Time Tracking In Quickbooks: Is It Worth It?
Time Tracking is a feature offered with Quickbooks Plus. Just as the name suggests, this feature is designed to keep track of clients’ time. Time Tracking is a feature that some businesses may use on a daily basis, while others may never use it. Business owners should analyze the goals, objectives and logistics of their professional operations to determine whether or not this feature is right for them. To learn more about Quickbooks Time Tracking, keep reading.
Does Your Company Charge Based On Time?
If you answered yes to this question, then Time Tracking will likely prove useful. It’s not uncommon for contractors, lawyers, psychologists and consultants to charger their clients based on time (note: those are just a few examples). Rather than calculating time spend with each client and manually entering in the appropriate cost, Time Tracking performs these operations automatically.
Quickbooks Time Tracker allows businesses to assign a time activity to a particular client (time spent with client), and then choose whether or not to bill them for the recorded rate. It’s an otherwise simple task that makes managing time-based expenses a breeze. Business owners are no longer forced to manually multiple the hours spent with each client by their given rate before adding it into their Quickbooks account.
Of course, Time Tracker automatically adds the appropriate time-based charges to the client’s invoice. Once the feature is set up and running, all you must do is assign a time activity to the respective client. Upon adding this information, Quickbooks calculates the cost and adds it to their invoice.
Time Tracking Allows You To Hide Your Rates
Here’s a scenario to consider: perhaps you don’t want to reveal your normal hourly cost to clients. This is an all-too-common scenario that thousands of business owners find themselves in. Thankfully, Time Tracking comes with an option to hide your rates to clients. You’ll still be able to see and adjust these rates each time you log into Quickbooks, but they’ll remain hidden to clients. This is a huge benefit for businesses that offer services at different prices based on client loyalty.
The Time Tracking window is simple and straight forward to use. It features a drop-down menu where business owners/accountants can select the employee responsible for performing the service, along with several other drop-down boxes for the client and service. In addition, there’s a calender to the right-hand side where the hours are added and a clickable box for the ‘billing’ option.