Time tracking is crucial for any business organization. It is a key aspect of your employee productivity and business output to understand how you are utilizing your time. In addition, it provides a key outlook to insights, productivity, and managing a healthy workflow. All of these make time tracking a paramount aspect of running a successful business.
Now, there are various ways organizations work on their time tracking. Most new enterprises and startups have a manual time tracking process that involves biometric attendance adherence. The data is then exported to an excel sheet, which the HR team segregates manually based on their time adherence.
This is time-consuming as well as complicated and needs organizations to employ a resource to manage efficiently. However, on the other hand, established corporations, or the ones that can afford management software, can use automation.
A time tracking software is what you need to streamline the employee time and schedule adherence. Such a tool offers a holistic approach to resource management and automates data collection, segregation, and report creation.
Having built up to the basics of time tracking software, let’s move ahead and discuss more how it turns out to be such a crucial element for organizations of all sizes.
Benefits of Using a Time Tracking Software
The insights gathered from a comprehensive time tracking software can be an eye-opener for your employees. It gives a complete view of the total time the employee spent being productive while differentiating it from browsing the web, breaks, scrolling through the email inbox, etc. While indulging in such activities in isolation may not sound very prominent to the employees, having a complete report of the report will give a better view of how long the non-billable activities have been.
With that being said, let’s take a look at some prominent benefits of time tracking software that businesses can make use of.
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Brings Transparency
The moment you make time, your time management as your staple concern, you will automatically implement more transparency into the entire organization. It will help you stay at the top of your entire operations since it offers insights into whether the tasks are completed on time or not and the job duration.
Moreover, you will start understanding the activities that are shifted to the bottom of the priority list and will start focusing on them more. Besides, you will also be able to provide a bigger picture to your employees. The transparency with the employees will help them look back and understand their workload better and optimize their productivity wherever needed.
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Increases Accountability among the Employees
The moment you implement the need for employees to register their time will make them more focused. This is because the employees will know they have to report their timesheet and report spent on any task. Once the employees are on board with their time being monitored, they will know that the clock is ticking, and they have to start being more productive. In addition, knowing their working pattern reports of the previous weeks, your employees will know what and how to do if they want to eliminate or even minimize their non-billable work.
With elaborate time tracking software, your employees will hav e substantial concerns to deal with. Some of the most common questions that they will try to find answers to are:
- Did the completed task in the given timeframe contribute to achieving the broader business goals?
- For example, could the completed task justify the amount of time taken to get it done?
- Could the employee spend the time more effectively?
- Did the task contribute to the personal or professional goals?
Once your employees get the answers to these questions, they can bring quantifiable measures to change their approach to any specific project or task.
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Brings an Understanding to Your Operational and Billing Efficiency
Similar to the importance of employee management software, time tracking is crucial, especially in the service industry. Time tracking goes a long way toward increasing operational efficiency by giving a clear picture of the billable tasks on the utilization report.
It segregates the productivity level of employees based on their individual contributions to the entire business.
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Highlights Areas with Higher Resource Demand
The total time spent on a project is a good indicator of the resources that could be in demand. If any specific project takes more time the completion than you anticipate, you might need to invest more resources.
Plus, with detailed insight into the individual timesheet, you can better understand whether all the employees are working on the same level or if there is any disparity in the work distribution. This will give you an idea of whether you need to change the team to reshuffle the distribution of work.
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Tracks Your Budget Investment
A time tracking software is comprehensive enough to keep your project budget insight. With such an automated approach, you already have a timesheet and report of the total time taken, or anticipated, on a specific project. Plus, you also have a detailed insight into the other resources you have invested.
The time tracker software calculates the first aspect, while your accounting team calculates the other resources’ part. As a result, you have an insight ready as to the total investment you have had to make in the specific project. You can then compare the estimated budget with the actual, which can help you calculate the total revenue too.
Summarizing the Story
Not every organization uses a complete time tracking software yet. The tools with the highest level of automation are elusive to large organizations only. So instead, smaller businesses use a manual-automated approach to employee time tracking. Such an approach includes around 50% automation in the collection of data, while you handle the calculation and reporting manually.
However, after you have read this entire piece, you will be aware that time tracker software can be extremely useful for all organizations, irrespective of their size and scale. After all, it can help you save a lot of money that you might have to spend on setting up a separate department to manage this.
So, look for the best time tracking software without waiting any further. Developers and vendors like Omind Technologies provide some excellent tools and modules for time tracking. Learn more about them soon!
