Tracking time is crucial for small businesses
The old expression "time is money" is even more true when one is running a small business. For the small business, time is a value commodity and has to be carefully managed if the business is to thrive. That makes the need to track the times and payrolls of salaried employees and contractors important. In the past, time was managed through the use of paper time sheets and Excel spreadsheets. Employees manually input their worked hours along with the project that was worked on. This method often leads to inconsistencies and is often restrictive in regards to the data able to be input.
Nowadays, there is a larger variety of time tracking software available. Because small businesses are often on a smaller budget in comparison to larger corporations, time tracking software might not be considered a wise investment at first. However, the benefits and availability of time tracking software makes it a worthwhile expense. Modern timesheet software allows businesses and project managers to carefully manage and keep track of project costs while monitoring the daily work activities of employees.
Benefits of Time Tracking Software
Time tracking software provides a business with significant advantages:
Insight into Resource Allocation
Time tracking software offers invaluable insight into where a business's resources are being concentrated. With that insight, a business can make smarter decisions regarding which project should receive more or less time or manpower.
Option to Monitor Employees
Worker productivity is a concern in today's business environment. As this Forbes article explains, this concern has spawned a whole industry of time management and tracking software to help businesses carefully monitor employees. Depending on the software chosen, businesses will be able to observe employee activity through means such as screen captures and can receive reports on the overall progress of the project.
Ability to Track Billable Hours
Having the ability to track billable hours helps businesses stay on top of project deadlines and can keep clients at ease. Tracking software can prevent a business from undercharging or overcharging its clients. Every working is recorded for easier billing.
As shown by this article on the the site Business Bee, there are quite a few options for choosing time tracking software. An example of such timesheet software is Clockspot, an employee time tracking tool with options for mobile and PC. It is designed to replace the manual timesheets mentioned above with an online solution that is simpler. With Clockspot, employees punch in online and businesses have the ability to track paid time off (PTO) and the time spent on individual projects and tasks.
Ultimately, it is up to the business to find the right software for its needs. The right system has the ability to integrate well into existing accounting systems and project management needs.