Articles

How Time Tracking Software Can Benefit your Business?

by Alex Johnson Head of digital marketing

“The key is in not spending time, but in investing it” – Stephen R. Covey.

We believe that people’s time is a strategic asset, and it is also something that can be very difficult to track. Time is finite and you only have so much of it available to you. And exactly how much time do you have at your disposal, well that depends on the size of your organization.

If you have a 500 employee’s organization, you have about 1 million hours available per year, for 5000 employees you have about 10 million hours per year and for 50,000 employees you have about 100 million hours per year. That is so much time, way too much time to track manually.

Time is a precious resource and once it’s used you cannot get it back and we need to ensure that we plan our day and account for every second.

Most organizations have to share this time data with various components within their ecosystem such as CRM, PSA, HCM, payroll, project management and this can create quite the jumble of data, and if thing were not complicated enough, we have different work modules throw into the mix together with on-premises data and database. So, getting the right data to the right place does become a tedious task.

Time tracking is critical to organizations, management for tracking efficiency and saving the employee time and cost. In this article, you will understand the importance of having a good software for time tracking

I’m sure you will agree with me that manual time tracking can be exhausting. Here are a couple reasons that would show you how useful a time tracking tool can be.

Benefits of time tracking software.

1. Project management

A good time tracking software or a Project management software can help you manage your projects in a much more efficient way and can be done daily. They can digest the project information you input and help you with budget estimation and cost in real-time.

By time tracking, you would not just be able to manage different projects without much hassle and unwanted confusion, but you would also save your time and cost by knowing how to allocate the two properly.

2. Finish projects faster

Time tracking software can easily help you identify bottlenecks.

If you are spending too much time writing an article, it is probably happening for a reason. For example, the article topic is too difficult having not match with the knowledge and skill of the person to the person to whom you have assigned the task. It can also happen because you are not sure what the article should contain.

In both cases, it is worth tracking the task your team is working on to quickly intervene if some take too much time to finish. Often, clarifying the task and discussing it with the concerned person can help find a more time-efficient way to deal with the problem. Introducing a time tracking software in your organization will offer a handful of advantages that translate into your better cash flow and faster growth.

3. Improve productivity.

There’s absolutely nothing that is more important to a small business than its employees. You can ensure that your employees productivity increases, by making sure that they are happy, and that will help your business grow. If you make small changes to their habits, it will definitely improve the levels of productivity and office efficiency in your business. This will allow you to get better quality of work done in a shorter span of time as well as reduce time spent on unnecessary tasks.

According to research, a business can automate time tracking to eliminate regularly lost productivity and recapture about $666,400 in wages every year.

4. Communicate progress

Time tracking software will help you to focus more, increase productivity and manage your projects better by giving you real-time visibility and track of employees. Moreover, it would also bring in more accountability.

You would not need to explain all you have done throughout the day. Time tracking software also gives detailed reports and analysis. You can simply share them and be more transparent by sending real-time notifications.

5. Efficient Team Management

Team management is all about coordination. By using time -tracking software, project managers will be able to allocate and coordinate their remote team, and can also avoid repetition of tasks.

This will also eliminate the need for frequent communication about the projects and that time can be used to ensure that tasks are completed on time and on budget. Project Tracking Software, will help you stay on the same page with your team and make the process easier with time-tracking software.

6. Calculate work rates & Bill accurately

Time tracking tools can constantly monitor all your work and record the time you spend in a day, eliminating the need to record it manually while also making it seem more accurate and credible, and the best part is you don’t have to wait to enter the time. It can be done anytime and anywhere as some of these software’s have mobile apps.

Now your work becomes more billable with your billing rates and custom billing codes, and you can charge the clients.

Now you can track the hours you have worked on the projects and charge a specific billing rate. According to ASAP payroll service, companies that employed software with timekeeping and payroll features committed 44% fewer errors. 

7. Improves performance across the entire organization.

Which departments are the most profitable? The answer to this question is important for your leaders. Timesheet will help you to be able to compare performance across the entire business, and also give you visibility into billing and cost data that offers immediate insights that help increase your profitability.

8. Help with better forecasting

Having access to comprehensive historical data on actual time spent on each task will allow you to improve your ability to create estimated tasks and projects and adjust your billing rates. This allows you to create accurate predictions and internal benchmarks, which ensures maximum profitability for any job.

9.  Helps Trim Cost

Organizations are always looking for new ways they can cut costs to help them maximize their profitability and reduce their budgetary needs. Time tracking software allows you to see the problems, inefficiencies, and hidden costs of unprofitable projects. It also helps raise transparency because you get a report from the time tracking software. Soon you will realize how easy it is to maximize your profitability by uncovering hidden revenue and profit opportunities from your existing operations.

Conclusion

Time tracking software can help you boost your productivity and tackle the inefficiencies. They offer accurate insight into the business, show you the true costs of your projects, and reveal key operational metrics that otherwise remain hidden. Any time tracking is better than none, but the system of time tracking you choose is vital. We recommend a cloud-based time-tracking system



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About Alex Johnson Freshman     Head of digital marketing

5 connections, 0 recommendations, 23 honor points.
Joined APSense since, November 16th, 2020, From New delhi, India.

Created on Nov 22nd 2021 08:19. Viewed 108 times.

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