5 Ways Time Tracking Software Can Benefit Your Business

Tracking Software

As the world progresses and new technology is developed, businesses are favoring apps and computer software over paper documentation. New programs that help companies to become more productive and budget-conscious are becoming part and parcel of everyday business life.  Time Tracking software is fast becoming a favorite among businesses and freelancers. For those who are required to record time spent on projects and tasks, those who employ people paid by the hour and freelancers, and professionals who bill their customers at an hourly rate, time tracking software is indispensable. If you have a business and you would like to learn what this helpful software can do for you, here are 5 ways time tracking software can benefit your business.

Time Tracking Software is Versatile

Time tracking software is a substitute for the traditional paper timesheet. It can also be used to track activities an employee performs on a computer and the time they spend doing each task.

The software can be used as a stand-alone program or can be integrated with other computer software such as accounting applications, customer support software, and project management programs.

Apps can be downloaded to phones, tablets, and most mobile platforms so that users can record information wherever they are. Employees required to work in multiple locations can use their mobile devices to record their work patterns wherever they may be stationed.

There Are Different Types of Time Tracking Software

Aside from being used to record the time an employee spends on a specific task or a way to record daily activities performed, time tracking software can be linked to accounting software so that the data is directly linked to company accounts. From this information, a company can generate invoices and financial reports – billing systems, which is particularly beneficial to attorneys and contractors.

Visual reports can be generated by linking the time management software to project management software so that a company can literally see how much time is being spent on specific projects and tasks. Company management and schedulers can use the information collated to determine how much time should be assigned to a particular activity and designate jobs to staff accordingly. If there are concerns over employees spending time surfing the net or playing games on the computer, time tracking software can monitor this too.

Payroll systems also benefit from being linked to time tracking software because it clearly shows the hours an employee has worked, and they can be paid accordingly. There is no chance of the paper timesheet getting lost or payment errors caused by illegible handwriting.

Time Tracking Software Can Track Time in Different Ways

With time tracking apps, Employers can track employee time in a number of different ways such as automatic, chronological, clock-in clock-out, exception-based, durational, monitoring, and location-based.

Automatic tracking is when a computer or suchlike is connected to a device with buttons to initiate the start of a task and record to stop time. The times can be retrieved and viewed by all users with approved access.

Chronological time tracking is when the software users manually enter the start and finish times for the task.

The time an employee physically enters and leaves the workplace can be recorded on time tracking software using the Clock-in Clock-out feature.

If an employee has approved time off or a leave of absence, the software will not take this time into account and will just record the standard working hours.

Durational time tracking is when an employee will just record the length of time they spent on an assignment and not the exact start and stop times.

As mentioned previously, time tracking software can be used to monitor staff activity. It can alert employers if staff are spending too much time entertaining themselves by spending time on the world wide web or if they have extended periods away from their desks during working hours.

Time Tracking Software Keeps Your Finances in Check

Time tracking software gives you an instant report and visual representation of your finances. It shows how much you are spending on human resource issues against the amount of money being invoiced out to customers. The software can also give you insight into how financially valuable each employee is to the company. For example, you can see how much an employee costs each month with their wage and benefits and track it against the sales they have made or money they have earned the company. From screening the software results, you can see which of the tasks they perform boosts positive customer feedback scores. This data can enable a company to delegate tasks to the person who performs at the best level and take any staff away from a project that they are causing to be less successful. Every member of staff’s performance and contribution to the workflow can be analyzed.

It Can Boost Employee Morale

Employee morale can be enhanced through the use of time tracking software because each employee has an electronic record of their working hours and is not reliant on office staff calculating their working hours and wages manually and leaving things open to human error. This means that their paycheck should be correct every month, and they will be paid for any overtime they have done. If they have put in extra hours and worked very hard, this can be seen by all those who have access to the software, and they will be more likely to gain credit for their efforts. Having an electronic visual record of their working hours and achievements may motivate staff to improve their performance. They can see which areas of their working day need attention and which are most efficient. When staff can prove to employers how much work they have done and how much they have contributed to the company’s success, and they get recognized for it, they are far more likely to stay in their job and so save the company money because the staff are content and happy and don’t want to leave the company.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.