Timecollab, the time tracking and
expense tracking software
In the professional world, it is essential to know how profitable your current or completed projects are and whether the time spent on certain tasks is justified.
To achieve this, you simply need to record the time spent on each task and, when necessary, add these times together at project level. This gives you both an overall and detailed view of the time, and therefore the money, spent.
This method is often used by professional services companies that bill by the hour. It allows them to invoice clients based on the time spent on their projects and provides supporting evidence for the hours billed.
However, companies that bill by the hour are not the only ones that need to know how much time they spend on their work.
Some companies need to track the time spent on a project in order to adjust their quotes. They may charge a fixed amount but discover that the actual time spent is significantly higher than expected. Knowing the actual time spent on a project makes it possible to create quotes that better reflect the value of the work involved. It also helps improve the accuracy of time estimates.
Estimates become more reliable, making it easier to set realistic deadlines.
Finally, it is always useful to understand how much time a company spends on internal projects. This can help identify non-essential tasks. For example, if you do not have enough time to complete all your work, tracking the time spent on different tasks can help you identify activities that take up a significant amount of time without providing much value.
Timecollab
To make time tracking easier, Akelio created TimeCollab, a time and expense tracking tool. It allows you to record the time spent on your tasks. Each day, employees can indicate how much time they spent working on a particular project.
At the end of a project, you can export the project data to Excel. You can then use this information to prepare your invoice based on the time spent.
There are several ways to record your time in TimeCollab.
Recording your time
To record your time, you first need to create your tasks in the “Projects” section and then click on the clock icon to access the time tracking tool.
Daily time tracking
To record your time on a daily basis, simply start a timer when you begin a task and stop it when you finish. This method gives you an accurate record of the time spent on a project, provided that you remember to stop the timer.
It is a precise method that means you do not need to keep checking the time.
Depending on your role and your needs, this method can be ideal. For example, if you need to track time at project level, you can use this approach. It may be less convenient for someone who needs to record time for individual tasks, particularly if they have many tasks to handle during the day.
Weekly time tracking
Weekly time tracking is the method most commonly used in our company. You simply enter the time spent at the end of the day or during the day, either by task or by project.
This method is slightly less precise because the time is entered based on your estimate.
Monthly time tracking
Depending on your industry, you can also choose to record your time on a monthly basis. This method is particularly useful for companies working on large, long-term projects.
Time and expense tracking statistics
By default, statistics are accessible to the TimeCollab manager, who can give selected employees access to them.
Clients
You can view your project statistics by client. This is particularly useful when several projects are associated with the same client.
You can see the time spent on each project as well as the total time spent for that client.
Projects
TimeCollab also provides statistics by project. You can see the time spent by each user and on each task.
You can also enter an hourly rate for each user to determine the profitability of a project.
Finally, you can define the estimated time for each task within a project. At the end of the project, you can then compare the estimated time with the actual time spent.
This allows you to identify tasks that took longer than expected and analyze what happened. Was there an unexpected delay? Was the task underestimated? How can you improve your estimate next time?
In the project section, you can also access statistics by month or by year.
Users
You can also access statistics by user. This allows you to see the time spent on each task and project for every user.
For example, if you want to find out how much time a project manager spent on the most recent project, simply go to the “Users” section and select the relevant project manager.
Reporting
The reporting section brings together all your statistics: by project, task, user, and over any period you choose.
This section is fully customizable. For example, you can combine statistics by user and task.
All this data can be exported to Excel, making it easier to analyze and use.
In addition to tracking time, TimeCollab allows you to record expenses associated with a project. For example, a sales representative can enter an expense report related to a project.
Expenses can be marked as billable or non-billable, depending on your needs.
Using a time and expense tracking tool allows you to improve both your own productivity and that of your teams. Whether you are a freelancer, manager or business owner, TimeCollab can help you work more efficiently.
TimeCollab integrated into a collaborative platform
TimeCollab is integrated with Acollab, a complete collaborative platform created by Akelio. It allows you to:
- Track the progress of your projects
- Add appointments to a shared calendar
- Store and share files
- Communicate and exchange information through messaging
- Create polls
- Create forums
These features help teams communicate more effectively and improve productivity. The advantage? All these tools are centralized in one platform.
Your information is organized according to your projects or teams, making it easier to find what you need.
If you are looking for a complete time and expense tracking solution, TimeCollab can help you streamline your work.
If you would like to schedule a demonstration with our team, feel free to contact us.
Best practices
To get the most out of TimeCollab and optimize time and expense tracking, it is important to follow a few best practices.
Planning tasks in advance helps structure projects more effectively and ensures that hours are correctly allocated to each activity.
Recording time regularly, ideally at the end of the day or immediately after completing a task, ensures that your data remains accurate and reliable.
It is also recommended to categorize expenses by project and type – billable or non-billable – to make reporting and profitability analysis easier.
For teams, sharing tracking tables and reports with managers or relevant employees promotes transparency and better coordination.
Finally, regularly reviewing your data and adjusting your estimates can improve future planning, identify bottlenecks and help you make informed decisions to improve team productivity.
FAQ about time tracking software
What is TimeCollab and what is it used for?
TimeCollab is a time and expense tracking tool integrated into the Acollab collaborative platform. It allows teams to:
- Record time spent on tasks or projects
- Track expenses associated with projects
- Analyze profitability and actual costs
- Generate reports and dashboards to monitor activity
How does time tracking work in TimeCollab?
With TimeCollab, you can:
- Start a real-time timer to automatically record your hours
- Enter your time manually by day, week or month
- Assign time to specific projects or tasks
- Define hourly rates to assess project profitability
Can you track expenses with TimeCollab?
Yes. TimeCollab allows you to record expenses associated with projects or tasks and distinguish between billable and non-billable expenses when needed.
This is particularly useful for service providers and agencies.
What types of reports can you generate with TimeCollab?
The tool provides customizable reports, including:
- Weekly, monthly and yearly time reports
- Time by employee, project or task
- Activity summaries for customized periods
- Comparisons between estimated and actual time
Is TimeCollab useful for invoicing?
Yes. Whether you bill clients based on a fixed price or on time spent, TimeCollab helps you:
- Determine the actual cost of a project
- Justify billed hours to your clients
- Make future quotes more accurate using historical data
Is TimeCollab suitable for remote work?
Absolutely. As an online tool integrated into Acollab, TimeCollab allows employees to record their working time remotely.
This makes activity tracking more transparent for hybrid and remote teams.
Who can benefit most from TimeCollab?
TimeCollab is particularly useful for:
- Web and communication agencies
- Consulting firms and professional services companies
- IT services companies and freelancers who bill by the hour
- Small and large teams that manage projects in a structured way
Can Acollab and TimeCollab replace several different tools?
Yes. TimeCollab, integrated into the Acollab collaborative platform, allows you to bring together:
- Time tracking
- Expense tracking
- Communication
- Project management
- File sharing
- Calendar management and internal communication
This helps reduce the number of disconnected tools and improves overall productivity.