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.

Why You Need to Track Your Business Expenses?


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Business expense tracking software is an accurate and revolutionary tool for managing finances. The secret behind its massive success is its ability to track finances daily.

Tracking business expenses is important because it helps you see the bigger picture. Once you know where your money is going, you can look for opportunities to spent it better. It will give insight into the latest financial data, which you can use to analyze your organization’s successes and identify the weaknesses. With a business expense tracker, you can make this process exceedingly smooth. Also, not many businesses can afford to hire a bookkeeper to track their daily expenses. However, they can use that money to buy a business expense tracking software.

Here are some of the reasons to track your business expense daily –

Financial Consciousness
You need to have a solid foundation to run a successful business. That means, you need to learn to how to manage your finances better. By tracking your business expenses daily, you get a clear understanding of your business expenditure. Some business owners find this number game intimidating, especially when they receive it from their bookkeepers, at the end of a fiscal year. This is where tracking daily expenses can come to rescue. It will allow you to become more in touch with the functioning of your business.

    Also Read: 3 Steps for Tracking Your Business Monthly Expenses

Earn Profit from your Taxes
Tax season is a dreaded time for people, who are not prepared. People generally scramble to find the invoices and receipts on their laptops. But this does not have to be your experience. If you have kept a clean record of all your expenses, the tax season can help your business grow. This way, you can contribute to the economy in a positive light instead of developing vengeance for the market. With a business expense tracking software, you can keep a tab on your daily expenses, and go through the tax season untouched. You will also be able to claim tax returns, which can be added in your budget for the next season or as bonus checks for your employees.

Always have a Backup for Rainy Days
Every business has a set objective that want to achieve. But, accomplishing those goals is not always easy as your business may suffer setbacks at times. This may be in the form of business losses. This is where keeping a daily record of your expenses can come to your rescue. Businesses often spend a lot of money on subscription and make recurring payments to fulfill luxuries. On a rainy day with such record at your disposal, you will be able to cut down the unnecessary expenses without putting the burden on your employees.

    Also Read: 3 Quick and Simple Steps for Business Expense Tracking

Find out why you are Losing Money
The most important aspect of tracking daily expenses is to figure out what exactly are you doing wrong. Contrary to popular belief, tracking business expenses is not meant just to give reimbursement to your travelling employees. Using a simple analytics tool on your database for daily expenses, you can find out important information. Basically, it serves as a financial supervisor. It will tell you exactly what are the small things that you are doing wrong, that are adding up as major financial losses at the end of a quarter.

    Also Read: 10 Tips for Small Businesses to Track Their Expenses