TIME TRACKING – A SOLUTION TO IMPROVE BOTTOM LINE RESULTS
Every business is seeking ways to boost its profits and increase its bottom line in a short period time. Organizations invest large amounts of money to cover specific skill shortages to satisfy client requests and complete projects on schedule, from hiring the proper personnel to training their existing employees. According to a recent study, untracked resource time and expense result in a potential loss of thousands of hours and billions of money. In other words, if you can’t keep track of your time and costs, it is like wasting a lot of money and productivity.
HOW DOES ACCURATE TIME TRACKING HELP YOUR BOTTOM LINE, AND HOW DO YOU KNOW IF IT’S WORKING?
Time tracking is used to determine how much time employees contribute to various projects and to calculate the value these projects generate. It’s essential for tracking economic output, streamlining workflows, and getting a holistic view of your company.
Furthermore, disruption to global in the previous year firms has prompted numerous organizations to redirect their focus to facilitating remote work without compromising employee work-life balance or effectiveness. Time tracking can also assist you in determining the profit gained by such expenditures.
Here’s how time tracking can help you increase your bottom line.
Accurate Time Tracking Magnifies Success with Fast and Timely Billing:
The first thing that jumps to mind while thinking about project time monitoring is precise costing and billing. Any billing inaccuracy immediately damages your client’s trust in the first place. You’ll also have to engage your staff to recalculate all figures accurately, identify and verify errors, and communicate the problems to the client. The time billing feature collects time and expense data that has been applied towards a particular project to bill its customers.
Also, any inaccuracy and missing details in an invoice cause you either not to be paid on time or not getting paid at all. Hence, time management software gives you a complete solution to the above-stated problems as it ensures accurate measurement of the time being spent on a project along with exact billing to the clients. What’s more, the project’s budget, profitability, and execution time can also be predicted to ascertain its success and positive results.
Time Tracking Increases Cost-effectiveness with Real-time Actuals to Estimates:
One of the recent studies conducted by the Project Management Institute found that on average actual costs are always 28% greater than the estimated one. Lack of time tacking and transparency and desperation to win a client bid are the main causes of the project’s underestimation of time and budget. Internal pressures from the company owners to get the project approval compels the workers to mislead the project costs and resources.
Completing a project within the estimated budget and time range is one of the most critical and overlooked conditions. Therefore, it is vital to precisely estimate time and cost while planning a project.
Project tasks can be mapped on a timetable with time monitoring software, which also identifies any roadblocks that may prevent the project from being completed by the deadline. You may quickly calculate the efficiency of the workers involved in a project using automatic time-tracking. This will assist you in determining a more realistic completion schedule for any new project, raising red flags if delays occur, and enlisting more resources to complete the project on time.
Time Tracking Increases Output with Actual Time Reflectivity:
The productivity of your resources will increase automatically if you have a well-defined timetable for their responsibilities, priorities, and activities. Employees function best when they have clear goals and a timeframe that minimizes any ambiguity. In turn, project managers have total visibility into their resources and present workload. Project managers can quickly establish a timeline for each project using this information, draw out the next stages based on the project goals, and deploy additional resources to the project if necessary.
Time tracking can assist you in calculating productive work hours for your employees, which can then be used in various projects to reduce time waste. Once you have all of the information on your resources, such as time logged, absenteeism, and so on, you can ensure that they accomplish their work within a set timeline and that it does not take any longer than it should. Employees can foresee and evaluate the availability of the non-working hours to request time-offs when they require.
Another significant contribution of time tracking is in the employment process. An informed decision on employing an additional workforce, including freelancers or temporary employees, for a project or a set of projects can be made based on the workload, time limits, return on investments, and future requirements.
Monitor your time for maximum efficiency:
Tracking time has become more important than ever before in analyzing employee work behavior and productivity as the world begins to adopt a flexible working environment. You can’t anticipate or enhance employee performance until you know how your employees spend their time.
The bottom line is that computerized time tracking allows you to better your billing, employing, and project management processes by allowing you to track employee work hours. When you have visibility into your employee’s productivity and competencies, you can make business-critical choices.
From the perspective of a supervisor, automated time tracking brings transparency and consistency, allowing for the development of endeavor policies and the optimization of the overall workflow. Also, it assists employees in managing their time effectively and creates chances for personal and professional growth.
Automated time monitoring, when implemented correctly, can be a powerful source of ideas and creativity for your company, as well as a source of profit. You will always receive superior results, remove underperformance, and offer a boost to your organization with fewer errors and more staff output.