"Time is the scarcest resource and unless it is managed, nothing else can be managed."
~ Peter Drucker, management consultant
In an agency environment, time is not just an abstract concept — it's the currency you trade. Every minute counts, and each second can be a missed opportunity.
The same goes for billing, as efficient and accurate invoicing is crucial for maintaining a steady cash flow and keeping clients happy.
A billing software streamlines and automates these processes, allowing agencies to track time spent on tasks and projects, create detailed invoices for clients, and analyze data for better business decisions.
Benefits of time and billing software for agencies
Modern technology has made it easier for agencies to implement time and billing software solutions. These tools save time and reduce errors but also offer a range of benefits for agencies to achieve success.
Let’s dive into some of the key benefits of using time and billing software.
Increased time tracking accuracy
Time and billing software eliminates the need for manual time tracking, reducing the risk of human error. With automatic time tracking, timesheets can be created with precision, capturing every second spent on a project.
These software solutions offer real-time updates and reminders, ensuring no billable hours go unrecorded. This level of accuracy ensures that agencies bill their clients correctly and helps them understand which projects and tasks are most profitable.
Agencies can use this information to optimize resource allocation and improve project management strategies.
More efficient billing
Invoicing clients can be a time-consuming and tedious process, especially for agencies with multiple projects and clients. Time and billing software automates this process, allowing the agency to generate accurate invoices quickly.
This saves time and reduces the risk of human error in manual invoicing. With things like automatic reminders and online payment options, agencies can improve their cash flow by ensuring faster client payments. This eliminates constant follow-ups and frees up time for more valuable tasks — like keeping your agency running.
Building trust with clients hinges on transparency, and real-time insights into project progress and costs can significantly aid this.
Clients appreciate a centralized data view, which reduces uncertainty. Real-time reporting is a powerful tool for workflow optimization, leading to higher client satisfaction.
Additionally, performance analysis provides a solid measure of work done, enhancing communication and productivity. This allows for timely decisions throughout a project, resulting in more agile decision-making. This minimizes operational hiccups, further strengthening client trust.
Automating many administrative tasks in project tracking, such as timekeeping and invoicing, saves valuable time for both employees and management. Improved productivity also stems from seeing real-time progress updates across all projects.
This visibility makes it easier to identify and address bottlenecks immediately, preventing delays. Automated reminders for deadlines also help keep employees on track, increasing overall efficiency and productivity.
Best time and billing software for agencies
A billing software can benefit agencies in several ways. However, there are a ton on the market and it can be overwhelming to know where to turn. Below, we’ll highlight a few of the top contenders on the market based on feature set and affordability.
Teamwork.com is a leading project management platform designed specifically for agencies to effectively manage time, tasks, and billing. It offers a comprehensive suite of tools that help agencies deliver projects on time and within budget. Additionally, its robust feature set and user-friendly interface make it the superior choice for managing client work operations.
With Teamwork.com, you can easily track time spent on tasks and generate accurate invoices for clients. The platform also allows you to set billable rates for individual team members, simplifying the billing process even further. Additional benefits include project templates, task prioritization, and comprehensive reporting.
Key features of Teamwork.com:
Efficient task and work management
Accurate time tracking
Insightful profitability analysis
Seamless client collaboration
Deliver plan: Ideal for small teams, priced at $10 per user/month.
Grow plan: Best suited for larger teams, costing $18 per user/month.
Scale plan: Custom pricing, designed specifically for enterprises.
Each plan is tailored to meet different needs, from small teams just starting out to large agencies needing advanced features.
Developed specifically for freelancers, small to medium agencies, and large corporations, Harvest is a good solution that ensures accurate time tracking and easy-to-manage invoicing.
With Harvest, you can:
Track time for multiple projects and tasks.
Generate customized invoices based on project hours and rates.
Automate reminders for overdue payments.
Create detailed reports to analyze project profitability.
Key features of Harvest:
Time tracking and reporting
Team and project management
Project workflow automation
Free plan: No cost, suitable for 1 person and 2 projects.
Pro plan: Priced at $10.80 per month, allows unlimited people and projects.
Toggl is a highly efficient time-tracking software developed by Toggl OÜ. It's not just about tracking minutes and hours — Toggl transforms these basic metrics into actionable insights, optimizing each project's or client's return on time. This makes it a great tool for agencies looking to refine their time and billing processes.
With Toggl, you can create detailed reports and track time across different devices. Its simple yet powerful features, such as idle detection and reminders, ensure accurate time tracking for all team members.
Additionally, Toggl integrates with popular project management tools like Asana and Trello, making it a perfect fit for collaborative agency projects.
Key features of Toggl:
Real-time productivity tracking
Simple yet powerful time tracking
Work-oriented, clutter-free interface
Insightful data analysis
Free plan: Available for $0 per user/month.
Starter plan: Priced at $10 per user/month.
Premium plan: Costs $20 per user/month.
Enterprise plan: Custom pricing per user/month.
Clockify is a powerful time-tracking software that is trusted by millions of users worldwide. It excels in offering comprehensive insights into time management, making it an exceptional tool for agencies aiming to enhance their billing processes and maximize productivity.
With Clockify, you can track time using its user-friendly timer or manually enter your hours. It also offers detailed reporting and invoicing features to help agencies stay on top of their project budgets and expenses.
Clockify's integration with popular tools like Slack and Quickbooks allows for seamless collaboration and management across different platforms.
Key features of Clockify:
Leverage free time tracker and timesheet app.
Monitor work hours across projects.
Analyze and export time data.
Integrate with other tools for enhanced project management.
Free Plan: Available at $0 per user/month.
Plus Plan: Priced at $9.99 per user/month.
Premium Plan: Costs $29.99 per user/month.
Enterprise Plan: Custom pricing per user/month.
Paymo is a solution that combines project management, time tracking, and invoicing into one seamless platform. It's designed to cater to the needs of agencies seeking to optimize their billing and time management processes, by offering a user-friendly interface and intuitive functionality.
With Paymo, you can simply track time on tasks and projects, set budgets and deadlines, and generate detailed reports. Its invoicing feature allows for hassle-free billing and expense tracking.
Paymo also integrates with popular tools like Zapier and Google Drive to streamline workflow processes.
Key features of Paymo:
Comprehensive project management
Precise time tracking
Streamlined invoicing system
Small Office Plan: Available at $11.95 per user/month.
Business Plan: Priced at $18.95 per user/month.
TimeCamp is an advanced, cloud-based solution that specializes in time tracking and billing. Launched in 2009 by Time Solutions, this innovative software offers agencies an efficient way to track billable time, manage projects, and monitor team productivity.
With its automatic time-tracking ability, TimeCamp records everything you do on your computer and categorizes it into projects for accurate billing. It also offers invoicing and budgeting.
Key features of TimeCamp:
Insightful project and task management
Detailed timesheet viewing and editing
Comprehensive reports for monitoring progress
Seamless integration with tools
Free plan: Available at $0 per user/month.
Basic plan: Priced at $7 per user/month.
Pro plan: Costs $10 per user/month.
FreshBooks is a cloud-based accounting software primarily designed for small to medium-sized agencies. Operated by 2ndSite Inc., FreshBooks offers a comprehensive suite of tools for time tracking, invoicing, expense management, and more, making it a solid choice for agencies looking to streamline their billing processes.
With FreshBooks, you can create professional-looking invoices, track time and expenses, accept online payments, and manage your finances. Its user-friendly interface and mobile app allow for seamless management of all accounting tasks on the go.
Key features of FreshBooks:
Comprehensive expense management
User-friendly time tracking
Excellent customer support
Lite Plan: Available at $15 per user/month.
Plus Plan: Priced at $25 per user/month.
Premium Plan: Costs $50 per user/month.
Hubstaff is a powerful time-tracking and monitoring tool specifically designed to aid agencies in understanding and managing their productivity. It provides a comprehensive platform that makes it possible to track employee work hours, generate in-depth reports, manage tasks, and facilitate billing.
With Hubstaff, agencies can track their team's activities in real time, ensuring that every work hour is accounted for and accurately billed. It also offers features such as GPS tracking and geofencing to monitor remote employees' locations and activity levels.
Key features of Hubstaff:
Employee work tracker with screenshots
Detailed timesheets and billing
In-depth productivity reports
URL monitoring & employee payroll
Starter Plan: Available at $7 per user/month.
Pro Plan: Priced at $10 per user/month.
Enterprise Plan: Comes with custom pricing.
Accelerate your agency’s profitability with Teamwork.com
Managing an agency's operations effectively can be greatly enhanced when using the right tools. While FreshBooks and Hubstaff offer unique features for time tracking and billing, incorporating Teamwork.com into your agency's workflow can truly accelerate profitability.
If you’re looking to streamline project management and agency operations, resource allocation, and billing processes, Teamwork.com can be the perfect solution. It helps agencies keep track of billable hours accurately and fosters a sense of trust and transparency with clients, ultimately leading to long-term relationships and increased profitability.