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Understanding the Significance of Time Tracking Software for Your Employees

by Payal Dey - 20 Apr 2022, Wednesday 218 Views Like (0)
Understanding the Significance of Time Tracking Software for Your Employees

All companies share the typical goals of getting a streamlined workflow, lean labor costs, plus minimizing downtime. But a company will be unable to figure out all this if they don't have data. Therefore, a company has to get robust time-tracking software to achieve the desired productivity plus efficiency goals. Let's see how the time tracking software provides value to a business plus helps you reach your goals.

Importance of Track Employee Activity on the Computer

Automate timesheets Plus invoicing

Our Employee Time Tracking Software eliminates the need for the bulk of paperwork and the time needed to analyse it. Moreover, they can help automate the different processes and help reduce the time it takes for you to check on the employees. Conventional spreadsheets are not so useful these days and companies demand robust time tracking solutions that are automated and allow access to real-time data of employees. Moreover, the software needs to offer full-scale integration of the invoicing plus different project management tools. By filling out the timesheets, you can accurately track the progress of the employees. Also, the tracking software helps a lot to clock the billable time of hired freelancers or contractors. It will help feed information straight into the project manager for your review. Furthermore, tracking time can help remove the requirement for manual timesheets. This step makes it easy to charge your clients hourly and automatically generate precise invoices. 

Improved Profitability

A time tracker software will give you access to more relevant insight into the costs, communication, plus overall production. Moreover, a large amount of time tracking data will help you come up with an accurate pricing structure for future projects. Also, the timesheet data can help you look at how much duration an employee takes on average to complete any task in the past. Add the average idle hours then calculate the labor costs for the entire project with ease. Furthermore, not factoring in the idle hours will make you underprice the project.

Time tracking data can help your business and motivate teams at the same time. Appropriate pricing along with better time management can help you improve productivity plus profitability. 

Facilitate Project Management

Employees can cost your company a lot of money if they donít input accurate data within the timesheets. Therefore, it is vital to get time tracking tools with automated tools to help figure out the exact amount taken. After integrating, the time tracker will operate in the background and help track accurate time data. Moreover, you may also have to clock in the time of employees working inside and outside the office premises. Therefore, a time tracker fixes all these issues and allows the business to constantly track the time no matter where the employees are.

Great Performance Management

The inefficiency of the employees can cost a lot of damage to the company. Tracking software can help find low-performing employees and display the recorded data to improve current performance. Moreover, you need to have a look at the amount of time taken to complete a given task plus compare it with the time taken by other employees. You can use the data to get insight into employee performance and offer incentives to help them become more productive.

Calculate Productive Hours

Productive hours are the amount of time taken to make things move forward. This is the time your client will pay for. The software can help get the right estimation of the productive hours and charge the client on the basis of it.

Calculate Unproductive Hours

Unproductive hours contain all hours that an employee is paid for but did not perform any productive work. Moreover, these hours get factored into the pricing the client will not want to pay for it.

Keep a Watch on Contractors

Maintaining a firm eye on freelancers plus other third-party contractors can help your business calculate the precise budget. Moreover, using tracking software can allow the contractors to fill in timesheets so that you can obtain actual information plus assign the right tasks to the suitable person.

Raise Your Rates

A time tracking tool can help figure out what is the right time to increase the overall rates. Moreover, you can have a close look at the time consumed by employees on each work plus charge rates based on them.
Other Benefits 

  • Compare projects

  • Prioritize projects

  • Review the team's performance

  • See the status of a job at a glance

  • Improve project schedules

  • Track time on different devices

  • Concentrate on strategic projects

  • Reward Employees

Get in touch with a company that offers the best employee monitoring software for your business.