Time tracking software is a tool that provides you with important information about your company or business. This app can be used on your desktop or mobile device and improve your workflow.
This tracking system allows you to track the labor, time, and resources required for a particular task. Professional trackers indicate that keeping time is as important as project management, payroll, and accounting.
A good time tracking software offers you the following features:
- Track billable hours
- Follow-up time
- More secure analysis and reporting
- Take screenshots of the employee’s device screen
In any business, there must always be a follow-up of tasks and activities, expenses, income, time, productivity, performance, etc., which must be known. In this way, you will know the operation of each metric that allows you to optimize each task.
Learn more about time tracking software and its benefits are below.
8 benefits of time tracking software
Time tracking should be a significant factor for your company because it will help you get the necessary information to optimize your projects. It is a tool that will let you know if you are generating income with your work or if, on the contrary, you are spending cash.
Companies will be able to record the working hours of their employees so that they can receive the appropriate payment for their hours worked on projects or tasks.
The top 8 benefits of a time tracking system for your business are:
1. Keep employees up to date
Your employees will have to be more focused by recording time because they will have to report their hours on each project or task. With time tracking, your employees will be forced to take charge of all their work, and you will see how they are performing.
It will let you know their time record and see if they can beat it and get the job done in less time. Although your employees may have some time off, you will prevent them from spending their time inefficiently with this tool.
All managers will know when, how, and where their employees are spending their time, and you will be able to focus on the critical or urgent things.
2. Invoice your clients for the work done
Having high-quality time tracking software on hand is necessary if you bill your clients by the hour. In this way, you will charge for the actual work hours, and you will not lose money. Dealing with clients is not easy, especially when you ask them to pay more than the agreed amount.
With a time tracking system, you will be able to justify the increase in the amount you want to charge because it will indicate the actual hours of your work. This way, you will not undercharge or overcharge your clients, and you will be able to maintain a long-term working relationship.
Sometimes tracking programs also allow you to extract your billable time into invoices, and it will do all the calculations.
3. Improve your prices
Good time tracking software will allow you to build a library of projects and tasks. You will know precisely how long it took to complete a task and how much it cost the business. In addition, it will let you know if you won or lost with those projects carried out.
It provides you with the necessary information to define the prices of each of your projects. You’ll be able to run real-time reports on the types of projects and tasks and just how long it takes to complete them.
4. Keep projects profitable
Each project comprises a certain number of hours, and each hour has a price. To be successful in your business, the total price you change your customers must be greater than the cost your business is investing in the project.
To calculate the actual cost and hours spent on the project, you must have a time tracking program. In this way, you will know if the projects are profitable for your company or not.
Information on work estimates, rates, quotes, deadlines, and project schedules will help you adjust and maintain your budget.
5. Track time on different devices
With excellent cloud-based time tracking software, you will be able to know the working hours of your staff anywhere in the world. Your work team will be able to enter work time comfortably, quickly, and accurately.
You will access the cloud system from your mobile phone or tablet, and all the information will be updated instantly.
6. Manage your team more effectively
You need a time-tracking program to know how much your team is working. Employees who know you are using a time tracking program to keep benefiting will positively see this.
You will be able to maintain the balance between your employees’ work and personal life so that they can feel motivated and happy. Many companies use these tools to know when too much work is coming and gain new hires.
7. It will improve the way you work
With the help of time tracking software, you will know how many hours you spend in meetings or doing each task. You will know how productive it is for the company. Employees are often surprised by what the timesheets say about their daily work.
With the help of a good program, you will improve your work habits and those of your team. For each employee, this can be beneficial because they will be able to improve and reserve their time for the most important jobs that bring the most benefit to the company.
They will be able to organize their time during the day better and become an indispensable team for long-term business profitability.
8. Reward excellence
Many employees think that they will have a schedule of work hours with time tracking software, and it can look like they are slacking off. At the same time, this type of program lets you know when work is getting done, and when it isn’t, it can also help you reward your top performers.
If an employee consistently strives to meet her goals and stands out from other workers, you should consider a promotion. In this way, your work team will feel motivated and work harder to complete their projects.
You will have happier and happier employees, which will improve your company’s performance. With successful time tracking, you will be able to record the essential data for your company, and you will be able to improve those projects that are not generating profits.
You will make better decisions about rates project prices and schedule each employee’s daily work. Find your best time tracking software and enjoy these fantastic benefits.