Increase Project Profitability With Time Tracking Software

 

Time tracking is an integral part of a personal and professional life that leads us to effective time management. Talking from the company’s perspective, companies record the time of employees when they are performing tasks. It is simply because companies give them salaries based on the time they are giving to the company’s work. Also, companies need to show time to clients while making invoices from them.

There, a systematic approach to tracking time can boost project profitability. Let’s dig deep into the importance of time tracking for increasing profitability.

Who needs Time tracking and why?

First things first. Time tracking is useful for businesses or enterprises that work with clients and an hourly bill is generated. Also, companies that have a combination of in-house and remote workers with flexible timings can leverage the benefits of time tracking. If you want to improve productivity and profitability significantly, you can count on time tracking.

In this pandemic age, many employees work remotely and enterprises want to monitor all team members working from different locations at once. With time-tracking software, it is easy to monitor their activities and motivate team members to remain productive. Also, straightforward schedules can be made for all the employees based on their availability. Finally, the companies can use the time tracking software to capture random screenshots of their laptops to find out whether they are working on the project.

How does Time tracking increase profitability?

It is fair to mention that the revenue of companies that track time is significantly higher than that of companies that do not track time. The reasons for this difference include-

• Time tracking can give better insights into the workload employees can take within a certain period
• Time tracking can show the team’s productivity levels
• Companies can get a better estimate of project deadlines and expenses

Altogether, time tracking can lead companies to get better projects, improved relationships with clients, and ultimately higher revenue. Time-tracking software can also assist companies in saving money by automating various administrative tasks and helping managers analyze where their team members spend time. Managers can prioritize their tasks as per the employee’s efficiency. Also, once it is known how employees spend their time at work, the company can make them more productive and efficient.

Also, time tracking can help entrepreneurs prepare bills more accurately with the actual project costs. If any project takes longer than expected to finish and you face some issues, the project cost may rise significantly. There, with the help of time tracking you can make the client understand the situation that leads to the increased cost.

Another important factor to consider is reduced paperwork. Time tracking software can help you save time by generating reports, invoices, and payrolls. In other words, the time tracking software can enable you to reduce paperwork and manual work. You can save a lot of time and effort using the time tracking software. Needless to say, you can save a lot of money daily by automating report and invoice generation processes.

Key Benefits of Time Tracking for Companies

Time tracking offers a lot of benefits to teams, individuals, managers, and clients. What’s more, it benefits startups, SMEs, and large enterprises alike. Here we make a list of major benefits of time tracking.

Time Tracking Benefits for Teams

While working in a team, it is necessary to know whether everyone is contributing to the project properly and how long it will take all the team members to complete their assignments. Time tracking can provide insights into all these points and allow teams to resolve the issues for a better outcome.

Key benefits of Time Tracking for teams include-

• It motivates team members and assists companies to maintain high productivity
• It helps teams resolve potential issues and conflicts if any
• It helps teams organize better to achieve personal and shared goals

In a nutshell, time tracking can assist every team member in working hard to accomplish tasks. Team members can also work efficiently to reach the team’s shared goals to complete the project within budget and deadline without compromising on quality.

Benefits for Small Businesses

Small businesses have tremendous pressure to complete the project within the given deadlines. What makes matters worse is the fact that small businesses have to reach their goals with limited budgets and resources. Here, time remains a valuable asset for them. Startups and small business owners have to allocate available time carefully to ensure all the aspects of the project are finished efficiently.

Small businesses can prioritize tasks efficiently, The time tracking software can also facilitate small business owners to track all expenses while maintaining productivity at the highest level. Time tracking also assists companies to keep a check on multitasking or procrastination. Employees can easily understand what tasks can bring enough money with the time spent on them. In other words, employees can easily focus on profitable tasks.

Here is how Time Tracking benefits small businesses-

• It assists small businesses to organize schedules so that employees work on tasks for 90 minutes at a time with more focus
•  It helps distribute planned time to more important tasks
• The time tracking software can make everyone’s time results visible to everyone
• Time tracking can help small businesses avoid multitasking so that employees can finish one task at a time

Benefits for Managers

From project managers to corporate managers to account managers, everyone can get the benefit of time tracking. When it comes to project managers,

• Time-tracking software can enable them to handle vital paperwork with ease
• It is easy to supervise team members and their work

Talking about Corporate Managers, Time Tracking can help them understand-

• Whether projects finish within the deadlines
• Whether company resources are allocated properly
• Whether all employees are at work
• Whether employees work on their assignments

Account managers can act as a vital link between a company and its clients. They can utilize time-tracking software to maintain a good relationship between the company and clients. When all team members track their time while working on the client’s projects, it is easy to show accurate reports to the clients and give them answers to all questions related to expenses. In a way, companies can build a trustworthy relationship.