Time Billing Software Timeslips Gets Major Enhancements

Regardless of whether value billing or some other form of pricing becomes more prominent for accountants, the accounting profession will continue billing by the hour and, as such, accountants’ longest-standing tool for tracking billable hours, Sage Software’s Timeslips, has been significantly refined this year to match practitioners’ new needs.


Low Cost Accounting Software Support

Provider of low cost support, consulting, training and custom report writing for MAS 90, MAS 200 and MAS 500 accounting software systems. Call us toll free at 1-866-762-3990 to learn how we can help. http://www.saveonsupport.com

The wide range of product changes, that include enhanced printing and information drill-down capabilities, are needed to make Timeslips, which is sold as a stand-alone offering, more competitive with time and billing tools embedded into much larger suites of products from the accounting profession’s top-name practice management and tax compliance software developers, CCH and Thomson Corp.

Sage Software, which is a world leader in developing accounting and management software for the business community at-large but is not as well –known for accounting practice specific products, has said said that its enhancements to Timeslips will “make every step of your billing cycle more efficient.”

Timeslips’ key enhancements this year includes a Reprint Unpaid Bills function which simplifies the process of reprinting unpaid and partially paid bills, and enables users to sort their accounts payable by largest balance or by invoice date. Capability to e-mail the reprinted bills is also built in.

Another key enhancement is the ability to print bills in pre-formatted bill templates, which users can customize to include such things as company logo or company information. Sage, which sells that customization capability at an extra price, says it’s a great way to give invoices “a clean, professional look.”

Also new is an Interactive Reports function that lets users, as needed, click down to specific details in billing reports’ source data and make changes. Reports are then instantly updated with the revised data. Sage has also improved Timeslips’ printing capabilities to enable most reports to be printed to a formatted Excel file.

Client and work alerts are among the existing functions that have been improved. Timeslips users can now create specific alerts for matters such as specific clients, or timekeepers and tasks, or for groups of clients, timekeepers and tasks.

All the new and improved functions are available in both accountants and lawyers editions of Timeslips. Like several other time and billing products before and after it came on the scene, Timeslips was first designed for lawyer, but its developers created a separate edition for the accounting profession.

Another time and billing system originally designed for lawyers which evolved into an accounting firm tools is TABS 3, now owned by Lexis Nexis, after being originally built by DataTXT Corp. of Cary, N.C.

Meanwhile accounting firms and other users of time and billing software may be moving away from the traditional billing by the hour. Recent research has shown a growing percentage of small accounting firms are migrating to value billing policies in which clients and practitioners determine the price before an engagement begins, based on the value that clients perceive they will get from the work.

The person who has been most actively encouraging accountants and other service professionals to value price, Ron Baker, head of the Verasage Institute professional services practice management think tank, says his goal is to ‘bury the billable hour.”

You may like these other stories...

As two of the accounting world's major governing bodies—the FASB and the IASB—converge, they're scrutinizing how businesses track lease expenses. Under existing accounting standards, a majority of leases...
A new survey from online accounting software provider Xero found that nearly 90 percent of small businesses are forecasting an increase in revenues next year, while 21 percent are expecting growth of more than 100 percent....
More and more businesses are adopting the cloud in order to take advantage of benefits such as greater efficiency, increased productivity and lower costs. Companies in general are flocking to the cloud for email hosting,...

Already a member? log in here.

Upcoming CPE Webinars

Oct 9In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards.
Oct 15This webinar presents the requirements of AU-C 600, Audits of Group Financial Statements (Including the Work of Component Auditors).
Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.