Time and expense software is a tool with which employees can record work hours and expenses and track project statuses. It offers timesheets, calendars, absence recording systems, expense sheets, and reporting capabilities to help managers gain visibility into and control over projects. Advanced time and expense software tools also offer additional features such as invoicing and expense approvals. Some time and expense software also integrates with other systems such as HR, accounting, and project management to streamline your entire business operation.