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Time & Expense Tracking Software Enhance Productivity



No one will start a road trip with no plan of where they are going or how will they get there but most of the people manage their money that way. They simply set a checking account, take some cash in hand and the necessary things with themselves and then blow up that money with little or no consideration as to how and where they are spending it. But some people set up a budget but a budget can only be accomplished if we cling to it.

There is a saying that, “If you can’t measure it, then you can not improve it.” This is true in the case of productivity. If we can’t evaluate how productive we are then how can we enhance it? With the profusion of avant-garde technology that is available to all and sundry currently, it can be pretty stupendous if you comprehend the number of things that can be actually tracked.

When we track something we are almost naturally prone to begin making better choices. It is so since the simple act of measuring and tracking increases our awareness about how we spend. And with the track records, we have that extra information to make a decision.

Intuitively or subconsciously we already know what’s good for us, how we want to spend our time or expense, what’s important to us, but being able to see that in context with how we are spending our time (and eventually, life) versus how we want to spend our time, helps us to just naturally migrate to the better decision.

The simplest way of tracking can be to just take a daily summary of how you spent your time and expense throughout the day. Mention all the things that went well and also the things which you might have achieved but for some reasons you didn’t. Repetition of this activity daily will eventually reflect on how the days went. In the beginning, you wouldn’t feel anything but as it progresses, you will be more aware of how to manage stuff and take better decisions. And it is, even more simpler with new Apps and Tie tracking Software now.

As a matter of fact, no one takes pleasure in filling in their timesheets. The biggest challenge faced by managers is to get employees to track time and productivity when adopting a time tracking system. But the lost time causes loss of time and money. As stated in a Harvard Business Review, untracked work-hours could cost the US economy 7.4 billion dollars per day. Not tracking employee hours can have a big repercussion on your business as each minute has a real value.

For instance, there is a small business transporting products and providing services. Now, who can be more productive in a situation like this? An employee who slogs eight hours a day on a product success/service delivery, or A comparable employee who works ten hours per day but goes through different aspects of administration, marketing, break, inventory, sales, breaks and socializing with people?

The eight hour a day employee appears to be the more productive but we cannot have a clue as to how this might affect the goals and objectives of the business on the basis of hours only.

The software system has the variables through which it can track time and expense which are important. It can also classify the plans and tasks that will enable one to evaluate the significance of the work your employees undertake to your business.

For a Services business, this can be as simple as chargeable and non-chargeable projects and how it can profit the business. Interpreting the status of the different tasks carried out by the employees will give an additional level of analysis. Classifying tasks as chargeable or non-chargeable or productive or nonproductive will yield a good understanding of the standard of work the employees are carrying out.

With time sheet management applied, businesses will have a good insight of what task the employees have completed. However, what these data don’t tell, is how this differentiates from the work that employees were actually supposed to do.

Integrating with various tools in the professional services software such as project planning and resource agenda allows you to schedule your employees on work, assignments, and deliverables, and also to add management with useful data on the planned utilization and productivity of employees.

One can use these data to analyze key performance indicators such as actual utilization versus planned utilization, completed delivery vs. planned delivery. These statistics will provide a better and precise view of how your employees are accomplishing rather than just looking at actual utilization. Moreover, planning and scheduling will also enable you to balance your resources, spot out badly utilized resources as well as recognize future skills insufficiency and training requirements which altogether will have a beneficial impact on productivity in the time to come.

Time and expense are our most valuable resources and as we became more aware of how we are spending them throughout our days, moment by moment, we will be more empowered to make better choices to make a difference at work place and have a more fulfilling life.

Author Name : Utsav Upadhyay
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Author Bio : I am currently advising clients how to create and manage effective advertising campaigns in accordance with the principles of Inbound Marketing. I offer Inbound Marketing auditing services, which are a great way of determining what your company’s strong and weak points are. I also provide Inbound Marketing training and consultation sessions via callhippo Marketing Sessions. In Free time I research about Productivity Management Services.

Alma Reed is an author and researcher dedicated to enhancing productivity. She is deeply interested in areas such as time management, increasing productivity, and fostering healthy routines. Through her writing, she aims to assist people in boosting their job performance and attaining an ideal balance between work and life.

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