When you hear the old proverb that ‘Time is Money’, you will nod in agreement about how true this statement is. Time is a constantly consuming resource. With increased competition and work pressure across the globe, we are well aware that employers and employees both are finding ways to increase productivity.
Using a good Time Tracking Software is one way, which can help your firm increase its productivity levels with its many built-in features including invoicing, timesheets, accounting, team and project management.
Listed below are five ways to increase productivity with time tracking app.
Time tracking minimizes time wastage on irrelevant or unnecessary things
As an employee, you want to maximize productivity and hence personal workplace success. However, unknowingly we often waste time on tasks that are not very important or high on the priority list.
Time tracking app can help you track your total efficient hours and total hours spent on a particular project.
Owners of small businesses & employees can benefit from such knowledge in the longer run. By evaluating how much time is spent on certain tasks and then prioritizing them according to current needs, you can eliminate tasks that are not relevant. This would automatically increase the productivity level of your firm.
On a personal level, employees can see what kind of activities are taking more time and what activities take less time. Based on the personal data, each employee can design their work day. by following this style of work, high priority work can be finished on time and the rest of the day can be utilized in other tasks with less priority.
It helps in designing project cost for your client
When it comes to your company billing its clients, an effective and accurate way to do so would be via time tracking software. Instead of manually estimating how much time each client costs your firm, clients being unhappy with the estimates and subsequently requesting redoing the numbers, your company can use time tracking software for this calculation in an accurate and transparent way.
When you know the exact hours for one particular activity, you can make an informed assumption about an entire project. You can use these number to design the cost of a project, hence you can give realistic estimates to your clients. You can finish the project on time and impress the customer, that’a perk!
It helps in monitoring time spent by employees on work assignments
Time tracking software can help employers understand how much effort employees are putting into a certain work. It can contribute to recording how many active hours your employees spend working on each assignment.
When your employees are working in a team same projects, this method can give insights regarding which team member is putting in the effort and which needs a guidance on project time management. This way you can see efficient team members from the pool and guide people with lower levels of productivity and work motivation.
It helps you save time on administrative tasks
Time tracking software can save a lot of time on administrative tasks. You don’t have to manually record each and every activity that you perform. You can create endless projects and tasks in a time tracking tool. The users just have to select the project and task from the drop down and enter the time log.
The software can be used to track the hours plugged in by employees and freelancers from platforms like Upwork, Jira, Basecamp, etc.
By keeping track of current work projects, you can now make efficient and proactive decisions with all the recorded information neatly logged into the database.
Another administrative task is Invoicing.
With time tracking tool invoices can be generated and sent instantly. Using various payment gateways, you can directly send and receive payments to your clients. Time tracking tool also keeps the record of your payments and due invoices.
This is especially important if you are in a business where there are a lot of regular large payments such as if you are a letting agent charging letting agent fees.
Time spent maintaining manual records or even inputting data manually into the computer is significantly reduced and the same resources can be spent on more important areas of your business.
It can help increase sales and client retention
Time tracking applications are an accurate and transparent way to bill your clients. You can give access to your clients and let them see how much hours you’re putting every day. This way, there will a transparency between you and your client.
When your clients are satisfied, they will do business with your company again and again.
These are the 5 ways to increase productivity with time tracking. There are tons of other benefits that time tracking can bring to your firm, as well as your personal life. Make sure to check out Minterapp’s time tracking tool. It has a lot of exciting features and integrations that can make your work life easier. Try Minterapp with our 30 days free trial without any card details.