A free bug reporting template is available to help QA and PMs effectively report bugs. The template includes essential information such as title, URL, environment, system details, console logs, steps required to reproduce the bug, expected results, actual results, severity of the bug, and priority. This template can save time and make bug reporting easier by providing a checklist to ensure all critical information is included in the report. Additionally, new tools like Jam can automate this process, capturing key details such as console logs and network requests, making it faster and more efficient for developers to understand and fix bugs.