Below we discuss how to create professional, ready-to-share timesheets for productivity, invoicing, payroll and much more without the hassle.
Businesses such as legal, accounting and audit firms have been tracking time for decades. They know that time tracking is their lifeblood, it is one of the most important things they do and it is indispensable. It provides a crucial insight into their business and helps them to manage their teams. Gone are the days of manual time tracking as technology, such as TrackingTime, now makes the task easier. TrackingTime, is currently releasing several apps for desktop (Windows, Mac), Google Hangouts Chat and Microsoft Teams. The apps enable users to track their work hours anywhere they work and produce accurate and complete timesheets.
The importance of tracking time
Time tracking is a necessary evil that helps managers to get critical insight into the business and help them to manage. Here are seven benefits of time tracking for businesses.
1. Billing clients
Time tracking is essential for firms that bill their clients by the hour. By tracking all the hours put in by team members, the firm does not sell itself short by underestimating hours. It also will not damage relationships by overcharging clients. It also makes invoicing less painful.
2. Track project profitability
Even when a business doesn’t charge hourly, the price is based on estimated hours to complete the project. Tracking actual time and comparing it with estimated time will show if a project is profitable or not.
3. Improve pricing
Businesses rely on estimates to determine their pricing, and try to stay competitive while making profits. They make profits on some projects and losses on others and build a library of past projects. Whenever they quote for new projects, they rely on similar past projects for guidance to make better time estimates for better pricing. With better time estimates, they don’t miss promised deadlines.
4. Better team management
By tracking time, managers can see how much each team and each individual is working. Based on their findings, managers either give them more work or more resources or lighten their workload. This keeps teams happy and motivated.
5. Generate reports
The ability to creates a record of what each team worked on and print reports helps to account for all the hours to the client. It also helps to resist unrealistic deadlines.
6. Performance enhancement
Timesheets tell a lot about work habits and uncover inefficiencies. Managers can respond by either cutting down on the number of meetings or number of meeting participants and streamlining work processes that eat into billable hours. That way they can better organize each day and focus on the main priorities.
In Spain and other European countries, it’s now mandatory for businesses to track their employees’ time and attendance. By tracking time, businesses comply with the laws.
How the TrackingTime app can help businesses
TrackingTime has always believed in the importance of tracking time and attendance and it’s at the core of everything they do. It offers:
TrackingTime welcomes the new initiatives of European governments to regulate this critical aspect of modern work and its tracking solution helps companies to comply with the new regulations.
With TrackingTime, it’s easy to track time, and to organize and plan the day. Users can set due dates and prioritize projects and tasks. Managers can sync their calendars with those of their employees. They can also track non-billable tasks on specific projects to uncover how much their clients cost them. The system can also audit logged hours with just a few clicks.
Time sheets and client reports
TrackingTime generates many types of reports such as timesheets for client billing and payroll, client billing, project budgeting, productivity analytics, and more. Some of the reports can be shared with clients in order to impress them.
Task and project management
TrackingTime makes it easy to assign tasks, delegate responsibilities, monitor project progress, monitor and minimize non-billable tasks, make common tasks (e.g. meetings) public, assign tasks to multiple people, set due dates for tasks and duplicate common tasks. Managers can sync with their teams for monitoring.
Attendance and team management
Managers can determine access levels for each team member based on roles and permissions. They can create user groups for easier communication and management. They can monitor attendance and make sure all the timesheets are up to date. They can monitor the team’s workload in real time and can look at all the projects under them in one view.
Start tracking time!
Businesses should start tracking time, not only because it’s the law in some countries, but because it has many benefits. Instead of focusing on the pressing need to bill hourly clients, they should consider all the benefits. If they get a good timesheet solution they’re building a window into their entire business!