I am notorious for singing the praises of FreeAgent, the online accounting solution for freelancers and small businesses. FreeAgent is designed for service businesses (web designers, consultants, graphic designers, and the like) who do not trade in physical inventory, the basis of most commercial accounting software, and who need a system that focuses on billable time and project expenses. FreeAgent does all of that, plus invoicing, banking, taxes, and timesheets, in a way that makes it fun. On top of that, they are a Scottish business, based in Edinburgh (well, everyone has a flaw somewhere.)
Today FreeAgent has pushed an upgrade which takes their already excellent product to a whole new level. You can now mark project time and tasks as unbillable. Every project involves some time and work which simply does not get billed, whether that’s answering emails, looking for project files lost in folders, figuring out how a new plugin works, or writing a proposal that ultimately doesn’t get the job. If you’ve ever had the feeling that your unbillable time is creeping up on you, you can now track it in the time tracking/timesheet function. As you can see in FreeAgent’s blog, the final calculation of your project’s profitability will subtract that unbillable time – allowing you to get a true picture of how much a project has really cost you.
Ultimately this will help you choose a pricing structure that truly reflects the work you do. Why not set a challenge for yourself to track all of your time, including unbillable time, for one work week?
You can sign up for a free trial at FreeAgent’s web site.