Do you have a hard time figuring out how to stay on track with your business work? It feels like there is never sufficient time in the day. There are always too many projects, tasks, and things that need to be done. To better manage your business, you need to get organized. A great way to achieve this is by time tracking. Time tracking will help you keep everything in line and make sure all your deadlines are met.
Time management is an important factor that defines the growth and success of any business. Many techniques help run a business, but nothing is more effective than time management. Time management can be a challenge for small businesses because it’s easy to manage accounting and marketing, but time often slips through the cracks. By keeping track of your time spent on every assignment you give out, you’ll be able to see results that are much more accurate.
Let’s understand the importance of time tracking with the following conversation between the two employees of different organizations-
John– Hi Smith! Do you know? I worked hard this year but still didn’t get the increment as expected.
Smith– Ohh!! But why? Any specific reason for that?
John– Yes. This is so because I was not able to justify my working hours.
Smith– Didn’t you calculate work hours to show your productivity to your boss?
Smith– I always track my time while working to show the results. So, I got the desired appraisal.
John- I don’t know anything about time tracking.
Avoid being Mr.Smith. If you want to get paid rightly for your work, then always go for time tracking.
Read the complete blog to get a complete understanding of time tracking-
What is time tracking?
A commonplace activity for many of us, it sounds like the most mundane idea to use for effective business management. However, time tracking holds the key to more efficient and better working methods, which will ultimately lead to higher productivity rates and fruitful results.
Time tracking can be interpreted as an act of recording resources spent on tasks or projects during a specific period. This activity can be attributed to billing departments, time management, or even outsourcing of projects. Time tracking is a way of recording the actual time one spends on a particular task utilizing a software tool that can either be installed on your computer or as an online web application. In large organizations, employees write down the exact amount of time they spend on a project and the number of times they switch between tasks.
Managers can also go for time tracking to monitor their team’s productivity; this data can be beneficial, especially when planning a business’s budget or as an essential measure to improve future results.
Which is the easiest way for time tracking?
Time tracking software is a great tool for managing business work time reporting. It will account for labor costs more accurately, and create easier analysis on how to do so. This is especially important because different departments of the company may work at different rates, which can cause some employees to pull long hours while others are able to finish their tasks earlier.
You can easily track the time of your employees by using time tracking software. Time management software will enable you to manage time, time tracking, and time recording by using your PC or Mobile. Time tracking software will help you keep an eye on time spent by your employees on social media sites, internet surfing, etc. so that they do not waste time when they are supposed to work.
Why are time tracking software tools in demand?
With increased competition from other organizations or entrepreneurial individuals, there is a greater need for companies to measure the efficiency of their business. In essence, as more time-tracking software tools are emerging as a viable option for efficient organization practices, it can be expected that businesses will increasingly adopt these technologies.
Do you know? The worldwide time tracking software market was worth $425.32 billion in 2019 and is projected to reach $1785.36 billion by 2026, at a CAGR of 22.36 percent.
Time tracking software is in demand because companies are beginning to understand better the importance of tracking their employees’ time.
Tracking an employee’s time with a time-tracking tool allows employers to monitor the approximate performance of an individual worker. This increased work monitoring will also help increase productivity levels among workers. Additionally, there is always the concern that people may be “clocking out” before they finish their shift for various reasons. Tracking tools detecting discrepancies between clocked in and clocked out times will make it easier for an employer to ensure each employee is fairly compensated.
It may be possible for a company to increase its overall profits by being more productive in time management.
Why time tracking software holds the key to effective business management?
Time tracking software holds the key to successful business management due to the following reasons-
1. Easy to measure productivity
Time tracking software tracks your employees’ time and outputs it as a report. This report can demonstrate how efficient or inefficient each employee is with their work and make them responsible for the hours they claim on the timesheet.
Screenshots of all computer screens during those times and other information such as login name often accompany these reports to prevent fraudulent activity and provide accurate stats of work done and break taken.
Furthermore, “per-task” reports allow managers or clients to set the maximum to save/reload time per hour – displaying both successful completion rates and unrealized potentials of employees.
In this way, a good time tracking software makes it easy to measure productivity.
2. Project budgeting
Time tracking software is a great way to know precisely how much time employees spend on each task. When it comes to project budgeting, this information can be used to decide which tasks are high priority and should be allocated more hours. Time tracking also benefits employers in the HR department by providing details about payroll, including vacation time or maternity leave, etc.
Time tracking software allows you to understand precisely how much time is spent on certain parts of your company’s work, so rather than rely on estimates for project budgeting, there is no precise data. The excellent time tracking software will help you allocate the right staff for the right tasks and allocate time appropriately. Organizations that have poorly planned projects can save money just by using good time tracking software.
Try task management software for free here-
3. Manage attendance of your employees
Attendance management can be a tricky thing to do well. It’s often not enough to get away with checking people off the list when they come in because someone could be absent for one day but present on another. Add this to the fact that sometimes, staff may forget to clock themselves or where staff time cards need reconciling, and you have quite the attendance nightmare on your hands. Enter automated time tracking software, which will automatically monitor all employees’ whereabouts 24*7.
Time Tracking software helps you in managing the attendance of your staff members. It’s easy to do with these systems because you can quickly review their work hours, vacation days, and remaining sick days. There are other benefits associated with it, like tracking which employees are clocking out on time or working overtime without proper approval.
4. Get comprehensive reports
Source: SavvyCube
Time tracking software makes it easy to get more comprehensive reports and analyses, giving you the ability to view time spent on any project, along with detailed reports on what was accomplished. When you’re busy and don’t have the time to track everything manually, this is a simple way for anybody to stay productive and make sure they’re always getting the most out of their work.
This helps employees manage their time better by giving them easy access to all of their data, allowing them to know where they’ve been spending their time (or not), which tasks are taking up too much time, or how long something took.
Getting detailed reporting empowers managers with all the knowledge they need in order to bring positive changes in management practices.
5. GPS tracking for on-field workers
GPS tracking is a technology that detects the location of a person or object using a global satellite network, among other methods.
Then, with time tracking software, you can track this data on an interactive map and have it color-coded according to time periods. In addition, you’ll see your distribution data, so you know where employees were meeting with clients outside of their regular routes. And of course, there’s also its ability to monitor your expenses by connecting directly with various cost-tracking apps on your phone. All in all, no more guesswork for management – just through a time tracker app.
It’s essential for managers to know that their on-field workers are spending enough hours at work and not slacking off elsewhere.
6. Easy employee scheduling
Employee scheduling can be challenging to do sometimes, especially when there are more employees than shifts. This is where time tracking software steps in to help by making this process easy for both the organization and employees.
Time tracking software will allow you to organize work schedules so that everyone has equal hours worked instead of someone getting an overwhelming amount of hours. It also enables managers to quickly create an overview of their team workloads and plan accordingly for optimal efficiency with time tracking software.
The software helps identify any opportunities where a manager may need to redistribute an employee’s workload in order to share the burden equally– this allows employees who have been working too much or less than desired to decrease or increase their workload respectively as per needs. This is especially important considering those workers with fluctuating levels of productivity throughout the day.
Which time tracking software can you introduce for business management?
WorkStatus is a workforce management software made specifically for businesses of all sizes. From small enterprises to multinational corporations, WorkStatus offers solutions to suit the fast-paced, hectic tempo of integrated workforces. It is the most reliable, user-friendly time tracking software available. It helps my clients to increase their productivity and save tons of paperwork.
You can integrate it seamlessly with your email program, and project management software you have on your computer, and any CRM system you may be using online. Plus, not only can you track all the time spent on different projects from a central location, but the time tracker app also has reports that give insights into how much time was spent by category or type of work.
Finally, WorkStatus is compatible with timekeeping systems ensuring that no matter where an employee lives, they will always receive accurate information about their hours worked every day.
Closing Thoughts
Effective business management is the key to success, and time tracking holds the key. Time tracking software tools are in demand because they provide an easy way for businesses to measure productivity, budget projects with accuracy, and manage employees’ attendance so that no one falls through the cracks at work or on-field workers can be tracked when not working from a central office. If you’re interested in introducing time tracking software into your company but don’t know where to start, get in touch with us today!
We have experts who will help you select which time trackers would best suit your needs and get them set up right away. Have any questions regarding the demo of an employee time tracking software? Try a free demo of WorkStatus here-
What are your thoughts on how you can incorporate this into your own company? Are there any other benefits of using time-tracking software that we may have missed in our list above? We’d love to hear from you. Let us know by commenting below!
Thanks for reading!!
