2010 Review of Time & Billing Systems

A fork in the road comes with the decision to deliver the product in a web-based
or SaaS (software as a service) model or as an on-premise installed product.
Neither paradigm is universally the “best” because each has its
own pros and cons. Web interfaces provide the user with location flexibility
for data entry, management and reporting. However, remote access software that
allows a user to connect with the home server or desktop provides an alternative
that mitigates this advantage somewhat. SaaS products are managed by the software
vendor, which greatly eases issues of updates and bug fixing. On the other hand,
client/server-based software may give some users a feeling of control and security.

The basics of time entry have changed very little; recent development focus
has been on in-depth reporting and analysis, and customization of reports and
invoices. These practice management tools are the frontier of profitability
and realization improvements. A firm should be able to quickly recoup their
investment in new software by finding areas for improvement in staff, client
and types of work done. Perhaps even tighter control over billing will close
up some holes where time and client expenses are falling through the cracks.
Simply becoming aware of what is actually happening in a practice will inevitably
lead to upgrades in policies, rates, utilization and workflows. Finally, a dramatic
reduction in the time spent on review and billing will translate into more billable
hours for the most profitable people — the partners and managers.

The vendors of these time & billing products are continually adding more
and more features, with a focus not only on the billing side of the equation
but also with the availability of add-ons that are intrical to tracking and
managing time. Time & billing isn’t just time & billing anymore,
but it’s not end-to-end practice management either. (see page 6 of this
issue for a review of Practice Management systems).

The document storage solutions that we are reviewing in this issue typically
have a more focused set of features and functions, which are often targeted
to a specific niche such as direct integration with a particular tax prep package,
integration with QuickBooks, or providing a secure file sharing solution. So
you should read each of the individual product reviews carefully to help you
gain a better understanding of the core strengths that each has to offer.

The specific attributes that we have evaluated for each product are organized
into three fundamental categories: core functionality, integration and advanced
functionality. The core functionality focuses on the overall user experience,
based upon the interface and the ease of navigation, as well as the ability
to publish documents directly to the system via a PDF print driver, and the
nature of how the files are organized. In the integration category, our focus
is on what options are available for an integrated scanning solution, integration
with Outlook or other e-mail platforms, and the ability to support multiple
file formats such as MS Word, Excel, etc. In the advanced functionality category,
we look at what type of reporting is available, security features, document
indexing and retrieval capabilities, and file archival features. We will also
use this category to identify any unique features the vendor offers that distinguishes
its solution from the rest of the crowd.

I hope you find these reviews helpful and encourage your feedback. I have
been writing these reviews for The CPA Technology Advisor for the
past four years, and I am always interested in learning what information you
find helpful. We have revised our review process this year in a way that we
believe helps us to compare the products more consistently, with the realization
that every product is unique.

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2010 Review of Time & Billing Systems — Comparison Chart