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Top ways to utilise a business time tracking system
In business, keeping meticulous records is pivotal. Whether that is recording client bills and invoicing, or logs of deadlines and due dates, keeping accounts can be the difference between accurate invoicing, and over-servicing a client.
One of the easiest way to create records is through a time tracking system. While these time trackers are primarily used to see how much time is spent on different tasks, there are many other uses to this software.
Here are some ways that timesheets can be utilised to increase productivity and profitability:
Improved estimation
You can use data from timesheets to calculate quotes and create invoices without worry of under or overcharging for the service.
By keeping detailed records of how long each job takes your employees to complete, the more exact your future estimates will be. This gets you off on the right foot with your potential clients and gives you the most robust data available.
Using time trackers allow you to run reports on different types of tasks and the times taken to complete them. Improvements to your quotes can then be implemented immediately.
Accurate billing
As well as accurate estimating, you also need to be 100% precise on billing clients for work completed.
A time tracking system can help you achieve this.
With an accurate quote, you're much more likely to hit any targets set out as this type of system can tell you exactly how much time was spent on each project. This means that your client will only be billed for work carried out, ensuring you are no longer losing money by over-servicing.
Timesheets can also help you achieve complete accuracy in payroll for your employees. Once members of staff have clocked in, logged their daily time and clocked out, your online timesheet data will be as robust as possible. This means that for small companies without a payroll department, or a designated employee using account software, payroll calculation will be much simpler going forward.
Productivity
Time tracking software can work with other pieces of software to provide huge benefits when it comes to productivity.
In practice, time tracking gives input into a wider project management system that then reveals if under-resourcing or over-servicing are taking place. This presents a huge benefit to management and staff alike, including helping to reduce overburdening your staff with work.
It also gives clues as to which areas might need help, such as better training, clearer briefs or sharper communications required between teams, or more realistic targets being set.
Flexible working
Time tracking can help you feel more confident about offering flexible working, especially the cloud-based tracking systems. Employees will have access to their time tracker wherever they're working and are able to accurately log their working hours.
As you can see, time tracking software can increase productivity from many different angles, and if you're struggling with aspects such as accurate attendance and billing logs, online timesheets are definitely the way to go!
