provides integrations with Asana, Trello, Google Calendar, Monday.com, and Slack.
Key Features
- Leave management features, which means you can track vacations and sick leaves
- Productivity Assistant feature that allows you to set goals and monitor your productivity
- You can monitor your breaks with the ‘Private Time’ mode
- You can receive direct payments from the invoice because of PayPal integration
Pros VS Cons
| Pros | Cons |
|---|---|
| Leave Management Feature | Free Plan Doesn’t Offer Billable and Non-billable Hours Tracking |
| For all Industries and Sizes | |
| Free Plan for Unlimited Projects | |
| Offers Geofencing |
Price Plan
- Free: $0/user/month
- Starter: $2.99/user/month
- Basic: $5.99/user/month
- Pro: $7.99/user/month
FreshBooks
The final pick for our list of the best time and billing software for accountants is FreshBooks. This software for accounting firms is the most comprehensive tool available.
You can use it for expense management, financial reports, invoicing, and timekeeping. The online payment features are very convenient.
Businesses across 160+ countries have used FreshBooks and saved up to 553 hours. Any business can attest that this time tracking and billing software for accounting firms has helped them save thousands of dollars.
Key Features
- The mobile app provides a similar experience to the desktop interface
- Automated payment reminders so that you never miss a payment
- The mileage tracker app can help save up to 40 hours every year on tax filing
- The business health tracking feature will meticulously account for every dollar invested in your business
Pros VS Cons
| Pros | Cons |
|---|---|
| Robust Time Tracking App | Doesn’t Offer a Free Plan |
| Customizable Invoices | |
| Multicurrency |
Price Plan
- Lite: $8.5/month (Maximum Clients: 5)
- Plus: $15/month (Maximum Clients: 50)
- Premium: $27.5/month (Unlimited Clients)
- All of these plans are offering a 50% discount for 4 months. You can Buy It Now and Save Money.
How Did We Assess These Time and Billing Software?
We can label the software above as time tracking app billing software or anything we want. The truth is they provide the best of both worlds. You can manage your time and money simultaneously with ease.
But you may ask the question, “How is your assessment credible?” Before labeling them the best time and billing software for accountants, we judged them based on 3 criteria:
- Functionality
- Best Features
- Pricing
TimeCamp took the lead on pricing. Also, TimeCamp and Paymo, these two time and billing software for accountants offer free plans.
However, Paymo received a whopping score of 4.8 because of its overall features and how specific it is in terms of meeting your demands. There might be time tracking tool that moves ahead in the future.
But for 2023, Paymo is our winner.
Comparison Table
| Categories | Paymo | TimeCamp | FreshBooks |
|---|---|---|---|
| Best for | Overall Time Tracking and Billing | Remote and In-house Employees | Accounting Solopreneurs |
| Top Feature | Offers 15 Languages | Leave Management | Multicurrency |
| Free plan | Available | Available | Not Available |
| Overall Rating | 4.8/5 | 4.5/5 | 4.2/5 |
| Sign up Links | Paymo | TimeCamp | FreshBooks |
