Time is a very precious resource and once gone, it’s gone forever. For a business, lost or misused time can cost a lot of money and hugely affect the revenue being earned. This makes it essential to have a metric to measure and analyze how every employee within the organization is spending their work time.
This is where a time tracking software comes into play. What it essentially does is automatic recording of the time being spent on a particular task by an employee, providing details down to the minute. The best time tracking software will precisely record and reflect how much work an employee accomplishes in a given time frame.
Let’s look at how using a time tracking app benefits your business:
- Prevents wastage of time : Timesheets provided by a time tracking software helps you recognize if a particular employee is wasting their time indulging in non-work related activities. Such activities can delay work and can cause obstacles during project delivery.
- Increases efficiency of work : Having real-time data about where the employees are investing their time can help managers assess their progress within a project. This information helps them in optimizing the team capacity to increase efficiency of work.
- Cost effective : Knowing their time is being monitored ensures employees are alert about their performance and increases their work productivity. This turns out to be extremely beneficial as the increase in revenue is very high compared to the cost you end up paying for putting in place a time tracking software for the company.
- Accurate billing : With a time tracking software you can have accurate time records that help you bill clients for exactly what work has been delivered. Failing to record this can lead to a lot of billing inconsistencies and disputes which can eventually tamper the reputation of your organization.
Now that we have established that time tracking is supremely advantageous for every organization, let’s look at the important features that are essential in a time tracking software :
- Easy to use : The most important feat that a time tracking software accomplishes is that of saving time by maintaining a record of how it is being spent. If your employees have to invest time in learning how to use the software, it completely defeats the purpose of using it. And so it is necessary that the interface should be uncomplicated and easy to navigate.
- Absence Management : Nobody wants to sit through endless logs to identify holidays and time-offs by employees. A time tracking software must have an inbuilt option for aiding absence management by providing clear overviews of available and absent employees. This will make it easy to re-allocate resources for ensuring project completion before the designated deadlines.
- Automatic timesheet generation : A time tracking software must automatically provide records of all billable hours through an online timesheet which helps in monitoring employee productivity. This also helps in maintaining the project progression records as well as employees absences and holidays all in one place.Online invoice generation : Having the facility to generate invoices based on billed hours through the same software that maintains time records makes things so much easier. This feature is a must to facilitate accurate billing and paycheck generation, thus eliminating any chances of disagreements.
When a company is focusing on growth, it becomes crucial to have better control over time being spent. Having said that, the advancement in technology has helped integration of additional features like online invoicing and mobile compatibility with time tracking softwares, which has made the use of this software even more favourable. But no matter which time tracking software you end up picking based on your company needs, the most definite results will be increased productivity and major saving of time.