Most freelancers, small businesses, and construction businesses need to convert time logs into invoices. However, they try to follow the process manually and often make the wrong invoices. Besides, they may get back their invoice and also need to make a fresh one.
This is where the role of online invoice payment software comes in. Not only does it help you convert data from timesheets into invoices, but it also helps you prepare better project estimates.
Before we move on to the process of how you can convert time logs into invoices, let’s know their benefits.
1. Say No To Time Wastage
Time logs can help you gauge which aspects of the project eat most of your time. Once you know that, you can either choose to revamp the process, allocate it to other staff members, or even cut down the process if it is redundant. You can also make reports and share them with the management to get their opinion.
2. Accurate Billing
When was the last time you felt that you put in so many hours but were not paid adequately? Of course, you might have forgotten to account for the work you did. However, with time tracking software, you will never miss out on any task and get the right payment.
3. Automated Billing
Let’s be honest. No one likes to sit and make invoices. But, with an integrated online invoice payment software, you will never need to make them manually. Instead, all you will need to do is make a few clicks, and you will get your invoice.
4. Improved Project Management
There can be many hassles when managing projects. One of the common issues faced in managing projects includes tracking time and developing an understanding of how to optimize processes. With online invoice payment software, you can analyze where you are lacking and use those insights to improve project workflows.
5. Save Money
Another thing that good time tracking software helps you is by saving you money. This is because it helps you understand where all your money is going. Once you know that, you can cut your spending and even give some breather to the admin team.
Step-by-Step Process to Generate Invoices from Time Logs
1. Open Your Timesheet
Log on to your online payment software and click “Create” to open all the timesheets. You will have a list of all timesheets that have been created to date.
2. Specify The Category of Tracking
You will need to specify if you are tracking time for a contractor, subcontractor, employee, or another person. This will make it easy to calculate taxes and other related expenditures.
3. Select Your Customers
Make sure you select the right customer to get the right invoice log. If you are tracking it for a new customer, remember to save their name. Once you save the name, you can also add additional information.
4. Define the Service
Check what services were provided to these customers or the type of service item. Enter the information for new items carefully and also include a description for the same.
5. Choose the Account
Once you are done adding all items, you will need to single out an account to track the item.
6. Enter the Time Worked
The next step is to calculate the time an employee has spent on the customer.
7. Mail Your Invoice
All said and one and you can successfully mail your invoice. You can create invoices for each customer in the same manner, add their time logs, and mail them, all with a click of a button.
Make sure you have your records right, and you generate reports from time to time to have a clear picture of the time you spend vs. the output you get for the work done.
This will help you get better projects and even improve your scope of negotiation. Thus, you will be able to scale and boost profitability much faster.
So, this was all about creating invoices from time logs. Following these basic steps will help you get the right invoices made in just a few minutes and save you from a lot of hassles. If you are still searching for the right time tracking software, then we might have something to say!