SAN FRANCISCO (05/26/2000) - Consultants, lawyers, accountants, and other professionals who bill by the hour need a program like Timeslips 10 to handle their bookkeeping requirements. The latest version of Sage U.S. Inc. Holdings' popular time and billing program includes support for accrual accounting for work-in-process--an improvement that simplifies measuring the profitability of longer projects. I looked at a shipping copy.
Many of the more than 20 enhancements will appeal to accounting firms. You can now transfer work-in-process amounts to 20 supported accounting programs, including QuickBooks and Peachtree. (Since Timeslips doesn't do general accounting, however, you'll need to do this to fully automate bill payment, preparation of financial statements, and so on.) The upgrade can calculate discounts for prompt payment of invoices. If you work on multiple projects for one client, you can easily allocate payments and deposits to the right project.
The most basic version of Timeslips, Level 1 ($180), limits you to two timekeepers and lacks text search--a tool that lawyers commonly use. Level 2 ($400) adds new progress and interim billing capabilities and supports up to eight timekeepers. Level 3 ($1000) permits 100 timekeepers and adds additional features likely to interest larger companies. Prices for the cheaper editions are due to drop in late July.
Version 10 of Timeslips is clearly a worthwhile upgrade for accounting firms and other service-oriented businesses that work simultaneously on several client projects.
Pro: Scalable program delivers flexible time tracking and invoicing.
Con: Nothing significant.
Value: Great value for professional practices and service businesses.
List price: $180-$1000
Sage U.S. Holdings