Time Tracking Software: Help Employees Feel Like Freelancers

We live in a world in which the makeup of an organization has changed. Many organizations have fewer full-time employees and instead rely on a series of part-time and freelance workers to implement critical business activities. If you have a diverse business model, you want the benefits of time tracking software. It can benefit both traditional employees and part-time and contracted workers.

Help Employees Feel Like Freelancers

The dream for many people is owning their own business or at least finding a job that gives them the flexibility to work from anywhere. It’s possible to restructure your business so that internal employees and external contractors choose from a dashboard the tasks they will work on each day. They can track their productivity and self-determine how much they will earn. This is easy with time tracking software. Using a work-task tracking software helps employees feel like freelancers. They get to decide what they spend their time on and earn more if they put forth more effort.

Use Task Codes to Restructure Your Business Activities

In some businesses, not just those following a process management model, it’s feasible to restructure all business activities to fit into a set of task codes. This is a way of thinking similar to what code will be assigned to a medical service in a doctor’s office. In many organizations, a physician will not perform a service if it is not billable under current federal Medicare and Medicaid rules. Your organization can create a set of task codes, one for each business task. This could look like a hierarchy of codes, one belonging to each department or team. Or, you can use universal task codes across the organization. That’s because taking a business call or typing a letter of correspondence looks the same in every operational area.

Give Employees More Ownership of Their Work = Pride

Just because people don’t work in your office doesn’t mean that they cannot take pride in their contractual employment and get the flexibility of working like freelancers. When you use time tracking software and employees of all types track their work and manage their time, they get to feel like freelancers. You can redesign your positions to be more flexible. Employees can begin to serve different client accounts or work in different geographical areas, but they can qualify to work on an increasing range of tasks. The longer they stay with your company, they get to enjoy more flexibility in work assignments. They become experts in your entire business model, and they can shift easily to different accounts or projects based on business needs.

Move to Cross-Functional Teams

If you set up all of your activities to fit a list of task codes, employees can truly work anywhere in the organization. They will have access to more tasks as they develop the subject-matter knowledge required to perform them. They are more like freelancers. Your company can reap the benefits of process management organizations, which often use cross-functional teams to increase productivity. Let’s see what this looks like. A company makes every task into a code that can be performed by anyone with the right qualifications. If employees want to move to a different cross-functional team, such as working on the marketing team or providing customer service, they can shift. This only requires a conversation between the leaders of the two teams. At the same time, employees from marketing can temporarily assist the customer service team with certain tasks to address business shortages or take advantage of limited-duration business opportunities.

We have more ideas on using time tracking software to change how work is managed in your company. Please contact us today.

Advertisements

Close More Deals With Quote Software and Keep Your Sales Cycle Running Smoothly

Online Quoting & Proposal Software

Online Quoting & Proposal Software

Whether you view it as a rewarding challenge or a dreaded task, responding to Requests for Quotes (RFQ) and Requests for Proposals (RFP) is a crucial part of running and growing a business. A professional accurate document that puts you in the running requires meticulous attention to every detail, and this requires valuable time. Therefore, as much as you may want to reply to every RFQ that comes in, it is a prudent practice to step back and realistically assess each opportunity and respond only to those you have a chance of winning.

Questions to Ask Yourself

Is this RFQ prompted by a present need or is the requester just testing the waters?
Does the purchasing agent express resolve and commitment?
Is there a budget involved?
Have you ever done business with this customer?
Can you effectively compete?

If you decide to respond, fire up your quote software, it’s time to deliver a quote that stands out from the competition.

Preparing Your Quote

More About Them Less About You

At this point, forget about the basic features and costs of your service or products, they will come next. Concentrate on the needs of the prospect and clothe your deliverables in language that details how your offerings will fit in with the culture of their company. Focus on the outcomes and beneficial results that will come with accepting your quote; the particular problems it will solve.

Offer More than One Option

Since your competitors will, most likely, be responding conventionally and offering one option, providing multiple ones will make your proposal stand out. Customers like to feel they are doing due diligence. By giving them a set of options, you’re helping them out in that regard. In essence, you’ll be acting like a competitor to yourself, filling their need to shop around and hopefully dissuading them from looking elsewhere.

Another benefit from taking this forked road is that you’ll be able to offer both a higher level of service, i.e., a more expensive one, and they just may choose it. But if they cannot afford it, your lower priced option, the one they actually had in mind, will look like a bargain.

Keep it Short

Remember that the requester will be receiving several responses. Making yours relevant and concise, mentioning only areas that are important to the prospect will increase the chances that rather than just thumbing through it, he will read it all the way through. A good rule of thumb is to limit quotes to a maximum of two pages, focusing only on what you think will close the particular deal.

The Quote as Contract

Include a final paragraph that gives the requester the opportunity to signify (s)he accepts your proposal by signing it. Being able to turn the quote into a contractual agreement shows your commitment and may increase the likelihood of the customer’s doing business with you.

Our cloud-based software presents you with templates that can match the varying needs of each and every prospective client, allowing you to create an attractively formatted estimate that includes your company logo, address, and contact information. But that is only the beginning of the benefits our system offers. With Cloudbooks, you’ll be able to see which quotes have been accepted and which have been declined, and with just one click, convert those accepted estimates into invoices.

Contact us to find out how Cloudbooks SAAS can help you take charge of your business and automate your entire sales cycle, not only turning quotes into invoices, but also tracking those invoices, creating recurring ones, and giving you detailed reports that help you maintain the cash flow needed to keep the wheels of your business turning.

Bookkeeping Software and Small Business Cash Flow

Bookkeeping software for small business free:
Bookkeeping software for small business free

When you first opened your business, you probably based it on some kind of business plan. In that document, you considered your target market and what kind of product or service your company would provide. You also did some calculations to ensure that your Small Business could establish a cash flow. That’s the name of the game, and we have some thoughts to share about it.

Reaching the Break-Even Point

For new businesses, cash flow is one of the biggest factors that affects their ability to reach the projected break-even point. This is the point in time at which your investment of capital in the business gets recovered and you begin to make a profit. We understand that you need quality bookkeeping software to help track all of your incoming revenues and outgoing expenses. Our cloud-based bookkeeping software gives you electronic tools to do these activities and many more. On the one hand, you can keep the books and continuously monitor the financial position of your small business. On the other hand, our software helps you to easily create and send invoices electronically and through the mail to your clients.

The Relationship Between Cash Flow and Marketing

To stay in business, you must establish and maintain a market base and build relationships with clients. Just getting clients to make a purchase is the beginning. Once your product or service gets delivered to clients, you must ensure that your company gets paid. We like to help small business owners and freelancers understand the importance of having reliable bookkeeping software. This is a tool that helps you ensure cash flow and efficiently manage the billing relationships with your clients.

Studying Your Cash Flow

With bookkeeping software, it’s easy to perform some cash flow analysis. You want to examine trends, such as the rate at which your clients remit payment to you. In a typical business, this includes looking at clients that get behind in payments, such as 30 days past due, 60 days past due, and 90 days past due. Accounts that become more past due are unlikely to pay your business any time soon. They won’t help you make your rent and expenses this month. In the end, your company cannot stay profitable by allowing clients to become past due.

Cash Flow and Debt Collections

Any business that bills clients must also address the hassles of debt collection. Any invoice that you send out should be matched in the future with a payment or a collection action. Some businesses will write off bad debts on their taxes at the end of the year, but that is a conversation for another day with your tax specialist. Our clients appreciate how easy it is to tackle monthly collection efforts by pulling different reports from our cloud-based software. You can use different collection efforts, such as writing letters and making reminder phone calls, to encourage clients to pay. In the end, if they don’t pay, you can report them to the credit bureaus and decide whether to take them to small claims court. With our bookkeeping software, you can easily track the age of accounts. You can focus your marketing efforts and customer service activities on clients who pay on time. You can decide whether to cut ties with clients who constantly get behind in paying you for goods or services.

We want your business to establish a steady cash flow and then track and manage incoming payments easily over time. With cloud-based bookkeeping software, you get to use all of your electronic tools on a single dashboard. You can easily analyze the sources of income and the ages of outstanding client accounts. For more ideas on cash flow management, we hope that you will contact us today.