As per a report by Forbes, 9 out of every 10 startups fail, and what’s most staggering is that at least one startup fails in the first year since its inception. There are many obstacles faced by budding businesses, but time management tops the list. In fact, when we are talking about time management, startups aren’t the only suffering entity. On average, 82% of people don’t have a time management system, and lack of time management leads businesses towards the path of bleeding money. What is the answer to this problem? Using the best time-tracking software!
Sources: https://apploye.com/blog/time-tracking-benefits/
We live in an era where the average person checks their phone at least 96 times a day, and meetings cost companies around 2.5 million dollars annually. You can keep rolling your eyes at employees glued to their screens or think about how that one meeting could have been an email, or you can actually take the initiative with the best time-tracking software. Wondering how a time-tracking tool can help you maximize profits and bolster efficiency? Here’s a guide!
But first, what is time tracking?
Time tracking is all about recording the working hours of the employees. Tracking the hours worked on tasks or projects isn’t just helpful for payroll; time tracking also enables managers to gauge employee performance and calculate how much time it takes to complete a certain task. Whether you are a project manager, team leader, or CEO, regardless of the level of hierarchy, if you are responsible for many processes and their respective outcomes, having a tool for time tracking can ensure that revenue is maximized and losses are minimized.
How can a Time Tracking Software Help?
The best time-tracking software can facilitate employees recording the amount of time they spend on different projects and tasks. There are numerous advantages of leveraging a time-tracking tool for managing resources. These include:
- Better Transparency into Work Process: How often were you disappointed by the uncanny challenges in employee workflow that shunned productivity? Well, if you don’t want to be surprised by workflow ebbs and flows, using the best time-tracking software can allow you to stay atop the working process and offer insights into the jobs being completed as well as their duration. In addition, the data from the software can also help to comprehend which activities are easier, and which tasks are constantly put on the back burner, so you can prioritize work better and get a bigger picture of the workload blueprint.
- Improved Employee Accountability: At the end of the day, every employee works to complete the work hours and earn their pay cheque. The clock is ticking, and if you want everyone in your team to be as productive as possible, having the best time-tracking software can aid managers in noticing trends and patterns in the work hours and minimize non-billable work like unnecessary meetings or breaks. In a nutshell, the software can give executives in leadership roles a clear idea of employee work hours, so they can make some concrete changes to work towards a broader enterprise goal and amplify productivity.
- Understanding Billing and Operational Efficiency: Tracking the profits in a product-based business is easy. However, if you are in the service business, using the best time-tracking software can help you to improve operational efficiency. You can use the insights and data from the time tracking report, and track how much time is spent on the client work to bill accordingly.
- Comprehend Where Resource Demand is at Peak: Let’s face it: resources are scarce in every organization, and if you want to make the most out of limited resources, it’s vital to have an in-depth knowledge of where resource demand is the highest. Using time-tracking software can enable organizations to understand who brings the most value to the team. With workforce data, organizations can understand who does most of the work in the team and if something needs to be changed to redistribute responsibilities and workload.
- Evaluating how budgets get burned: Do you want a clear blueprint on how project budgets are spent? The answer is using the best time-tracking software. Instead of employees manually filling in the timesheets and registering time for different tasks, you can always switch to automation to avoid time theft and analyze how budgets are burnt on different time slots.
The Bottom Line
Businesses don’t track time because they think it slows them down or might lead to micromanaging. However, time tracking can be an excellent way to solve administrative headaches without stifling creative thinking. It can be challenging to track employee time. However, with the best time tracking software generating organized timesheets, enterprises can run reports, measure employee productivity, level workload distribution, calculate quotes, and create invoices without double entries or errors.
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