Can software solve the issues on time tracking and billing for projects ?

Project management software is tool for sheduling, budgeting, time tracking but not for billing.

Though it collects an information on current status of project works billing depends on many other factors.

http://www.nflaace.org/index_files/john_orr_cost_loaded_schedule_updating_pdf.pdf

Thank you for information and iam planning to instal a software for my business trying to use Zoho or Apptivo.

Software selection depends on your requirements.

Create the list of software features that are needed and then compare it with the software capabilities.

In particular pay attention to resource work modeling. Most PM packages work fine with the schedules that are not resource loaded and resource constraints are not considered. Resource modeling requires advanced functionality few packages have.

The same about cost loading and management.

It's true. Apptivo also has project Management Apps which is ideal for all the projects and even for small business. I am planning to install the same.

Hi nikhil,

The software that is ideal for all the projects and even for small business does not exist.

As I wrote earlier there are always specific requirements depending on the project nature, type of business, project management maturity, business needs, etc.

I wish you good luck.

Yes, for example, with Easy Projects cloud-based PM software you can plan the project, allocate resources, manage tasks and track billable hours all at once. 

Yes, for example, with Easy Projects cloud-based PM software you can plan projects, allocate resources, manage tasks and track billable hours all at once. You can test drive it for 14 hours before deciding to buy it.