7 Advantages of Using Time-Tracking Software in Your Business


advantages-of-using-time-tracking-software-for-business

Keeping track of time can be difficult, but it is important for businesses to do that to establish accountability among the employees. This is where a time-tracking software comes into the picture. With this tool, businesses can keep a track of the team activity and handle expenses efficiently. They will know how much time a team or an employee spends on a particular task. This helps a business identify and eliminate inefficiencies.

Here are the seven advantages of using a time-tracking software –

Accurate Payments
Time tracking software will automatically record the login activity of your employees. It clocks in as your employee logs in and clocks out as and when your employees log out. In many organizations, employees are expected to fill timesheets. This leads to unnecessary confusion on pay days and leads to pointless arguments. You can even integrate this technology with your invoicing software for accurate billings.

Estimate Budgets on the Go
Your budget estimates depend on your employees and the amount of work they put on a project. Although most small businesses usually do things quickly, but there are also instances of mismanagement. So, either the projects are finished too early or too late. Did you know clients tend to pay more for quick work? You can avail such benefits using analytics available on time tracking software. With this tool, you can estimate the budget of your projects accurately and provide the same to your clients.

Boost Productivity
Generally, managers have the responsibility to supervise, analyze and encourage their employees. It is not easy as even your best performing employee can have bad days. With a time-tracking software, you can avoid these bottlenecks. This tool will provide with scalable metrics and statistics. Using them, you will be able to identify your best performing employees in terms of numbers, and the ones who need a little extra push.

     Also Read: How to Choose the Right Time Tracking Software for Your Business

Smooth Project Management
From vision to the execution, a project has many layers. Only a few managers get the tuning of a project right. However, a time tracking software can make this process easier and convenient. This tool helps you analyze your team and tasks in measurable metrics. This means, you have a clear vision in terms of direction. You will know where you are supposed to go and where you now.

Collaboration
If you want to run a smooth operation, you need to make sure everyone is on the same page. However, it is not as easy as on occasions, teams tend to lose their vision and direction. With a time-tracking software, employees will know whether or not they can meet the meet deadlines. They can communicate to the managers about their requirements. This keeps the work relationship healthy, and allows team members to connect through their work in a transparent manner.

     Also Read: Why Your Small Business Needs Time Tracking Software

Set Team Goals
It is important for team members to have a clear idea about the project they are undertaking. When employees have a specific set of tasks that they have to finish within a set period of time, with a time-tracker running, they will be able to do it better. It makes setting up team goals easy and devoid of confusion.

Increase your Profit
Nowadays, time is money. Inefficiency in the workplace is unacceptable and defeats the purpose. By using a time-tracking software, organizations can save a lot of time. They can use that time to complete another project. This will make your organization more productive, and thus increase your profit.

How Time-Tracking Software Can Increase The Productivity of Your Business?


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Time tracking software is an important tool for a small business. Using this software, businesses can minimize time wastage on unnecessary tasks and increase their productivity.

Due to the increased competition, many businesses are constantly looking for way to increase their productivity. One of ways to do it is by using a time-tracking software. With this tool, you can easily track the time, you and your employees take to complete a particular task. This way, you can find a better and efficient way do it. You can even prioritize your tasks and ensure that projects and other work are finished on time. The software also helps in making automatic timesheets, invoices, track your expenses with respect to your tasks, and the overall project management.

Read on to know how using a time-tracking software can improve the productivity of your business-

Focused Activity
Quite often, employees lose their focus and take a lot of time to finish their work. This is why, organizations hire manager to keep employees on track. However, a cost-effective solution to this problem is to get a time-tracking software. With this, business owners will know how much time an employee takes to finish a task. On the other hand, when you have an application to track the time, employees are less likely to do anything else. They will concentrate on work at hand. This way, you can avoid any unnecessary delays and comfortably meet the deadlines.

    Also Read: How to Choose the Right Time Tracking Software for Your Business

Make Accurate Estimates
Due to errors in billing and unnecessary losses, small business owners often find themselves in financial trouble. This is where a time tracking software comes into the picture. They are simple to use and provides all the required details for making an accurate estimate for a project. Many time-tracking software come with an additional project building tool. This allows you to make a project plan with specific tasks and budgeting needs. It also pans out your entire project in terms of dates, times, the manpower required and even automatic assignments. Along with this, this software will provide you with accurate billing information customized for each client. This avoids a lot of unnecessary confusion at the end of a project.

Supervising Made Simpler
In every organization, no matter how big or small, supervision of employees is important. Managers have to ensure that the employees fill their timesheets accurately. A lot of times, they find that a project isn’t complete, but the timesheet shows that everything was already done. Before you judge your employees, make sure you are giving them a right format to file in timesheets. Using a time tracking software, you can see employee activity in real-time. This means your employees have a platform to bill every second of their hard work, and you get to draw accurate conclusions. Since most time-tracking software are available cross platform, it makes it easy for employees to record the time they spend on each task.

Do your Business Efficiently
Time-tracking software pushes you to perform better and complete projects on time. Once you have completed your task in the allotted time, you can utilize the remaining time in some other projects. With a time-tracking software, you can fill in the gaps in your day with billable activities. This allows you to make more money. Most businesses are unaware of the time they waste in between tasks. With a time-tracking tool, they can keep track of the efficient hours. This knowledge is beneficial for the organization in the longer run. This way, you can you’re your business more productive.

    Also Read: 5 Benefits of Time Tracking Software for Business

5 Things to Consider While Choosing Your Business Expense Tracking Software


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In recent years, a large number of businesses have been using expense tracking software to forecast sales, manage expenses, inventory, and much more, because they do not want to waste time on unnecessary tasks. With a business expense tracking software, you no longer have to rummage through pages, and hope that you haven’t missed out on something important. All you need to do is click a few buttons, and vital information will be at your fingertips.

But any business expense tracking software will not work. You need the right one, and that is why, we have come up with some tips that will help you pick the perfect expense tracking software for your business.

    Also Read: Business Expense Management Software for Transparent Expense Tracking

1. What are your needs?

First, you need to have a clear idea of about your business and your needs. For instance, you need to know what is the size of your business? How much money does it make? Do you need software that is specific to your niche? Say, if your business makes millions of dollars a year, it would have different accounting needs from one that makes less than $50,000. Depending on the size and income, there are various expense tracking software, and even ones that work best with small or medium-sized businesses. You will also find customized expense management solutions for various sectors like manufacturing, hospitality, retail, and much more.

2. Should you go online or offline?

The next important question is whether you should choose an online or offline software? Most businesses opt for cloud-based software, as they offer more benefits than offline solutions. Yet, some businesses that do not have access to the internet prefer offline software.
We recommend that you choose an online business expense tracking software. All you need is an internet connection, and you will have easy access to all your data.

3. How friendly is the user interface?

How often have you left an app or a website because of the interface? Has it left you wondering how the UI/UX developer got away with it? So, let’s not repeat that with your expense tracking software, and get the one that is easy for your employees to learn and use. Imagine the software filled with every imaginable feature; sounds messy, doesn’t it? To avoid that, go for one with a simple user interface. A clean interface makes it easier to focus on tasks and decreases the learning curve.

4. How scalable is the software?

As businesses grow, so do their accounting needs, but you already know that. Surprisingly, many businesses fail to realize this initially and have to migrate to a new expense tracking software when their existing ones can’t cope. Better avoid that mistake, and pick a free expense tracking software that can be scaled and enriched with features as your business grows.

5. What is your budget?

From small business expense tracking to large business expense tracking software, there is a software for every budget. You will even find some free expense tracking software that you can download online. However, the more specialized the software gets, the pricier it becomes. Once again, depending on your needs, the budget of your software will vary.

    Also Read: Software for Tracking Income & Expenses for a Personal Business – The top 7

Conclusion

We know that finding the right expense tracking software for your business is no simple feat. You are looking for software that you can trust for years to come. And that is why we at CloudBooks have developed one of the best expense tracking software’s that keeps all your needs in mind.