Struggling to keep track of billable hours while staying on top of invoicing? Time tracking and invoicing software can make your life easier. These platforms combine time management and billing into one streamlined solution, making them indispensable for freelancers, agencies, and companies alike. They simplify workflows, ensure precision in billing, and save hours otherwise lost in manual tasks.
A recent study revealed that businesses lose an estimated $7.4 billion annually due to inefficient time tracking and billing processes software. With the best time tracking and invoicing tools, you can enhance productivity and client satisfaction.
In this blog, we’ll explore the best time tracking and invoicing software, their key features, benefits and how you can choose the best one. Let’s get started!
Benefits of Time Tracking and Invoicing Software
Time tracking and invoicing software help businesses as well as freelancers manage their time and finances more efficiently, reducing administrative burden, ensuring accurate billing, and improving overall productivity. Here are the top reasons why you should get one for your business:
- Enhanced Accuracy: Automation eliminates manual calculation errors, ensuring clients are billed accurately for the exact hours worked and reducing the risk of disputes.
- Inefficient Invoicing: Manually creating invoices can be time-consuming, especially when managing multiple clients. Software automates this process, converting time logs into professional, error-free invoices.
- Streamlined Operations: By integrating time tracking and invoicing into a single platform, businesses can eliminate the need for multiple tools, making workflow more efficient with fewer errors.
Also Read: Learn more about the CPA workflow software tools that have changed the way accounting firms manage their processes.
- Timely Payments: With automated invoicing, invoices are generated and sent on time, reducing delays and improving cash flow. This also means business owners don't have to chase clients for payments, as reminders and payment tracking can be automated.
- Improved Productivity: Software handles administrative tasks, allowing businesses and freelancers to focus on core activities, thus boosting overall productivity and reducing time spent on non-billable tasks.
- Compliance and Reporting: Time tracking software often integrate with accounting or project management systems, ensuring compliance with labor laws and providing detailed reports for tax purposes or internal tracking. This makes financial management more transparent and helps avoid mistakes during audits.
As businesses seek efficiency, tools with integrated features are gaining immense popularity.
Top 10 Time Tracking and Invoicing Software
Here’s a detailed breakdown of the best tools that combine time tracking and invoicing, their unique offerings, and who they’re best suited for:
1. Cone Work Management Software
Cone Work Management Software is a leading solution designed specifically for accounting and professional service firms. Its integrated time tracking and invoicing capabilities make it a popular platform for precise management.
Key Features:
- Real-time tracking to monitor billable hours
- Automated billing system for streamlined payments
- Invoice automation to reduce manual errors
- Customizable invoices to match your branding
- Advanced project tracking to analyze profitability
- Comprehensive reporting for financial insights
Pricing:
- 14-day free trial
- Starter plan: $5 per user/month
- Essentials plan: $10 per user/month
- Business plan: $15 per user/month
- Contact sales for team size >20
Cone stands out by combining project management with financial accountability, catering to businesses that demand precision and control.
2. Toggl Track
Toggl Track is a simple yet powerful time-tracking tool designed for freelancers, teams, and businesses, providing insights into productivity and project management.
Key Features:
- Track time seamlessly across multiple devices.
- Generate detailed reports for better analysis.
- Integrate with productivity tools and software.
Pricing:
Monthly
- Free: For up to 5 users
- Starter: $10 per user per month
- Premium: $20 per user per month
- Enterprise: Custom pricing
Annual
- Free: For up to 5 users
- Starter: $9 per user per month
- Premium: $18 per user per month
- Enterprise: Custom pricing
3. Harvest
Harvest is a favorite among freelancers and agencies for its simplicity and detailed time tracking features.
Key Features:
- Easy tracking of time on the go
- Detailed invoicing with time and expense integration
- Compatibility with payment platforms for faster processing
Its clean interface and practical features make it ideal for smaller teams.
Pricing:
Monthly:
- Free: $0 individual freelancers
- Pro: $13.75 per seat/month
- Premium: $17.50 per seat/month
Annual:
- Free: $0 individual freelancers
- Pro: $11 per sear/month
- Premium: $14 per seat/month
4. BigTime
BigTime Software is a professional services automation (PSA) platform that streamlines time tracking, billing, and project management for firms and teams across various industries.
Key Features:
- Manage time tracking and billing effectively.
- Create project workflows with customization options.
- Access robust reporting and analytics tools.
- Integrate seamlessly with accounting platforms like QuickBooks.
Pricing:
- Essentials: $20 per user per month
- Advanced: $35 per user per month
- Premier: $45 per user per month
- Foresight: Let’s talk
5. FreshBooks
Freelancers and small businesses would benefit from FreshBooks because it is easy to use and highly functional.
Key Features:
- Time logs automatically converted into invoices
- Recurring billing for subscription-based clients
- Integration with expense tracking and accounting software
Also Read: Learn more about the integrated email accounting practice management software tailored for accounting firms.
Pricing:
Monthly:
- Lite: $4.75 per month
- Plus: $8.25 per month
- Premium: $15.00 per month
Yearly:
- Lite: $162.45 per year
- Plus: $282.15 per year
- Premium: $513.00 per year
6. Paymo
Paymo is a project management tool which is comprehensive that has strong time tracking and invoicing capabilities. Have a look at what project management software for freelancers are available on the market.
Key Features:
- Visual task management boards for efficient planning
- Timesheets synced with invoicing tools
- Collaboration features for team projects
Paymo is ideal for medium-sized businesses and teams that require seamless modern workplace collaboration.
Pricing:
Monthly:
- Free: $0 per user, per month
- Starter: $9.9 per user, per month
- Small Office: $15.9 per user, per month
- Business: $23.9 per user, per month
Annually:
- Free: $0 per user, per month
- Starter: $3.9 per user, per month
- Small Office: $6.9 per user, per month
- Business: $10.9 per user, per month
7. Accelo
Accelo is designed for service businesses, offering automated solutions for time tracking and billing.
Key Features:
- Automatic time tracking integrated with client invoicing
- Custom templates for faster invoice creation
- Insights into project profitability and team performance
It has strong automation capabilities that set it as a perfect match for businesses that deal with many clients and projects.
8. Scoro
The main features of Scoro are unified in one tool; it is a time tracker, a billing tool, and a project management solution.
Key Features:
- Real-time tracking for projects and tasks
- Financial integrations for accounting
- KPI dashboards for actionable insights
Scoro is perfect for growing businesses that want an all-encompassing tool.
Pricing:
Monthly:
- Essential: $28 per user, per month
- Standard: $42 per user, per month
- Pro: $71 per user, per month
- Ultimate: Contact for pricing
Annual:
- Essential: $26 per user, per month
- Standard: $37 per user, per month
- Pro: $63 per user, per month
- Ultimate: Contact for pricing
9. Clockify
Manifested itself as one of the few free applications containing a vast number of functions for time tracking and invoice generation.
Key Features:
- Time entries converted into detailed invoices
- Integration with project management platforms
- Customizable timesheet reporting
Its affordability makes it accessible to individuals and small businesses.
Pricing:
Monthly:
- Free: $0
- Basic: $4.99
- Standard: $6.99
- Pro: $9.99
- Enterprise: $14.99
- Bundle: $15.99
Annually:
- Free: $0
- Basic: $3.99
- Standard: $5.49
- Pro: $7.99
- Enterprise: $11.99
- Bundle: $12.99
10. Zoho Invoice
Zoho Invoice is a tool that is in the family of Zoho tools and that allows time tracking and invoicing.
Key Features:
- Detailed time tracking for individual tasks
- Automated invoicing with reminders for due payments
- Integration with Zoho’s ecosystem for added functionality
Zoho Invoice is great for businesses already using Zoho tools.
Also Read: Learn more about the Zoho alternatives, find out which suits your business.
Pricing:
$0 for seamless and reliable invoicing.
How to Choose the Best Software for Your Business?
Look for these features when choosing the ideal software:
- Intuitive and user-friendly interface.
- Compatibility with existing tools and software.
- Options for tailored invoices and workflows.
- Automated billing system and payment tracking.
- Advanced analytics for financial and performance insights.
- Flexibility to grow with your business needs.
These factors ensure you find software that aligns with your business goals.
Why Choose Cone Work Management Software?
Selecting the proper software for work management is an important need for enhancing productivity and effectiveness. All in one platform, Cone Work Management Software makes it easy for businesses to manage tasks, coordinate projects, and communicate with clients. The solution is suitable for businesses of all sizes looking for an affordable, yet feature-rich solution. Listed here are the some of the best features to consider:
Best Features:
- Tracks work hours with manual or automatic options.
- Customizable templates and recurring invoice features.
- Connects with payroll, project, and accounting tools.
- Enables invoicing and tracking via smartphones.
- Protects data with encryption and cloud backups.
Also Read: Learn more about the Cloud based business management software to manage your business efficiently.
Choose software with features that match your specific business needs for optimal efficiency.
Final Thoughts
Efficient time tracking and invoicing are essential for boosting productivity and ensuring accurate billing. Choosing the right software can help businesses avoid costly errors and improve workflow management. Cone Work Management Software offers a seamless solution by integrating time tracking and invoicing features, making it easier to manage client billing while enhancing team productivity. With Cone's easy-to-use platform, you can streamline your processes and reduce administrative overhead.
Start your Cone free trial today!