From casual attendance to keeping a check on billable hours, time tracking software does it all. It is the buzz in small businesses these days. So how does tracking work and what are the benefits of the business expense tracking?
A time tracking software, simply put, is a cross platform that tracks the time, labor, and resources spent on completing a task by an employee or a team. It is the key to healthy workflow, productivity, and insight. When you know which task take the most of your time, you can find the ways to do it quickly. The software will be help you identify the problems, and then you can come up with strategic plans to overcome them.
Here are some of the advantages of time-tracking software –
1. Billable hours for each employee
According to report by HR.com,43% hourly billed workers admitted to exaggerating their timestamps. This is essentially time theft. It is not to say that your employees are dishonest and manipulative. Given the power, they tend to roll the dice in their favor. To avoid this, use a time tracking software. It gives the manager total command. You get the big picture in terms of how each employee spends their time. Time tracking software accurately notes the time spent by the employee on actual tasks. This means, accurate billing. It saves a lot of money and allows you to set your priorities straight.
2. Bill clients accurately
If you use an hourly billing method for your clients, then a time tracking software is a must. There is a lot of communication over the course of a project, and to manage invoicing is a tough task. Clients usually do not adhere to the deadlines. And they always find a way to get you a 60-minute long calls about random things. Did you know all this is your money? Well, claim it. With a time-tracking software, you can avoid any misunderstandings with the client, who gets a clear picture of how much time you have spend on their project. It allows you to bill for unaccounted time you spend on small tasks for the client.
3. Track time spent on each task
A lot of times estimations for tasks go wrong. Depending on the client and the project specifics, you may spend different time on similar tasks. A time tracking software allows you to exactly calculate how much time you are spending on each task. This means better pricing in the future. Once you know how much time you are spending on a task, even if you are not billing your client hourly. You can give them an accurate pricing model for your services.
4. Save money with accurate budgeting
Using a time tracking software essentially saves you a lot of money. Especially if you are a small business. The software allows you to integrate your payroll system for accurate billings. Along with that, a time tracking software gives you an analytical report. This includes everything from overtime hours, time wasted, average project timeline, work estimates, deadlines, etc. This information allows you to build better schedules and budgets for the future. It helps you save money on wasted resources and manpower. It also gives you a crisp overview of project timelines and payment.
5. Say goodbye to Micro Management
The best part about a good time tracking software is, it allows you to efficiently manage employees. This is the most underrated feature of time tracking. It gives you all the information you need for performance evaluation. It also allows you to set deadlines and automatic reminders which are employee specific. After all, not everyone has the same pace. Monitoring helps employees stay motivated, and keeps the working place competitive.
Also Read: Time Tracking Software For Small Businesses