Time is arguably the most used metric to determine work done. When we want to know the extent to which a job is done, we basically use time as a measuring factor. Hence, for businesses, we can only say that time tracking is an important factor to measure productivity and to keep the balance of businesses’ marginal expenses with revenue.
These days, the way businesses keep track of time is by using time tracking software. Here are ways which time tracking increases productivity.
Time and Price control
Using a team, time log helps your business to know the amount of time spent on a client’s work and determine the average time to complete a particular task. The knowledge of the time spent per project is used to set the average cost for service rendition based on the duration of the project. Furthermore, this knowledge is used to better improve business operations.
The best way to know time loss is by tracking time. Keeping track of time helps you to determine your business performance with time. Coming short of performance will drive you to devise a better way to optimize working time.
Many of the time tracking software notify you of your progress in certain tasks. Performance measurement becomes difficult and it is easy for a business’ operations to lag without time tracking.
Helps with employee management and workflow
When your employees or team of staff log on their time, you can use the knowledge of the time data to determine how much work an employee has done and how much workload they have. It allows you to make informed decisions such as to reduce the work pressure on staff that are too cumbered with much workload and distribute to those who have less to do.
Too much pressure on staff reduces productivity. However, with time tracking, you can manage the work pressure on your staff to improve productiveness. Also, it helps you to build a reward system for well-performing staff per time or those that work overtime.
It helps financial judiciousness
For businesses or persons that earn per time worked, it is easier for them to keep track of work and earning per the worktime logged by a time tracking software. This allows them to make a swift calculation of their tax, monthly income, and the wage to be paid to employees based on the number of hours worked. This is a fair rewarding system that makes sure you are not spending more on labor than work rate.
It helps to know the cost of running a business
You can determine the total and overall cost it takes to keep your business running on monthly or yearly bases. By knowing the average amount of time an employee spends daily, at work, you can multiply that by the hourly rate and the total amount of employees that serve your establishment.
Your running costs become apparent as per staffing and you can make other interpolations and decisions on how to improve your work process, efficiency, and time optimization.
Now over to you…
Are you considering to use time tracking software for your business? If so, please share with us the software you’re considering, and why.