Where there’s business, employees, and clients, there needs to be some sort of tracking. Keeping an eye on the time, expenses, resources, productivity, etc. is essential to ensure an organization’s overall productivity.
Online time tracking and billing software can help you track all your business metrics from one place. Let’s look at seven reasons why your business should use time tracking software.
As humans, we have this natural tendency to wait time. We might focus for an hour or two, but eventually, we end up scrolling our Instagram feeds. Your employees aren’t any different. No matter how hard-working they are, there’ll come a time when they’ll start concentrating on less urgent or unimportant things.
By implementing time tracking software, you can discover how your employees are spending their time. A few minutes of “refreshment break” a couple of times a day is fine. But anything more than that means you need to help them get their priorities right.
Clients can be difficult. If the project took more hours than what you initially expected, you’d need to bill your clients for those extra hours. But clients won’t be easily satisfied, and they’ll need some proof and justification. Here’s where time tracking software for employees can help.
When you implement a time tracking system, each minute of work your employees do is recorded. Hence, you can present enough proof to your clients about the extra time and effort you’ve put in to get the work done.
Billable time is not the only factor that determines the final invoice amount. What about the expenses you’d incurred? What about other parameters that dictate the final invoice amount?
A time and expense tracking software solution eliminates this confusion. It integrates all variables, such as time, expenses, and projects. Moreover, the software comes with built-in invoice generation capabilities, so you don’t need to write invoices manually. You can enter the credentials in the template and generate a professional-looking template within seconds.
Micro-managing has two drawbacks. First, employees detest it. They hate it if someone keeps buzzing around them looking at their computer screens. Second, it’s time-consuming for the manager to visit each employee’s desk and check in on them.
With time tracking software for employees, you can avoid micromanaging. Many of these software solutions come with screenshot capabilities. You can take a random screenshot of an employee’s screen to see what they’re doing.
This way, you can track your employees’ progress without physically going to their desk. Also, you can keep an eye on what your employees are doing without actually making them uncomfortable.
One of the primary reasons to implement an online billing and invoicing software solution is to ensure billing accuracy. Inaccurate invoices are one of the main causes of unpaid invoices or delayed payments. With a billing solution in place, you can avoid any inconsistencies and miscalculations.
The importance of creating accurate invoices goes beyond getting paid on time. Even a minor mistake in the numbers can ruin your reputation and force your clients to steer clear of your services.
Since manual billing and invoicing is often prone to errors, the risk of billing confusion is high. When you use time tracking software, you automate the entire process, eliminating the risk of human error.
A survey from Intuit showed that about 70% of small business owners suffer from late payments, resulting in cash flow and payroll problems. While several reasons can cause late payments, inconsistent billing operations are the most common.
Businesses that use traditional invoicing methods are less likely to get paid on time. It’s because manual invoices are full of inconsistencies and errors.
By implementing an online billing software solution, you can send accurate invoices and get paid on time. Having built-in payment capabilities will be an added advantage, as you’ll be able to offer online payment capabilities to your clients.
Time tracking software helps you determine how they’re spending their time and how productive they are throughout the day. Employees also realize that they’re constantly monitored. Hence, they tend to work harder and stay productive throughout the day.
On the other hand, managers don’t need to spend time checking on each employee. They can focus on more productive tasks that add real value to the organization.
A lot goes on in an organization every day. Thus, there needs to be a system that helps you track and oversee various aspects of your business. Here’s where time tracking software becomes critical. And now, with remote work becoming the new normal, the need for time and expense tracking has become more important than ever.