The Importance of Tracking Your Time

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Categories: Accounting, Business, Freelancing, Web Apps

The Importance of Time Tracking

Today I’m going to talk about the importance of tracking your time.

If your in business to make money, you need to know how long it takes to perform all your tasks.  That could be how long it takes to reconcile your monthly income and expenses to how long it takes you to design a logo.  If it takes you twice as long to complete a task, you just lost money.  It doesn’t matter whether that is a billable task or not.  The more time it takes to complete non-billable tasks reduces the time you can spend on billable work.

Dennis and I both use time tracking apps to monitor how we spend our work hours.  It can be an eye opener to see just how long it takes to complete tasks.  If you’re finding a wide variation for the same task over time, it could indicate that you’re getting distracted and maybe need to turn off Twitter or the background music.

For billable work, knowing how long it takes to complete individual tasks and the entire project enables you to create accurate quotes.  If you don’t know, you could end up spending twice as much time as you estimated.  If you’re doing a fixed price project, you just cut your margin in half.  If you’re doing hourly work, you’re going to have one very unhappy client.

There are a ton of time tracking applications (both software and web-based) out there.  I use a web-based solution called Harvest. It has both time tracking and invoicing, so I’m getting two apps in one.  I’ve been very happy with it but I know there are many other great solutions out there, so find one and start tracking your time today.

This topic was taken for our free 101 Simple Freelancing Tips download.  If you haven’t already downloaded it, get our copy today.

How Secure is Tallisto?

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Categories: Accounting, Features, Web Apps

Tallisto Security

When we built Tallisto, security was our primary concern.  We wanted you to feel confident that your private information was never at risk with Tallisto.  To achieve this, we did something different than most, if not all, accounting web applications do. We do not ask for any financial information, not your bank account and routing numbers, not your credit card numbers, not even your banking username and password.

In our minds, the best security is not wanting, asking or storing your most private information, your financial information.

With all the privacy and security concerns with online data and hackers able to breach some of the biggest companies around, should you really trust any online application with your financial information?

We’ve looked through the “Terms of Use” statements for a number of the big web based accounting applications. Here are a few samples, each from a different service provider:

“For all purposes hereof, You hereby grant XXXX and XXXX a limited power of attorney, and You hereby appoint XXXX and XXXX as Your true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for You and in Your name, place and stead, in any and all capacities…”

“By using the Service, you expressly authorize XXXX to access your Account Information maintained by identified third parties, on your behalf as your agent. When you use the “Add Accounts” feature of the Service, you will be directly connected to the website for the third party you have identified. XXXX will submit information including usernames and passwords that you provide to log you into the site. You hereby authorize and permit XXXX to use and store information submitted by you to the Service (such as account passwords and user names) to accomplish the foregoing and to configure the Service so that it is compatible with the third party sites for which you submit your information. For purposes of this Agreement and solely to provide the Account Information to you as part of the Service, you grant XXXX a limited power of attorney, and appoint XXXX as your attorney-in-fact and agent, to access third party sites, retrieve and use your information with the full power and authority to do and perform each thing necessary in connection with such activities, as you could do in person. YOU ACKNOWLEDGE AND AGREE THAT WHEN XXXX IS ACCESSING AND RETRIEVING ACCOUNT INFORMATION FROM THIRD PARTY SITES, XXXX IS ACTING AS YOUR AGENT, AND NOT AS THE AGENT OF OR ON BEHALF OF THE THIRD PARTY.”, 

You’re granting them a “limited power of attorney”.

“However, no system is perfectly secure or reliable, the Internet is an inherently insecure medium, and the reliability of hosting services, Internet intermediaries, your Internet service provider, and other service providers cannot be assured. When you use XXXX, you accept these risks, and the responsibility for choosing to use a technology that does not provide perfect security or reliability.”

The internet is “an inherently insecure medium”.  This from a company that you’re giving your most sensitive and private information to.

Online security is a huge issue. We chose to build a tool that steered clear of that, for our sake and yours.