Y Combinator-backed Tiempo is a free time-tracking app for iOS, Android and the web that can be used by individuals or companies to track employee hours to pay them faster.
Employees can log in hours and send it to their manager for approval. An approved invoice can be paid in moments, and the payment arrives in the employee’s bank account in less than 3 days.
Tad Milbourn, CEO and co-founder of Tiempo, said he, Peter Terrill and Kyle Kilat, who all met at Intuit, wanted to help people focus on work, rather than worrying about getting paid.
“You’re able to start taking these formerly paper-based processes, that took upwards of 60 days for someone to get paid once the work was done, and you have the possibility to make that near instantaneous,” Milbourn said.
Users that sign up can add time and add a customer’s contact information so they can be billed for the hours worked. Milbourn said the first beta customers were paid in less than an hour.
Tiempo also integrates with other software and right now the company is partnered with QuickBooks Online to track and keep records of documentation for accounting purposes. If you choose to use integrated services, anything entered in Tiempo will feed into the accounting system automatically.
Using the integrated services will cost $10 a month. The company also takes a 1 percent transaction fee for invoicing, but as the company uses Stripe to process payments, the total charge comes up to 3.9 percent. If you don’t invoice or integrate, the service is free to use.
