Time tracking software is a very important part of your business as it lets you know if you are making money on the work you are doing. The most efficient way to capture the information is to use software dedicated to this purpose. This will also provide reports and analytics into team productivity, time distribution and costs and profits across all tasks. Here Relativity, the business technology experts based in East Sussex looks at the definition of time tracking and four of the benefits time tracking software can bring to your business.
What is time tracking?
This normally refers to how your business records the working hours of your employees. This is important for not only payroll, but also how long team members are spending on tasks and projects. The software used will normally include extra features including hourly wages, breaks for lunch and integration with other systems including invoicing and human resources.
Benefits of time tracking software
- More productivity from employees
- Creation of more accurate estimates and quotes
- Prioritising projects
- Analysis of your performance
A more productive team
Do you feel sometimes your team is sitting around, twiddling thumbs, not knowing what to do next? Using time tracking software will encourage your team to take ownership of their time. They will be able to see the tasks that are waiting in the queue and will therefore always have something to do. It also shows deadlines that have to be met helping to prevent a lack of urgency in the projects they are working on. You will also be able to review their performance, identify areas for improvement and also find out if a particular team member is trying to do too much.
More accurate estimates and quotes
Have you ever done a job for a client and discovered it took a lot longer than you had anticipated resulting in less or no profit? Knowing exactly how long a task will take will help to eliminate this scenario. You certainly don’t want to be in a situation where you quote, the client accepts, is then delighted with the work you have carried out, would like to use you again, only to discover the next task will be a lot more expensive because you hadn’t quoted accurately in the first place.
A task for a big client has not been finished but a ‘nice to finish’ job has? Some projects will inevitably be more important than others and need to be finished by a specified deadline. You do want to finish tasks in the right order. With time tracking software in place, if your team goes off track, you can redirect them back to that really important project before it becomes a problem.
Analyse your performance
Do you know if tasks are going along at a reasonable pace? Is a team member being distracted by something that is unimportant and irrelevant? Are those quotes and estimates matching the time logs? Time management will enable you to see the full picture so you can easily see what you are doing right. You’ll also see any costs you had not anticipated and any unexpected delays. Built in analytics with your time tracking software will help you to accurately understand your performance.
Time tracking has benefits for all sizes of business
Small businesses will find that time tracking software will help with productivity as this can be analysed and optimised. Invoicing clients will become simpler as the hours worked are all recorded. Companies with more than ten employees will find benefits in terms of project management, as progress is easy to see and the budget can be controlled. The software can also be integrated with other systems including human resources. Large businesses can forecast the profitability of individual projects and use the insights provided to make smarter decisions.
How can Relativity help you with time tracking?
Time tracking software is key to improving your project management work and has many key benefits. It is a tool that should never be underestimated and should be used for all tasks irrespective of the size of the project. To find out more about logging the working hours of your employees, call Relativity, the business technology specialists on 01825 280123 or email firstname.lastname@example.org for more information. We are here to support all business types including freelancers, remote workers, small to mid-sized businesses and larger companies.
Next time we will be looking at the considerations you should make when deciding on what time management software is best for your business.