When it comes to working with contractors or consultants, time is a critical factor in billing. Whether they round to the nearest 15-minute increment or have different rates across differing time intervals, it’s important to know exactly how much time you’re paying for. Likewise, if you bill for services rendered over time, you want the ability to provide an exact cost and quantity to customers—backed by irrefutable proof, so you get paid.
Veem’s accounting software is a favorite tool for accountants for understanding how much time you’re paying for—or billing for. It not only tracks the time in correlation with cost models, this software also offers a number of additional features that make it efficient, effortless and downright convenient to use.
Here’s a closer look at five of the most critical features to look for when selecting CPA time invoicing software, and why they’re so vital to business accounting synergy.
1. Integration with accounting software stack
As businesses expand their digital operations, their tech stack grows. And, with more and more transactions happening within digital portals, it only makes sense that the accounting tech stack is growing, as well. Time invoicing software is quickly becoming part of many business’ staples.
The ability to track and invoice against timesheets and logs—or the ability to validate payments against an incoming invoice—makes it easier for businesses to transact digitally. Instead of manually inputting this information into accounting software, integrations make it easy to share data across the tech stack. The result is everything from automatic time sheet validation, to automatic ledger entries, to archival of old invoices and more.
Whether it connects to core accounting software or to other important programs in the tech stack, integration capability tops the list of must-have features for CPA time invoicing software.
2. Plug-and-play rates and terms
The most important function of CPA time invoicing software is to provide an accurate standard to bill against or to verify payment against. Case in point: the software needs to be smart enough to apply rates and terms to invoices or payments depending on the parties involved. For example:
- Distinguish between a standard rate and a premium rate, and their criteria
- Determine net terms based on the recipient or the type of invoice
- Check rates and totals against a source of data truth to verify rates and terms
- Apply discounts appropriately, based on predetermined context
Inaccuracies in time invoicing will stall the entire payment process. More importantly, they’re difficult to go back and fix. It’s a tedious process to identify the incorrect invoice, understand the mistake in timekeeping or billing rate, reconcile the incorrect charge, issue and new invoice or payment, and account for it all appropriately. Accountants can avoid this by simply using robust time invoicing software.
3. AI failsafe and human error detection
In the age of machine learning and artificial intelligence, invoicing and payments are getting the attention they deserve. Accountants should look for time invoicing software that utilizes AI and ML algorithms to detect errors, automate processes and verify data against a recognizable standard. These features (and others) ensure the accuracy and timeliness of both outcoming payments and incoming invoices.
With AI and ML to automate and verify transactions, accountants spend less time on clerical work—and less time auditing for time invoicing errors. Instead, they’re able to set up workflows with peace of mind that time invoicing transactions will remain accurate and traceable through the software.
4. Automatic payments and invoicing
Automation is often the primary reason CPAs seek time invoicing software. Paying more than a handful of invoices or issuing dozens (if not hundreds) of your own each month becomes incredibly time-consuming if there’s no process to automate them. The ability to generate and send invoices or pay and record them at the press of a button alleviates hours of work from accounting duties each month.
It’s important to distinguish between simple and complex automations, as well. Stringing together a few rules is convenient; however, accountants need checks and balances built in to ensure the efficacy of any automated processes.
5. International features
Finally, CPA time invoicing software should have controls in place for international invoicing and payments. Who knows when you’ll need to pay a contractor in Malaysia against a time-tracked invoice? What happens when you need to issue a time-tracked invoice to a customer in Germany? Accountants need software that’s smart enough to understand cross-border transaction dynamics.
Look for software that includes exchange rate calculations, cross-border taxation automations and the ability to account for different cost centers based on country, among other features. Software with international payment capabilities saves accountants even more time—and promotes invoicing accuracy.
Choose a premier CPA time invoicing option
Looking for best-in-class time invoicing features like the ones mentioned above? Schedule a demo of Veem today and get the software you need to simplify time invoicing. Whether you’re sending invoices or paying them, Veem offers solutions that make payments simple, regardless of borders.