Time is money and no one understands this more than a small & medium enterprise who is constantly striving to make it to the bigger arena of the large corporate world. In times like this, when organizations are crunching to micromanage all the activities and enhance tasks efficiency to increase business productivity, time tracking, and expense tracking elements can play a vital role.

Time tracking helps management to quantifiably account for the task done and definitely help in gaining a major competitive advantage. Without further ado, let’s check the advantage of using time and expense tracking software for your company.

1) Maintains Accuracy

Time tracking feature plays a massive role for companies in enhancing and boosting productivity by accurately billing the time taken to complete the task and even work hours spent on a particular project.

Your clients will definitely be impressed when you present in detail and summary of charge for several projects via multiple billable charge. Moreover, when you opt for a professional invoice generator you can maintain and record accountability for every minute. You can maximize business productivity by capturing time log for every task.

2) Operational Efficiency

Time tracking, expense tracking, and invoice management seamlessly streamline the organizational process and overall system to bring about amazing improvements in performance levels.

The operational efficiency increases when you can create invoices with timesheet and calculate the time spent on critical work tasks. To meet the deadline, companies can even rearrange the projects and activities that support the workflow in a feasible fashion. Thus, if you are looking to pump up output and increase efficiency than make sure to get the best online invoicing solution with time tracking feature.

3) Reduce Cost

Businesses owners are constantly looking for ways to cut down on expenses so as to increase the profits. Tracking time can prove to be beneficial and can be a cost-effective system to help organization lower the budgetary requirements. One can easily avoid the hefty-nefty paperwork of attendance and payroll with just an effective time management system to automate various tasks.

4) Timesheet Records

Usually, companies have to spend unnecessary resources to track an employee’s daily activities and work done. Time tracking feature allows to track employee’s activity as well as make sure that the on-going project is on right track. Timesheet system gets updated in real-time and what remains is the simple log in and entering the schedule for the day.

This record system allows the team to remain focused on the task at hands and provides complete records for individual and groups.

5) Simplify Payroll Processes

For any organization, it is utmost important to maintain & process the payroll in a timely and precise manner. Not to mention it is a tough task though. In such a scenario, time tracking software and its advantages can prove to be boon for the company. It avoids all the lengthy calculations and prevents any critical error as the entire system is automated.

In a Nutshell:

Moon Invoice, a simple and easy online invoicing platform can streamline your entire expense management process with its ‘Payment Simplified’ feature. The feature can help you optimize, organize and can help you to take necessary action to get you to up to speed in terms of payments. Few of the ‘Payments’ features at a glance are- Bill In Any Currency, Multiple Payment Methods, Taxes & Discounts and many more…

Recurring Payments Vs Recurring Invoices

Recurring Payments	Recurring Invoices
Recurring payments charge the customer’s credit card account or debit card account on a predetermined schedule for the same amount as preapproved.	Send an invoice to your customer on a regular basis. The client receives the invoice but, money is not paid unless the customer approves.
A business that takes prepayment of money and sells a monthly subscription service and product. Subscription services are excellent examples of this.	A company that provides fixed services with billable hours is an excellent choice for recurring billing. For example law firms and consulting agencies.

Pros and Cons of Recurring Invoices

Pros	Cons
You eliminate the possibility of human error by automating the billing process. If you use a recurring invoice, you will not be concerned about forgetting to charge your customers for the things they ordered.	You must exercise caution while recurring billing to prevent issuing inaccurate pricing. This also holds for price changes that could take place right once an invoice is created.
If you provide your customers with the option for recurring billing, they are more likely to buy products regularly.	It could be difficult to cope with recurring invoices if a transaction fails for any reason.

Net 45	Invoice is due in full within 45 days with no early payment discount offered
2/10 net 45 terms	2% discount if you pay within 10 days; otherwise full payment of the invoice is due in 45 days
1/15 net 45 terms	1% discount if you pay within 15 days; otherwise full payment of the invoice is due in 45 days
1/10 net 45 terms	1% discount if you pay within 10 days; otherwise full payment of the invoice is due in 45 days
1/7 net 45 terms	1% discount if you pay within 7 days; otherwise full payment of the invoice is due in 45 days

Category	Net Method vs. Gross Method	Explanation
Calculation Approach	- Applies tax credits first; reduces taxable income before computing tax liability.	- Doesn't apply tax credits; computes taxable income without considering tax credits.
Tax Credit Eligibility	- Allows for greater likelihood of tax credit eligibility due to reduced taxable income.	- Limits tax credit eligibility because taxable income hasn't been reduced yet.
Itemized Deduction Requirement	- Lowers threshold requirement for itemizing deductions due to decreased taxable income.	- Raises threshold requirement for itemizing deductions due to higher taxable income.
Advantages	- Leads to lower taxable income and increases chances of meeting qualifications for other tax benefits.	- Results in higher taxable income compared to net method.
Disadvantages	- May miss opportunity to reduce tax burden if taxpayer doesn't itemize deductions or take advantage of tax credits.	- Increases taxable income and may result in higher overall tax bill.