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The changing face of business

-The Market, as we knew it, ceases to exist.

The world is undergoing one of its most turbulent periods in history. The streets are deserted, people are losing jobs on a massive scale, and markets have been crashing all across the globe. Restructuring of the society, on this scale, was unthinkable as less as a year ago, yet here the situation stands. All of this has changed the way of conducting business. Consumers’ resources are scarce like never before, work-from-home has become a prevalent part of the work culture, coordination of teams is getting more challenging, and the list continues.

With such looming challenges on the horizon, there has been an increase in appetite for management & connectivity services in the market, especially in the B2B sector. Employers & managers are heavily relying on web-based services like Zoom, Notion, Hubstaff & xTimesheet for managing their expenses, keeping track of their project progress & many other aspects of their business. Furthermore, businesses are getting increasingly inclined towards a digitized framework to keep their head above water, in these times.

xTimesheet has been a pioneer of this new economic order, with its built-in features like project expense & progress tracker & employee work/hour monitor, xTimesheet is providing an easy-to-use & efficient solution for business-owners, of all scale & size. With the help of determination, pragmatism & xTimesheet, your business, too, can wade through this crisis, to emerge stronger & perseverant than ever.

Visit www.xtimesheet.com to know more

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Worrying about Hourly Billing is a thing of the Past-The future is here!

Billable hours can be defined as the amount of time a business may spend on their projects & charge their clients accordingly, on the basis of an agreed-upon hourly rate. Businesses, agencies, entrepreneurs & even freelancers have adopted the billable-hours model to charge their clients for the services provided. To summarise, in order to charge by the billable hour, workers need to track the amount of time they spend on each client’s projects every day.

To feasibly charge their clients, any business would need to undergo the following stages:

  • Coming up with an Hourly Rate: Before the tracking of billable hours start, the hourly rate needs to be determined, in order for businesses to charge the clients for the work done. Start with setting a target for the annual salary you’d like to earn & do some research to make sure your target salary is in line with what the competition is charging its customers. Once you have a salary in mind, divide it by the number of working hours in a year. Upon determining the hourly rate, you may wish to raise it slightly to offset the amount of time you’ll spend working on non-billable tasks, like administrative work and client pitches.
  • Determining an invoicing cycle: The next step is to determine an invoicing cycle, that is, how frequently the client is going to be invoiced. An invoicing Cycle could be weekly, monthly, or annually.
  • Keeping track of time: Using timesheets to record your work hours, according to the project, will help you keep your accounting on track.
  • Creating a detailed & accurate invoice: A detailed invoice, mentioning each service provided along with your hourly rate, will make it clear for the client to comprehend the precise value they would be getting for their money.

However, undertaking these tasks & making sure that each stage is completed flawlessly, may turn out to be a monumental task.

Enter xTimesheet. xTimesheet has all the tools to help you manage your billing hours effortlessly. From tracking work hours to managing administrative expenses & generating invoices, xTimesheet has your business covered on all fronts. xTimesheet is suitable for businesses of all scale- Be it small or medium-scale firms, large-scale corporations, or budding entrepreneurs & freelancers, anyone can benefit from what xTimesheet has to offer.

Join for free, with up to 5 members, on www.xtimesheet.com or download the xTimesheet app on Google Play Store or Apple App Store.

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Managing your resources in this era of uncertainty – the key to keeping your business afloat & steady

Today, mankind is facing one of its most tolling crises in history. The whole world has come to a standstill, with lockdown prevalent over the globe to prevent transmission of the COVID-19 virus. Economic activities have not been immune from this misfortune either. There have been large-scale layoffs across the economic sector along with stock markets crashing globally. Keeping your business up & rolling would be a colossal challenge in itself – but, if it’s done right with some tweaking and adapting, this crisis can be turned into an opportunity for your business to not just survive, but progress.

https://twitter.com/netsolutions/status/1257656290312060930

For this, strategic management of the resources you have at your disposal can prove to be the game-changer. Consumerism is going to undergo a massive upheaval with more and more businesses adapting to the digitalized model, to keep their customer outreach steady among the social distancing scenario. The poster child of this paradigm shift is none other than ZOOM, which has strategically focussed its resources on the video meeting aspect of its application and has reaped abundant benefits from this investment

But connecting with your associates is just one aspect of this strategic resource management, but there would still be many loose ends like staying updated on your expenditures, work hours, invoices, reports etcetera.

Emerges, xTimesheet, combining all these features into a single platform!

xTimesheet has a vast array of timesheet features including

1. Modern Time Tracking and HR Tools to Boost & Guard Your Business

2. Employees worked Hours/Expense tracking

3. Complete Automation to increase overall productivity.

4. The project worked hours statistics

5. Quick approval of employee hours

6. Invoice, Reports & Dashboards to facilitate easy monitoring.

7. Significant Reduction in administrative costs

8. Increased employee productivity

9. Different roles provided to the employees based on the role view of app changes.

With these features encompassed into a single mobile-based application, managing your business resourcefully from the safety of your home has never been easier!

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SIZE DOESN’T MATTER- Play it Smart and Beat the Competition

It has been a common saying “Go big or go home”, especially among the business circles. Bigger has always been better, right?

Consider the case of PanAm. At its prime, PanAm was the largest airline, not just in the US, but in the entire world. Yet nothing could save it from bankruptcy in the late 20th century. With more than 22300 employees & numerous air routes spread out around the globe, mismanagement and unpreparedness led to its downfall.

Of course, Pan Am is just one of the examples where size couldn’t save these corporations from going into a rut. This just goes on to show how size doesn’t necessarily equate with productivity & efficiency. Productivity requires discipline, critical thinking, tracking & self-evaluation.

Quality always trumps quantity in this new era of business.

A well-managed team with appropriate tracking, consistency & accountability can do wonders for any business. There can be many parameters on which a company needs to be continuously tracked including timely project progress, expenditures, target vs achieved, work hours, and other KPIs. To solve this problem, we have come with a solution-xTimesheet.

xTimesheet is a mobile-based application that can help you track your expenses, project progress, approve employees’ work hours, invoice/report dashboard, and much more, all on a single platform. Appropriate monitoring of these indicators can help you scale your business to new heights, with no regard for how large your team is. Apart from these features, xTimesheet can help you create a community of up to 5 members, absolutely FREE!