Time tracking software is a special kind of software which has been designed to allow users record the time spent on tasks. It is a very useful software which has found utility in law, freelancing, accounting, and many other sectors. Both employers as well as employees benefit from this tool which can be used along with other software to monitor development in numerous projects and other fields like customer support.
The benefits of implementing time tracking software into a business are not limited to just monitoring the employees’ rate of doing things, it has a myriad of other advantages as well.
- Accurate pricing and estimates – when given a new project, you can make a more accurate estimate for how long it will take to complete it based on the tracked time records for previous tasks. This also helps in adjusting the base price for certain services according to the time estimate.
- Accurate billing and invoicing – if time is tracked for services, a more accurate bill can be generated which will cover the costs of all services. Maintaining detailed records can be a good way to handle client queries and disputes over time with ease.
- Improvement in productivity – The U.S. economy loses $7.4 billion each day in productivity because of inaccurate time reporting which leads to many inefficiencies. By analyzing the time spent on tasks more clearly, one can see where the time is being wasted and put it to better use.
- Faster, smaller payroll – when you decide to use automated time tracking systems, you can speed up the payroll process greatly and reduce unnecessary stress by a huge margin. Automated time tracking can reduce the time spent on payroll by half because it does not have to deal with any hassles that manual time tracking leads to. Manual processing of time can lead to many errors in the payroll process. A study found that a company’s payroll process sped up by 70 per cent from the use of automated time tracking.
- Improvement of project management – the use of automated time tracking software will help you keep your employees on schedule and maintain your budget more carefully. Automated time tracking also enables you to assess your progress in real time with more clarity. It also helps tackle poor time management habits and one can improve on their work habits as well.
These benefits are the reason why so many companies are now switching to automated time tracking systems and ditching the manual method. Time tracking software is the top requested web based project and is requested by 60 per cent of small business leaders. Time tracking provides accurate value for labor and better time management. It also enables companies to track the remote employees that cannot usually be put under direct surveillance.
Any company that wants to improve their productivity and management should definitely incorporate time tracking software into their business.