Aug./Sept. 2009

Top 4 Time & Billing Solutions 2009

Clock in Anywhere

By Phil Britt

James Filicetti, who owns KJ Tax & Accounting, LLC, Waterford, WI, recalls the hassles of a paper-based system: "When a customer would call, the accountant would have to retrieve the file, which meant putting the client on hold. If someone else in the office needed the file at the same time, forget about it. The client on hold would get impatient. If the client didn't want to hold, the accountant would have to write down notes, retrieve the file and call back. Then the client might not be available."

Looking for a more efficient way of doing business, Filicetti turned to Time Matters from LexisNexis.

"As an accounting firm, we have to deal with the same type of information that other companies have to capture," Filicetti says. "We have to identify phone calls, faxes, links and other conversations and when that information came into our office."

Now, any time communication takes place between the firm and a client, Time Matters records the method and length of the communication on an unbillable report. The accountant can determine later whether or not to charge for the time. The time and billing information integrates with QuickBooks, which the firm uses for more advanced bookkeeping.

"We've been able to increase our revenues 7 to 10 percent in the last few years due to the efficiencies we've gained through Time Matters," Filicetti says.

Going Mobile
Loretta Ruppert, senior director of community management for LexisNexis, says that accountants such as Filicetti need flexible time and billing solutions to suit their work habits. Recording and tracking time and billing, for example, means being able to do so via laptops, personal digital assistants and Smartphones because today's CPAs are mobile.

"More and more people want to be able to take this information with them," Ruppert says. "They want to be able to sync back to their networks."

Due to the increasingly mobile nature of the business, the application enables users to access Time Matters files through Microsoft Outlook, Ruppert adds.

Dave Munnell, product manager for AccountantsWorld, providers of the Web-based product Practice Relief says: "Whether the CPA is working remotely or in a home office, he or she is relying on the Internet. Most [CPAs] don't leave their offices without a laptop or some other type of [wireless] device."

Managing Cash Flow
"In the current weak economy, that means using methods to ensure payment," Munnell says. "Although good management of accounts receivable aging is still the best, some CPAs have gone to taking at least partial payments upfront."

AccountantsWorld's sister product, Web Relief, aids CPAs in collecting receivables. Web Relief enables customers of CPA firms to make payments via the Web, which is becoming a popular method of payment.

Recognizing the need for CPAs to better manage cash flow, Sage Software of Lawrenceville, GA, added to its Timeslips 2010 program a dashboard that shows clients' up-to-date outstanding balances. "We wanted to help [CPAs] speed up those things that they do on a regular basis," says Sam Hunter, senior vice president and general manager for Timeslips.

"In order to speed up the invoicing process, Timeslips added electronic invoicing capabilities as well, says Ronda Horsham, product manager for Timeslips. "Tracking time and billing via a software product also enables a firm to ensure that it isn't missing billable time, which is a major flaw of paper-based systems."

Keeping It Simple
"Although CPAs want the latest in innovations, they also want simplicity," says Rudolf Melik, CEO, Tenrox of Montreal, Canada. "Five years ago, [customers] wanted a jazzy interface. Now they're looking for a straightforward user interface. You can't win on looks and complexity."

Bob Wolff, channel manager of BQE Software, which provides BillQuick and is based in Torrance, CA, agrees: "Now the shift is away from having more information to the management of information."

But the information can't be too simplistic. "CPAs still want the capability to drill down into the information to glean details regarding customer accounts," Melik says. "So the trick is to provide a time and billing solution with enough functionality to provide CPAs with the reports, details and interfaces necessary to make the time and billing function more efficient, without being so complex that the system becomes unwieldy."

Moving to SaaS
Another trend for users of time and billing software is the movement to Software as a Service (SaaS). The reason for the shift is that companies such as Salesforce.com, a CRM vendor, have proven the viability of the SaaS model. The availability of broadband and the applications themselves have evolved to make SaaS a desirable option for users who don't have the system upkeep to deal with the maintenance issues that come with installed application models.

"Using SaaS, people can access applications that are running on [hardware] systems that are equal to or better than what they have on-site," Melik says. "Three years ago, the majority of customers would have us install the application at their premises. Now it's completely the other way around."