Whether you are a small consultancy firm, a medium sized accountancy practice, or a code warrior for hire in a back room of your house then you have at least one thing in common: you are in business to get paid quickly, and for the work you have done. Timesheets are the usual method for tracking time you spent working and thus are the key to timely invoice generation. Timely invoice generation and despatch is important for two reasons:
1. You are more likely to get paid for your services the closer you present the invoice for payment to the time you did the work.
2. Poor cash flow kills more businesses than poor profitability.
Timesheets used to be monthly, then weekly, daily, and now can be updated to the minute. A timesheet software package like Timesheets MTS or Timesheets Lite is simple to administer, is simple for the casual user to enter time, and most importantly is simple for the accounts department to use and generate the reports they need for prompt invoicing.
So, throw out those paper based timesheet systems, throw out the spreadsheet timesheet systems that the wheels are falling of off, and move to a modern timesheet software system today. When you have a system be vigilant! Make sure your people are accurate and timely with their entries, and make sure accounts are prompt in issuing invoices! Of course don't forget normal debt collection practices, there's no point issuing invoices promptly and then having poor follow up!
About The Author
Mark Nemtsas, Moving Target Software
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