Streamlining Operations With Time and Expense Management Software

For a growing business, every minute and every dollar counts. Savvy business owners know integrating time and expense management software is the first step to financial success.

The perfect trifecta for businesses is a 3-in-1 tool that provides precise time tracking, streamlined expense management, and a comprehensive view of your finances. This combination also helps you boost efficiency, accurately pay team members, and reach your business goals.

The path to operational optimization has its challenges. From grappling with manual errors to the complexities of expense tracking, businesses often battle inefficiencies in manual time and expense management. That’s where tools that automate this process come in.

In this post, we’ll delve into seven different time and expense tools. Our aim? To guide you through the best time and expense management software available to find the one that works for you.

The best time and expense management software

We searched through the sea of time tracking and expense management tools to find the top picks with the best features, user reviews, and value for money.

In a rush? No worries then. Fortunately, we also created this chart for a quick overview of the best time and expense solutions available.

Tool	Key features	Pricing	Best for
Hubstaff	Time tracking Expense management Timesheets Payroll	Paid plans starting at $7 per user/month	Workforce analytics
Clockify	Time tracking Expense tracking Reporting Integrations	Paid plans starting at $4.99 per user/month	Project and task management
Sage Intacct	Time tracking Expense management Integrations User-friendly interface	Pricing is available by request	Insightful analytics
Smartsheet	Expense management Analytics Automation Time tracking	Paid plans starting at $9 per user/month	Expense request automations
Harvest	Time tracking Expense management Project insights Invoicing	Paid plans starting at $12 per user/month	Ease of use
Zoho Invoice	Time tracking Expense management Integrations Customizable invoices	Free	Free plan
monday.com	Expense tracking Time tracking Automation Collaboration	Paid plans starting at $12 per user/month	Project management

Have more time to get into the nitty-gritty of these tools? Then let’s kick off the list with a familiar name. 

Hubstaff

Hubstaff can function as a 3-in-1 tool to track time, manage expenses, and handle budgets and payroll. Plus, it can also be transformed into a more complex workforce management solution with extensive employee monitoring and productivity insights. 

Hubstaff helps you quickly get your finances in order with all-in-one time tracking, invoicing, and payroll features, putting time and expense tracking at the center and reducing admin work. 

Key features 

• Time tracking. Employees can track billable hours using the desktop app, mobile app, or web browser. There’s also an easy-to-use Chrome extension. Just start and stop the timer to track hours.
  
• Expense management. Our software enables easy-to-use expense management with digital receipt storage and expense reports that connect tracked time to specific clients or projects.
  
• Timesheets. Hubstaff’s employee timesheet software converts time tracking data to automate the process of approving and submitting the timesheets. This reduces manual work, eliminates mistakes, and streamlines payroll processing.
  
• Payroll. Use PayPal, Payoneer, TransferWise, and Bitwage integrations to pay each team member on their preferred platform. You can send them out simultaneously from the Hubstaff app.
  
• Integrations. Power up workflows with 30+ integrations with tools like Jira, GitHub, Slack, and QuickBooks. Don’t see a specific software option on the list? You can also connect Hubstaff with almost any app using Zapier.

Pricing

Hubstaff offers a free plan for a single user with time tracking and payment features. For more advanced features, you can also choose from one of the paid plans — all of which support unlimited users.

• Starter: $7 per user/month
• Grow: $9 per user/month
• Team: $12 per user/month
• Enterprise: Custom pricing is available upon request

For more features and customization, check out some of the additional add-ons.

• Insights – $2 per user/month
• Tasks – $3 per user/month
• Data retention – $2 per user/month
• More screenshots – $3 per user/month

What sets Husbtaff apart: Workforce management

Hubstaff offers workforce management features that enable managers to do much more than just manage their team’s time and expenses, with scheduling, time off, and productivity tracking. Using the Insights add-on, managers can also access real-time workplace Insights to improve staffing decisions, fight burnout, and manage their team’s work and meeting time efficiently. 

Clockify

Clockify offers simple, user-friendly time tracking and expense management. With Clockify, users can automate expense reporting with advanced customization.  

Whether you’re a solo entrepreneur or managing a team, Clockify’s user-friendly design and integration capabilities position it as a versatile and indispensable tool for businesses striving for operational excellence. 

Key features 

• Time tracking. Clockify’s user-friendly interface simplifies time tracking for individuals and teams. Users can log hours for different projects and tasks, ensuring accurate and transparent record-keeping.
  
• Expense tracking. Clockify offers a streamlined expense tracker where you can capture and categorize expenses.
  
• Reporting. You can use Clockify’s customizable reporting capabilities to generate detailed reports based on project timelines, team members, or specific tasks.
  
• Integration capabilities. Clockify integrates with popular project management tools, accounting software, and other essential applications.

Pricing 

• Basic: $4.99 per user/month
• Standard: $6.99 per user/month 
• Pro: $9.99 per user/month
• Enterprise: $14.99 per user/month

What sets Clockify apart: Project and task management

Clockify’s project and task management features allow you to categorize time entries, allocate hours to specific projects, and gain a comprehensive overview of your team’s activities.

Sage Intacct

Sage Intacct is a smart expense management solution with time tracking capabilities, offering businesses a solution for monitoring and controlling project-related costs. 

With its user-friendly interface, Sage Intacct also enables efficient tracking of employee hours that ensure you and your team have accurate, timely records of work hours across all projects. 

Features

• Time tracking. Sage Intacct offers time tracking feature that allows users to accurately record and monitor employee time across different projects, enhancing visibility into resource allocation and project timelines.
  
• Expense management. The platform simplifies the expense tracking process by providing a seamless method for employees to submit, managers to approve, and finance teams to reimburse expenses.
  
• Integrations. Sage Intacct’s integration capabilities enable seamless connectivity with other software. This way, you can also foster cohesive workflows and consolidate project-related data.
  
• User-friendly interface. With an intuitive and user-friendly interface, Sage Intacct ensures users can navigate the platform effortlessly. It also helps reduce the learning curve and promotes widespread adoption across the organization.

Pricing

• Pricing is available by request 

What sets Sage Intacct apart: Insightful analytics 

Sage goes beyond basic tracking. It also offers insightful analytics that empower businesses with valuable data on project expenses and time utilization. With this information, you can also facilitate informed decision-making and strategic planning for your entire business.

Smartsheet

Smartsheet is a SaaS platform for expense management that helps collaboration and enhances project productivity. With the Resource Management tool as a premium add-on to the Smartsheet plan, users can also access time tracking features as well.

Features

• Expense management: Smartsheet has advanced expense management features, but it also offers intuitive expense tracking and reporting templates that aid finance teams in managing project-related expenses and tracking reimbursements.
  
• Analytics: Smartsheet also offers robust analytics that provides insights into metrics, like project hours comparisons, with monthly and quarterly views.
  
• Automation: Users can automate their workflows using pre-built workflow templates to make weekly status requests, due date reminders, and other custom reports.
  
• Time tracking: With the Resource Management tool add-on, users can track time using Smartsheet. This feature can then automate timesheet submissions and approvals with prefilled timesheets that help employees and employers streamline the submission and approval process.

Pricing

• Free: Free for single users 
• Pro: $9 per user/month
• Business: $32 per user/month
• Enterprise: Pricing available upon request

What sets Smartsheet apart: Expense request automations

With expense request management, users can create customized forms for submitting expenses. As a result, they’ll have a more structured approach to expense requests.

Harvest

Harvest is a time tracking software and expense-management tool with an intuitive interface. Generally speaking, it allows users to easily track billable hours for everyone on their team. This also ensures accurate and efficient time management across various tasks and projects.

The platform also offers expense tracking, providing a seamless process for employees to submit and managers to approve expenses.

Features

• Time tracking. Harvest offers an intuitive time tracking feature, allowing users to effortlessly record billable hours on different projects for better project management and increased client billing accuracy.
  
• Expense management. The platform streamlines expense management by providing a user-friendly interface for submitting and approving expenses. This hassle-free process makes life easier for employers and also ensures timely employee reimbursement.
  
• Project insights. Harvest’s time and expense reporting features provide detailed insights into project expenses and resource utilization, empowering businesses with valuable data for informed decision-making.
  
• Invoicing. Harvest allows businesses to create invoices based on tracked time and expenses. This increased flexibility enhances efficiency and streamlines client transactions.

Pricing

• Harvest: Free
• Harvest Pro: $12 per user/month

What sets Smartsheet apart: Ease of use

Harvest isn’t the most advanced tool on this list, but it’s straightforward. The user interface is aesthetically pleasing and simple, and, for that reason, users love it. Plus, their free plan also offers enough simple features for a small team to use without paying for the Pro plan.

Zoho Invoice

Zoho Invoice is a comprehensive time tracking and expense management tool that allows businesses to monitor and control project-related costs. 

The platform excels in expense management, providing a seamless process for employees to submit expenses and managers to approve them. Zoho Invoice’s integration capabilities also enhance workflow efficiency by connecting time and expense data with other software.

Features

• Time tracking: Zoho Invoice offers efficient time tracking capabilities, allowing users to accurately record billable hours on projects and facilitating precise client billing and project management.
  
• Expense management: Zoho Invoice also has expense management features for submitting and approving business expenses and issuing employee reimbursements.
  
• Integrations: Zoho Invoice’s integration features enable seamless connectivity with other tools your team uses every day.
  
• Customizable invoices: Businesses can create invoices based on the time their team and freelancers have tracked and their expenses.

Pricing

• Zoho offers a free plan for small businesses, with add-ons for billing. 

What sets Zoho Invoice apart: Free plan

Zoho Invoice is 100% free for small business users. For that reason, it stands out from other tools on the market. Of course, they offer paid add-ons, but their free plan is the most robust of the tools on this list. 

Monday.com

Monday.com is a dynamic time and expense-tracking software tool offering organizations a versatile platform for efficient project tracking and cost management. With its user-friendly interface and customizable features, Monday.com streamlines the process of tracking employee hours and managing project-related expenses.

Monday.com’s collaborative nature facilitates seamless communication among team members, which enhances project visibility and coordination.

Features

• Expense tracking. Monday.com’s expense tracking feature provides a user-friendly and customizable solution for businesses to manage and monitor project-related expenses efficiently.
  
• Time tracking. Monday.com’s time tracking functionality enables seamless recording of employee hours on different projects. The time tracker is simple to use and can also track time directly to a task or client.
  
• Automation. Users can leverage automation features to streamline repetitive tasks and reduce manual efforts in time tracking and expense management processes — and enhance overall operational efficiency in the process.
  
• Real-time collaboration. Monday.com enables collaboration among team members, ensuring efficient communication and coordination on project-related tasks and expenses.

Pricing

• Free: Free for two users 
• Basic: $12 per user/month
• Standard: $14 per user/month
• Pro: $24 per user/month
• Enterprise: Contact Monday.com for pricing

What sets Monday.com apart: project management features

Monday.com is the most robust project management tool on this list. It also offers visual project tracking features, providing a clear and intuitive overview of project timelines, milestones, and associated costs.

Features to look for in time and expense management software

Now that you know your options, let’s dive into the features that can make time and expense management software a game-changer for your team.  

Integration capabilities

Imagine a software that seamlessly jives with your existing systems — no more data silos or tangled workflows. That’s what integrations can do for your team. 

Look for software that effortlessly integrates with your existing systems. Whether it’s syncing with project management tools, accounting software, or payroll systems, robust integration capabilities eliminate data silos and streamline your workflows.

User-friendly interface

An intuitive design is non-negotiable. Look for a user-friendly interface that caters to all levels of users. From tech-savvy team members to those who prefer a straightforward tool, an intuitive interface ensures smooth adoption and better results in the long term. Because, let’s face it, nobody has time for complicated menus and confusing icons.

Comprehensive reporting

No one wants generic, one-size-fits-all reports. Premade reports are great, but you also need a tool with detailed, customizable reports that cater to your unique needs. Whether you’re breaking down project expenses or presenting quarterly reviews, a tool that paints the whole picture is the key to making informed decisions.

Customizable reports tailored to your business needs empower you with the data to make informed decisions, enhance financial management, and gain a holistic view of your operations.

Why invest in time and expense management software?

Still on the fence about expense management and time tracker tools? Let’s delve into the core reasons businesses increasingly recognize the value of these tools.

• Enhanced accuracy. Say goodbye to manual errors and data discrepancies. Time and expense management software automates tracking, ensuring precision in time logs and expense entries. This accuracy not only reduces the likelihood of financial errors but also instills confidence in the reliability of your data.
  
• Improved compliance. Navigating the nuances of regulatory compliance is simplified with time and expense management software. These tools often come with built-in compliance checks and features, reducing the risk of regulatory violations and associated penalties.
  
• Time-saving. Time is money, and these tools understand that well. By automating repetitive tasks, such as data entry and approval workflows, businesses reclaim precious hours that can be redirected towards work that makes them money. Employees can focus on core responsibilities instead of wasting time on administrative tasks.
  
• Streamlined financial management. Time and expense management tools provide a holistic view of your finances, allowing for better budgeting and forecasting. Detailed reports enable strategic decision-making and also empower businesses to allocate resources effectively.
  
• Employee productivity and satisfaction. Empower your workforce by simplifying administrative processes. When employees can access a streamlined time tracking and expense reporting process, it enhances their productivity. Plus, a user-friendly experience can also foster higher job satisfaction, contributing to a positive work culture and increased productivity. 

The ROI of time and expense management tools

The cherry on top? The Return on Investment (ROI) of time and expense software. 

Implementing time and expense management software is an investment that pays dividends. Saved time, reduced errors, and improved financial visibility contribute to a substantial ROI. Businesses also witness operational efficiency and cost savings that far outweigh the initial investment. 

Choosing the right software for your needs

Whether you’re a small business looking to grow your team or a corporation managing a large workforce, finding the right software boils down to tailoring it to your unique needs. 

For small businesses

For small businesses, it’s all about finding the perfect fit that will grow with you as you continue to scale. Look for tailored solutions that offer customizable add-on features. You’ll also want to make sure these cater to a smaller operation’s unique needs. 

You want a tool that is easy to use but powerful enough to handle your time and expenses. That’s why it’s important to also look for features like customizable dashboards, easy onboarding, and a price tag that won’t make your accountant break a sweat.

For large teams

Scalability is the magic word if you’re leading a large team, too. Choose a tool that not only works for you now but can also grow with you. Scalability isn’t just about handling more data; it’s also about ensuring that your software can handle the complexities of a more extensive operation. 

And here’s the kicker: support. With a large workforce, you can count on the occasional hiccup. Opt for a software provider with robust customer support because you want issues figured out quickly when dealing with a large team.

How to implement time and expense management software

Implementing time and expense management software can streamline your business processes. That’s why we’ve created a step-by-step guide to help you seamlessly integrate these powerful tools.

Steps for implementing time and expense management software

1. Assess your needs. The first step is to look at your needs and identify the specific requirements for your team. Then start to consider factors like the number of users, the complexity of your projects, and the integrations you will need.
   
2. Research and select your tool. Next, it’s time to explore different time and expense management software options, a step you’re likely in the middle of currently. Look for features that align with your business requirements, and consider user reviews to gauge the software’s effectiveness. You can also try out some free trials and see how they work for you.
   
3. Plan for integration. Automation is also critical for expense and time tracking tools. Ensure your favorite software can integrate seamlessly with your existing systems, like accounting software, project management tools, and payroll systems.
   
4. Train your team. Once your tool is selected, plan some training sessions for your team. You should also begin to familiarize them with the software’s interface and functionalities. Giving your team time to get comfortable with the tool will ensure peak utilization in the long run.
   
5. Customize your tool. Tailor the software settings to match your needs. Most tools will allow you to configure expense categories, hourly limits for team members, and approval workflows.
   
6. Set up internal policies. Establish clear policies and guidelines for time tracking, expense reporting, and approval processes. Be sure to also communicate these policies to team members in a guide to establish expectations.
   
7. Monitor and optimize. Regularly monitor software usage, use surveys to gather user feedback, and assess workflow’s impact. This information will also help you adjust to and address emerging challenges.

Following these steps, you can effectively implement time and expense management software, improving your organization’s efficiency, accuracy, and overall productivity.

Final words

The decision to invest in time and expense management software isn’t just about adopting a tool; it’s about redefining how your business operates. The ROI for these tools is a testament to their ability to drive your business forward. From increased payroll accuracy to improved financial management, the benefits are also extensive.

Try out some free trials for the tools on this list, and let us know in the comments below if you have another time and expense tracking app you think our readers need to know about.