Do you want to boost productivity, profitability and reliable insights for your company? The benefits of managing time and tracking can do all of this and more!

Time tracking for companies is the recording of the way you and/or your employees work hours. But, a simple time log can provide you with valuable analysis. It can help you determine which processes are taking the longest, what you can do to increase efficiency, and the best places your efforts for generating revenue should be focused.

In addition to accurate invoicing and payroll Time tracking in your company provides you with the information you need to make decisions for your business. This is not just another program. It’s an effective business building tool!

Different types of Time Tracking

The advantages of tracking time isn’t just limited to the tracking of the amount of hours billable. It also helps increase productivity, produce projects reports and provide precise invoicing.

Time tracking can be either manual or automated, depending on the purpose you are doing with it.

Manual Timesheets

Pen and paper can be used even if you like to write things out! Manual timesheets are an area where you physically record the hours you’re working. This is great for:

The employees who work on rostered shifts
People who like paper and pen

There is an opportunity for human error in manual timesheetsand is only providing a very basic view about the tasks you are doing.

Excel Timesheets

Utilizing Excel spreadsheets is an easy method of keeping track of your time. The benefits of using a spreadsheet to track your time include:

Automatically adding hours, if you have it set up correctly
It is easy to share this information with other colleagues
It can be configured precisely how you would like it

A spreadsheet functions as an electronic timesheet. You can include your break, start, and finish times to make your payslips and invoices more efficient. However, there’s the possibility of human error, and it’s not an accurate representation of what exactly you’re doing during each hour.

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Time Tracking Software for Time Tracking

If you’re invoicing on hourly billing, an automatic time tracking program is the most efficient solution. Time tracking can speed up reports and helps make invoicing more simple for clients. The use of an automated time tracker assists in:

Provide a clear understanding of the things you do on an hourly basis.
Invoices should be accurate so that you are paid for what you owe
Enhance productivity by observing how long it takes to complete tasks
Make sure that you have accurate budgets for your project to the team’s clients and other members.

If you’re paid per hour you work, and not a fixed daily rate Time trackers are the best solution to make your work more efficient and transparent to your customers. Employees can benefit from it by providing employees the productivity of their managers and also invoicing information.

The benefits of time tracking for businesses

The advantages of tracking time in your company almost immediately. From reducing paperwork to improved productivity, Time tracking for team members is likely to be your next tool for growth.

The focus is shifted

One of the greatest benefits of tracking time is the enhanced concentration. Multitasking can reduce productivity. Tracking specific activities at work will help to reduce the waste of switching between tasks.

Assures Accountability

Time tracking can enhance the accountability of managers to employees and also to themselves. It provides a summary of who was able to complete what task and the time it took to complete the task compared to timeline of the project. Employees can utilize it as a method to establish goals and reach them in their work and avoid delay.

Reduces the risk of burnout

In addition to increasing the hours of a project when required, time tracking could help reduce the amount of hours. A clear view of the the time spent on a project will show the employees and managers where they might be working too much and require more workers on their job. Stop burning out!

Allows Efficient Team Management

As a project or manager, you are the manager as a manager or project manager, your responsibility is in assigning tasks, and split workers according to their strengths. Tracking work and hours can provide you with an insight into the way each employee works and which areas are best suited to the next task. For instance that one person has less time to make sales calls, while someone else is more proficient in preparing budgets and budgets, you can assign their tasks according to their strengths.

Increases Profitability

The value of time is in the money. The better your employees are able to effectively manage their time and the better you are able to be able to accurately assess the resources required for particular projects, the more efficient profits you will earn over the course of time.

Tracks Hidden Tasks

Hidden tasks are those that require attention however aren’t always chargeable. The ability to track activities like meeting times, timelines of clients telephone calls, and administrative tasks means that you can develop more precise timelines to complete projects.

Helps Prioritize Better

A majority of people have a particular time of the day when works best for them. For instance, if a person prefers to do their work during the early morning hours, using time tracking lets them allocate the time needed to work as they are able to estimate the amount of time it will take for them to reach the flow of creativity.

Lowers Costs of Project Costs

Time tracking can help reduce costs by ensuring you are allotting your budget and increasing efficiency. Your employees can accomplish more work in less time, by focussing on the work at hand and you’ll be able to tackle more projects because of it. You and the customers gain when you lower the overall cost!

Make Data-Driven Choices

One of the biggest advantages of time tracking is that it provides data to help increase the efficiency of your company. For instance, time tracking reports can provide you with billsable amounts in a project to determine whether you’re losing or making money, based on specific parameters or across your entire team. This can be helpful when it’s time to present your findings to managers and clients.

Introduce Time Tracking to employees

Time tracking could be beneficial to both your employees and your profits. However when you implement time tracking at first can be received by resistance.

From identifying the most time-consuming tasks to boosting resources to meet “hidden tasks” using time management software makes sure everyone is able to have the time and funds required to complete their tasks to the best of their capabilities.

Final Thoughts

While it may appear as if it’s just another software to be implemented but the advantages of time tracking will reveal them in the shortest time possible within your company. Through improved productivity, better the proper management of projects and the distribution of your human resources it is the key ingredient that your employees have been searching for.