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What Customers are saying?

Great Tool for Resource Allocation & Management
I am responsible for running the Operations Strategy and Planning function for a 400+ people Business Transformation organization with resources across the globe that vary in skills sets, experience, and expertise. Thus, it becomes imperative that we ensure that the right resources are allocated to the appropriate programs and activities and moreover we are diligently allocating and managing their capacity and have a line of sight where they may be a resource and skill-set gaps. After evaluating multiple tools and companies out there that could help us do so, AccountSight was not only the most cost-effective option but also had a very user-friendly UI with key capabilities we needed to manage our resources. Moreover, the partnership with the team has been great and given that it is a SaaS based application, we have been able to collaborate closely to configure the tool to meet our specific requirements. The tool and the experience have been great especially when you consider the price point compared to the competition.
- Sid Nayar

Valuable tool for our firm
As a specialty consulting firm with consultants all across North America we have found AccountSight to be a very valuable tool for our firm. It was easy for me to learn as an Administrator and it is easy for our new consultants to utilize. We find it flexible enough to customize to our business, our clients and our projects. The customer service is second to none when I have a question or learn something new about the capabilities of AccountSight. I would recommend any consulting firm looking for a new software tool take a look at AccountSight.
- Mark N.

The End-to-End Solution for Professional Services Companies

About the Company

AccountSight is the most comprehensive and easy to use time tracking and resource planning software. AccountSight provides a highly customizable end-to-end software solution for professional services companies. Key features include: Project planning and forecasting, resource scheduling, time tracking, expense tracking, invoicing to account receivables, budget tracking, team profitability, reporting and dashboards.

For more information on AccountSight Software, please contact us at info[AT]accountsight[DOT]com or visit www.accountsight.com.

1. Executive Summary

Time and expense tracking and invoicing is a significant concern for all professional services businesses. Companies must keep track of how much time and expenses employees or contractors spend on various projects so that customers can be invoiced accurately. Since small or large companies might have unique requirements, they will require a time and billing software that can accommodate every stage of their growth. Sole proprietors and small companies just need to track time & expenses, generate & track invoices and receive payments. However, growing organizations and bigger companies need a time and resource management solution that will do much more than simply time and expense - they need a solution that will boost organizational efficiency and productivity, reduce cost, keep track of budgets and increase profit margins.

And all companies regardless of size, need the time tracking, resource planning and billing system that will save them time and money and is easy and intuitive to use.

No matter what the requirements are, the business needs to ensure that the system is extremely user friendly and the core requirements are fulfilled by the software. This whitepaper provides insights on why AccountSight is the end to end solution of choice for professional services companies of all sizes.

 

2 Why AccountSight

AccountSight is the #1 Easiest and Most Affordable Time Tracking and Billing Solution. It is a cloud-based, robust and feature-rich time tracking, resource planning, expense and billing management application being used by freelancers, SMBs as well as large companies. AccountSight is the perfect solution for professional services organizations at all stages in the growth cycle. It fulfills the needs of companies who need to:

  • Track time and expenses
  • Plan for growth
  • Plan for resources while keeping costs under control
  • Understand and track the budget 
  • Generate and track invoices in a timely fashion
  • Track project and person profitability 
  • Forecast, plan and schedule resources for the project
  • Calculate planned vs. actual hours and cost
  • Generate well calculated estimates and submit bids for gaining additional business
  • Create a professional impression on employees, vendors and customers

 

AccountSight’s key focus is to increase productivity and provide key performance metrics that help companies analyze & track project time, record expenses, allocate resources and bill clients.

Solution Overview

 

 AccountSight Solution Overview

 

The flow above shows the functionality required by most professional services companies and is included in AccountSight. Smaller companies with 1-50 employees may need just time, expense and billing whereas as the team size grows, resource planning become a critical factor in managing forecast and capacity.

AccountSight features include:

  • Resource Forecasting and Planning
  • Time Tracking and reporting
  • Time-off/Attendance Management
  • Expense tracking and reporting
  • Manual, recurring or project based invoicing
  • Project estimates
  • Payables
  • Reporting
  • Integration to financial and bookkeeping system

 

3. Project Planning, Forecasting and Resource Scheduling

It is challenging task for the growing companies or teams to understand/manage resource requirements using Excel and they need to forecast/plan a project using the right software to understand:

  • What high level roles, resources and skills are needed?
  • Which specific skillset resources will work on the project depending on the availability?
  • What resources are available from each department and or geographical location?
  • Are the resources over-allocated or under-allocated?
  • How many actual hours are being spent of the project vs. what was planned/forecasted?
  • How much of total planned cost is spent on the project?
  • How easy and practical the software is to help the company and not complicate life?

AccountSight planning and forecasting module provides answers to all of these questions and has many out of the box reports to help answer your resource planning questions.

 

planning and forecasting

AccountSight planning and forecasting module provides answers using practical dashboards and reports shown below.

planning and forecasting

planning and forecasting

planning and forecasting

AccountSight planning reports provide:

  • Multiple ways to slice and dice the data using Forecasting and Planning detailed reports.
  • Allocations by Person, Project, Department, Managers, Project Class, Resource location etc.
  • Color coding to indicated no-utilization, regular or under-utilization and over-utilization.

planning and forecasting

  • Report to view project portfolio allocations by departments: This would be most applicable where an organization or group within a large enterprise has different teams leading different initiatives.

planning and forecasting

 

4. Project Estimates

AccountSight understands that professional services companies may need to create a quick project bid in order to get new business. Especially when time is of the essence, companies can put together an estimate using AccountSight and beat out other bidders based on speed alone. The estimate can contain:

  • The project cost
  • The number of people required
  • Coordinate team assignments
  • Identify and allocate available resources based on role and skill set

 

 Project Estimates

 

5. Time and Expense Tracking

AccountSight‚??s time and expense tracking is very intuitive and can be done in under a minute thus saving time and money and increasing employee productivity. Features include:

 

  • Mobile and web based time and expense tracking
  • Enter timesheet and expenses in seconds
  • Track expenses in multiple currencies
  • Bulk load time and expenses for department from Excel
  • Stop-Watch timer that is server based
  • Line level expense approvals to save time
  • Manager can monitor timesheet entries for subordinates anytime
  • Flexible billable rate at project, project-person or project-task levels
  • Multiple Levels of Approval
  • Track invoicing status for the time and expenses
  • Track payment status for the employee payments

Screen: Time Entry

 Time and Expense Tracking

Screen: Expense Entry

 Time and Expense Tracking

Time and expense workflow based approvals make it easy for the users to:

 

  • Manager can monitor saved time & expenses anytime.
  • Administrators view and edit time and expense for other employees.
  • Clicking on any person hours in bottom summary section gives the approval status especially easy to follow up if there are multiple levels of approval.
  • Multiple level of approval meets most approval requirements.

Screen: Timesheet Approval Status

 Time and Expense Tracking

 

6. Time-off Requests

AccountSight provides a robust solution for employees or contractors that want to request time off from the company. Features include:

 

  • Multiple calendars that can be assigned to consultants or employees
  • Employees can see their time-off history and available time-off before requesting
  • Multiple levels of approval for time-off
  • Time-off integration to Outlook

Screen: Time-off Request

 

Time Off Requests

 

Calendar view while approving time-off helps managers understand the number of employees requesting time-off during a particular time and manage attendance better.

 

Screen: Time-off Approval Screen

 

Time Off Requests

 

7. Invoicing to Cash Receipt

AccountSight makes invoicing really easy and quick. It is also flexible enough to offer both manual invoicing and project based invoicing. So, for companies who don‚??t track time but just want to bill for their products or services, they can create a quick manual invoice and send it to the client. Companies can also use recurring invoicing in AccountSight to automatically create the invoice at predefined time period and send to the client automatically.

For companies who track time and expenses for their billing can create a project based invoice and email it to their customers in seconds. As AccountSight is integrated with PayPal, if a client pays with their credit card or PayPal, the invoice is automatically reconciled.

Invoicing features include:

  • Personalize invoice template colors by company branding
  • Combines time and expenses and convert to invoices for faster payments
  • Automatically includes attached documents from time & expenses to invoices
  • Receive payments and write off amounts.
  • Built in PayPal and QuickBooks integration
  • Convert estimate to invoice for manual invoicing
  • Multiple formats of invoice to choose from

Screen: Sample Invoice online

Invoicing to Cash Receipt

Screen: Invoice Creation Page with Status of Recent Invoices

Invoicing to Cash Receipt

Screen: Invoice Settings Personalization

Invoicing to Cash Receipt

 

 

8. Payables to Company Expenses

When you procure products or services for your business from vendors/contractors, AccountSight makes it really easy to maintain the payables information so that you can pay vendors in a timely manner based on payment terms. You can get automated reminders for the payments to be processed. Vendor satisfaction can help professional services companies gain an edge over the competition while procuring qualified vendors/contractors. You can also track your company level expenses in the Payables module.

The Payables module features include:

 

  • Maintain payable invoice records with payment terms and due dates
  • Upload client invoices to payable lines
  • Maintain company level expenses

 

 Payables to Company Expenses

 

9. Management Dashboards

When running a business, it is important to keep track of accounts receivable and the productivity of your team. With advanced reporting features, AccountSight time tracking and billing software will help you stay on top of your business. Review, revise and analyze all the time tracking, expense tracking and invoicing data seamlessly. The dashboard provides a pictorial presentation of time, expense and invoice data as well as an easy to understand summary in the form of bar and pie charts. The administrator can see a quick and consolidated view of data from the dashboard and then directly drill-down to the reporting section from the dashboard.

Management can view the following:

 

  • Invoiced and un-invoiced time and expenses
  • Invoices breakdown by payment status.
  • Overdue/delinquent invoice amounts.

 

Management Dashboards

AccountSight Project dashboards provides insight into hours‚?? breakdown by projects and tasks. Instantly recognize the top projects and tasks consuming the maximum resource hours.

 Management Dashboards

 

10. Reporting

AccountSight offers many insightful reports which analyze a company‚??s data to make sense out of it thereby increasing company profitability and employee productivity. The reports have many filters such as department, time period, employee name, customer, project, task, approval status, invoice status etc. All the reports can be exported to Excel whereas some reports like time and invoices can be exported to QuickBooks. The reports are:

  • Time Report gives time spent on projects grouped by customer, project, task or person. The time reports can be seen with a daily, weekly, semi-monthly and monthly breakdown. The invoicing status of the timesheet can also be changed through this report.
  • Missing Time Report lets you know who has not submitted time for a specific week. You can send a timesheet reminder notification from this report itself.
  • Billing report provides you the billable amount based on the billing rate by project.
  • Attendance Report gives you a very thorough details of time breakdown into regular time and each type of time off such as paid time off, vacation, family leave etc. It can be semi-monthly, monthly or for a specific period of time.
  • Resource Allocation provides a quick insight into to how resources have been allocated for the whole year. It is an easy way to identify resource under utilization or overloading.
  • Utilization report gives what is the percentage utilization of each resource. It gives you a quick overview of billable vs. non-billable time.
  • Expense Report gives expenses based on projects grouped by customer, project, task or person. The invoicing status of the expenses can also be changed through this report.
  • Invoices report provides the invoices by status and provide you total control over invoice processing. You can receive payments or write off multiple invoices.
  • Budget while defining the project you can indicate whether you want to track the budget at the project, task or resource level. And you can track if you’re reaching or exceeded the threshold that you set earlier on the project.
  • Profitability report gives you the profit for each resource by customer or by project. This can help you identify your most profitable resources, most profitable customers or most profitable projects and help you leverage a strategy that is working.
  • Cost reports provide the cost of resources and give you with an important tool to view/manage cost.
  • And many more practical report.

Screen: Sample Timesheet Report

 Reporting

 

Screen: Sample Missing Timesheet Report

Reporting

 

Screen: Sample Billing Report

Reporting

 

Screen: Sample Expense Report

Reporting

 

Screen: Sample Budget Report

Reporting

 

Screen: Sample Utilization Report

Reporting

 

Screen: Sample Profitability Report

Reporting

 

Screen: Sample Invoices Report

Reporting

 

Screen: Sample Cost Report

Reporting

 

11. QuickBooks and Excel Integration

Manage weekly timesheets and generate project invoices with AccountSight. Synchronize data between AccountSight and QuickBooks Desktop, Enterprise or Online.

AccountSight to QuickBooks and QuickBooks Online integrations include:

  • Time Integration with QuickBooks weekly timer
  • Expenses integration to QuickBooks Vendor Bills
  • Invoice Integration with QuickBooks Customer Invoices

For QuickBooks Desktop and Enterprise versions, you need to install AccountSight ASync adaptor. Once you install QuickBooks in your machine and you can easily and quickly transfer your timesheet, expenses and invoices data from AccountSight to QuickBooks using ASync ‚?? AccountSight to QuickBooks adaptor. Using the same adaptor, you can synchronize employees, customers, projects (jobs), tasks (service items) and project-task and project-resource assignments.

By the same token, use the ASync adaptor to import data from Excel or from QuickBooks‚?? employees, customers, projects (jobs), tasks (service items) and project-task and project-resource assignments.

This can help companies that have already stored data in Excel or QuickBooks get started quickly with AccountSight.

 

12. Conclusion

AccountSight is the most comprehensive, robust, easy-to-use and scalable time tracking and resource planning software. While enterprise businesses rely on the AccountSight time tracking and resource forecasting/planning, small to mid-size professional services teams (10-500 users) rely on most of features offered by our end-to-end solution encompassing time tracking, resource planning, expense tracking, invoicing and estimates to run their businesses in their business.

Download PDF Download PDF Posted by : Anita Bist  |  Posted Date : 02/09/2015

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