![]() This, in turn, helps streamline their invoicing, improve bid accuracy and reduce unnecessary costs. Time and expense report software gives professional services organizations the ability to monitor and control the labor and costs associated with every project. What Is Time and Expense Tracking Software?Ĭommon Features of Time and Expense Software With that in mind, we’ve written this buyer’s guide to help you as you start to narrow down your choices from the hundreds available. But with so many time management systems on the market, picking the right one can be a challenge. The solution is software that’s specifically designed to track the time and expenses associated with each project. Although young companies are usually able to get away with using Excel spreadsheets and standard bookkeeping software to track all this information, as professional service businesses grow and start changing how projects get assigned, they often find these tools to be insufficient for their needs. Savings: emergency fund, RRSPs, RESPs, TFSAs, seasonal expenses (e.g.An important aspect of managing the costs of a project is tracking employee time and external expenses separate from other projects or operational costs. Personal: tobacco, alcohol, books, music, clothing and shoes, donations, subscriptionsĮating Out: meals, snacks, take-out, beverages (coffee, tea, juice, soft drinks)Įntertainment: recreation, sports equipment and fees, movies, concerts, hobbies, gamingĬhild: daycare, lessons and activities, allowance, school supplies and fees, babysitting, programs, tutorsĭebt Payments: credit cards, loans, leases, support payments, government debts, personal debt ![]() Health Care: medical premiums, life insurance, medication, eye care, dental, supplements, wellness costs Transportation: fuel, auto insurance, transit, parking, taxi, rentals, car sharing, tolls Living: personal care, bank fees, salon and spa services, dry cleaning, pet costs, memberships (fitness, clubs, associations) Groceries: food, baby needs, household supplies, toiletries Household: furnace, water tank, roof and gutters, decor, upgrades, storage locker, gardening, cleaning services, outdoor equipment and maintenance Utilities: phone/cell, cable/internet, gas, hydro, security Housing: mortgage, rent, strata fees, house insurance, property taxes View a sample of a completed tracker (from the previous version of our Monthly Expenses Tracker).Įxpense Categories – Know Where Your Money is Going This becomes the cash balance for the next week. If there’s a surplus, you should have money in your wallet or bank account. Total all columns and subtract actual expenses from actual income.On these pages, keep track of seasonal expenses rather than recording on your weekly pages. You also need to record weekly savings amounts on pages 14 – 15 of the Expense Tracker.You may want to track coffees, dining out, or fuel separately. You can then use the blank columns to create your own categories. ![]() List the dates down the left side and record actual money spent each day. ![]() You should also list any income you may expect to receive during each week. Record cash balances on hand or in your bank account.For example, a 7 day tracking period would be March 30th to April 5th. For each week, record dates you are tracking.The expense categories listed further below and on page 1 of the Expense Tracker will help you decide which expenses to record where.Open a copy of our Monthly Expense Tracker.
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