Have you ever taken a moment to follow the expenses that keep your business moving? All businesses need to keep track of their costs. Part of that is investing in time and expense tracking.

Employees submit expense reports to get reimbursed for out-of-pocket expenses. Managers approve these expenses. It is a checks and balances process and ensures the company can claim deductions at tax time.

Larger companies have gotten rid of paper reports, receipts, and spreadsheets. They use time-tracking software. Smaller companies tend to stick to outdated, inefficient processes and systems.

If a small business doesn't have expense software, it's easier for employees to misuse funds. Companies can experience a hit to their cash flow if duplicate or fake reports get submitted.  

There are so many benefits to using time and expense-tracking software. We've compiled a list of top industries that can benefit the most. See if yours made the list. 

What is Time and Expense Tracking Software?

QuickBooks expense tracking for employees is a great example. It allows businesses to track expenses by categories, track their spending over time, and create expense reports.

It's easier to see your spending with each supplier. Plus, you can import bank and credit card info, and the app will sort expenses into the right subcategories.

They also have mobile apps that allow employees to image and upload receipts. You can even track employee hours by integrating a timesheet app.

Time Tracking Software for Architects

Time tracking is great for tracking your time on each task and project milestone. It helps you understand how you're spending your time and where you're wasting it.

With a Minute7 integration, you keep track of your time and costs from your computer, Mac, iPhone, or Android. The time tracking software syncs with your QuickBooks desktop and QuickBooks online, allowing you to enter your time and expenses without leaving your desk.

Time tracking can also help with budget and planning future projects. Plus, you can identify areas where improvement increases your efficiency. 

Time Tracking By Industry

Project management is beneficial across industries. Besides knowing exactly how long someone has been working, a time-tracking app like Minute7 can also help you keep track of your team's time management.

Another bonus for small businesses is the integration of sending proposals, online signing, and invoicing for services rendered. Customers can pay via the invoice.

Other industries that benefit from time-tracking tools include the following:

• advertising agencies
• construction industry
• hospitality sector
• legal teams
• nonprofits

Any organization with employees in the field should invest in time and expense-tracking software. Come tax time, you'll make your accountant's job much easier.

Plus, it takes an accountant less time to prepare tax returns. Time tracking by industry provides information already categorized and easily downloaded into customizable reports.

It's Time to Integrate!

Minute7 is perfect for employees, vendors, or 1099 subcontractors. Time and expense tracking software is easier and more reliable than manual methods. The software provides flexibility and is perfect for remote use. 

Learn more about using Minute7 to save your business time and money. Take advantage of our 30-day FREE trial.