Harvest
Time Tracking
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Time Tracking Software for Banking

Harvest provides banking professionals with precise time tracking and invoicing, ensuring compliance and operational efficiency in a regulated environment.

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How much revenue is your team leaving on the table?

Most agencies run at 55-60% utilization. Even a small improvement means significant revenue. See what closing the gap looks like for your team.

Number of people who track billable time
$
Blended rate across roles (junior, senior, lead)
55%
Percentage of total hours that are billable. Industry average is 55-60%.
75%
A realistic target for service businesses is 70-80%.
Monthly revenue gap $0
Revenue at current utilization $0/mo
Revenue at target utilization $0/mo
Extra billable hours needed per person/day 0h
Annual revenue opportunity $0

Start tracking team utilization

Walk through the entire flow below. Start a timer, check your reports, and create a real invoice — all in three clicks.

Go ahead — start tracking!

One click and you're timing. Try it right here: start a timer, add an entry, edit the details. This is exactly how it feels in Harvest.

  • One-click timer from browser, desktop & mobile
  • Works inside Jira, Asana, Trello, GitHub & 50+ tools
  • Duration or start/end — your call
  • Day, week & calendar views to stay on top of it all
  • Friendly reminders so no hour gets left behind
Acme Corp
Website Redesign
Homepage layout revisions
1:24:09
Content Strategy
Blog calendar planning
1:30:00
SEO Audit
Technical audit report
0:45:00
Brand Guidelines
Color system documentation
2:15:00
Logo Concepts
Initial sketches round 1
1:00:00
Today's total 6:54:09

Ensuring Compliance with Financial Regulations

Time tracking software in banking must adhere to stringent regulatory frameworks to maintain compliance and avoid costly penalties. Regulations such as GDPR, SOX, and FINRA demand meticulous data handling and protection practices, with penalties for non-compliance ranging from $5,000 to $100,000 per month. Banking professionals require software that not only tracks time but also ensures data privacy and auditability.

Harvest provides detailed reporting capabilities and project tracking that can be tailored to meet these regulatory demands. While it does not offer specific financial compliance features, its robust reporting and time tracking against projects can help finance teams maintain accurate records. This is crucial for compliance with laws like the Bank Secrecy Act and PCI DSS, which require detailed audit trails and secure data management.

Integration with Banking Systems

For banking institutions, seamless integration with existing systems is essential to maximize efficiency and reduce manual data entry. Core banking systems, HR software, and ERP platforms must work in harmony to provide a comprehensive view of operations and avoid data silos. This integration is particularly important for managing payroll, as nearly 72% of payroll issues stem from data input errors.

Harvest integrates with popular platforms such as QuickBooks and Xero, which can assist banking teams in managing financial data. Though not explicitly designed for banking system integration, Harvest's wide range of integrations with tools like Asana and Slack can improve workflow efficiency and collaboration across dispersed teams.

Automated Invoicing for Banking Clients

Accurate and timely invoicing is critical in the banking sector, where billing errors can impact client trust and revenue. Professional services in banking often follow ethical billing standards, requiring precise records of time and labor. Automated invoicing that adapts to specific financial terms helps prevent revenue leakage and improves cash flow management.

With Harvest, banking professionals can manage multiple client accounts, track billable hours specific to banking projects, and generate automated invoices with customizable terms. This ensures that invoices accurately reflect the services provided, aiding in both client transparency and internal financial management.

Enhancing Project Efficiency and Productivity

Project efficiency is a key concern for banking teams seeking to optimize operational performance. By implementing effective time tracking practices, banks can improve resource allocation and project management, leading to a 12% increase in invoiced hours as noted by some agencies.

Harvest allows teams to track time against specific banking services like loans or investments, providing insights into project and team utilization. This detailed data helps managers identify areas for improvement, ensuring that projects are completed on time and within budget. Additionally, Harvest's alert system for project budgets helps prevent overspending and ensures alignment with financial goals.

Time Tracking for Banking with Harvest

Discover how Harvest tracks time and manages invoices for banking projects, enhancing compliance and productivity.

Harvest dashboard showing time tracking for banking projects.

Time Tracking Software for Banking FAQs

  • Time tracking software for banking should include compliance with financial regulations, seamless integration with banking systems, and detailed reporting. It must support features like audit trails and secure data handling to meet regulatory requirements.

  • Time tracking software ensures compliance by aligning with regulations such as GDPR, SOX, and FINRA. It provides secure data handling, audit trails, and detailed reporting, which are crucial for maintaining regulatory standards in banking.

  • Harvest offers integrations with platforms like QuickBooks and Xero, which can assist banking teams in financial management. While not specifically tailored for banking systems, these integrations help streamline operations and reduce manual data entry.

  • The best methods include using automated invoicing tools that adapt to financial terms specific to banking clients. Harvest facilitates this by managing multiple client accounts and generating invoices that accurately reflect tracked billable hours.

  • Time tracking improves project efficiency by optimizing resource allocation and monitoring project progress. Harvest provides insights into team utilization and project budgets, helping managers complete projects on time and within budget.

  • Relevant regulations include GDPR, SOX, FINRA, and PCI DSS, which demand secure data handling, auditability, and ethical billing practices. Time tracking software must align with these to prevent penalties and ensure compliance.

  • Harvest manages invoicing through automated features that support customizable terms for banking clients. It tracks billable hours and generates professional invoices, aiding in accurate financial management and client transparency.