The Top Ten Benefits of Time Tracking Software

Kirsty Conway

It can be difficult to keep track of exactly how your employees are using their time. More specifically, you want to be sure that they are making the best use of their time. You don’t want to cross the fine line between time tracking and micromanagement, so time tracking software could be a good option for you. Not convinced? Take a look at our top ten reasons why you need time tracking software to make your business more productive.

  1. Improved workload management

If you have employees who work on a variety of different tasks, software allowing them to track the amount of time they spend on specific tasks lets them (and you) see clearly whether they are portioning their time appropriately or if adjustments need to be made to the amount of time they are spending on each aspect of their job

  1. Save time and effort with the payroll

Some time management software will not only allow employees to track their time, but will also create timesheets, which can be a huge timesaver for you in calculating each employee’s pay. This is particularly useful for businesses with employees working variable hours.

  1. Increased focus

Having employees track their time will make them more aware of how they are using their time at work. This should help them to take more responsibility for managing their time, and keep them more focused on meeting deadlines and using their time as efficiently as possible, which should minimise time spent procrastinating!

  1. Improved workflow

Another advantage of using time tracking software is that you can easily compare how all of your employees are managing their time. The benefit of this is twofold. Firstly, it will allow you to easily see when workload needs to be redistributed across the team, which will make your team more efficient. Secondly, this will also allow you to see how your most productive employees manage their time, so that (a) you can give credit where credit is due, and (b) you can encourage those who seem to be struggling with time management to mimic the working habits of their more productive colleagues.

  1. See the status of any particular job instantly

Especially if you have many different people working on different parts of a project, it can be easy to lose track of what stage each particular job is at. But, if you’re using a time or job tracking software, you can quickly and easily see who was completed what parts of a project, and what it’s current status is.

  1. Minimise wasted time and money

Being able to clearly see where your company’s time goes means you can clearly see any inefficiencies, which allows you to correct them, cutting down on unnecessary costs.

  1. More accurate client billing

When you are charging clients by the hour, it is crucial that you track time accurately. Time tracking software means you are able to account for exactly what the client is paying for, which they will appreciate. It can also help you to ensure that you are not over- or under-charging your clients, both of which are equally bad for business. An over-charged client is unlikely to be a returning customer, and undercharging clients means a financial loss for your company. Accurate billing also means that you can give more accurate quotes and estimates to prospective clients, and your time-tracking records will mean you have a good idea of how long a project should take.

  1. Keep a closer eye on remote employees and contractors

Out of sight, out of mind is not a saying you want to apply to your workforce, but when they’re not in the office, keeping track of what your employees and contractors are up to can be challenging. But, with a cloud-based system that allows remote employees and contractors to quickly enter their time into the system from wherever they are, from any device, you can keep track of their work as easily as if they were in the building.

  1. Compare projects over time

Time management software isn’t just a short-term solution; it can also help you to analyse your company’s performance over a period of time, to see if there are areas that have improved or declined in terms of efficiency and productivity. Because time-tracking software records a wealth of data related to time-management and efficiency, you can compare different projects, allowing you to identify what your company does quickly and efficiently, as well as areas where your time management could be better.

  1. Increase the value of your company

You might not be thinking about it now, but if you do decide to sell your company, having data obtained from time-tracking software can increase the value of your company. Potential buyers can see from your timesheet records that you have run an efficient, successful company, and can get a good idea of the output they can expect from the team.