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Editor's Note: This post was originally published in February 2015 and has been updated for freshness, accuracy and comprehensiveness.

You shouldn’t use Excel for accounting.

In industries where the difference between billable and non-billable hours is important, it is essential to track each one correctly to keep your project and bottom line on task. Choosing the right software and using the right procedures can make tracking them easy and stress-free.

How Are They Different?

The difference between billable and non-billable hours doesn't seem important on the surface, but not properly tracking the two can be a big mistake. These numbers are how you gauge your revenue on each project and, to be successful, even the five minutes you spent assuring the client that you have everything under control counts. So how are billable and non-billable hours different?

In business, it’s all about the bottom line. So how do you make sure that you're staying in the black as the year progresses? The answer is easy – the best accounting software that makes it easy to track your finances and keep you on the profitable side of the revenue line.

Many people see the world in a very black and white way. There is a right way to do something, and a wrong way, and for some, it's very difficult to deviate from those standards into a more gray area. This attitude is true even in the business world. Despite the fact that technology is constantly changing and staying ahead of the competition requires new and inventive strategies, some business owners have a hard time moving away from traditional business practices.

The newest generation of consumers knows very little about a world without cutting edge technology, and such technology makes them savvier. They have more knowledge than ever about your products, your competitors' products, prices, and customer service. The best way to reach out to this generation is to speak directly to them in a way they understand. To do so requires time and money, so automating other aspects of your business will increase your ability to satisfy your current customers and bring in new customers.

What do Canada’s most successful businesses do differently than the less successful businesses? Why do even successful businesses run into financial difficulties that, if unresolved, can lead to failure?

In today's business world, technology is necessary to move your business to the next level. Without it, your company will inevitably lose to the competition that is embracing technology.

Your employees are the backbone of your business, and you need good ones who work hard and have your business's best interests at heart. As a busy business owner, however, it can be hard to find the time to handle employee matters, especially when everything seems to be going well.

We hope we’ve impressed upon you the importance of software and the many, many benefits you can reap from choosing the right system.