Time-tracking software is a popular tool for tracking and organizing work activities. Many businesses and individuals, however, choose not to use this tool because they see it as an administrative burden. They believe that time tracking will hinder creativity and team focus, eventually slowing them down.
However, time-tracking has numerous advantages. And, when done properly, it does not impede creative processes or team focus.
This article will discuss the benefits of using time-tracking software:
What is Time-Tracking Software?
Time-tracking software is an application that tracks the time you or your employees use to complete tasks or projects. It also helps in regulating online time & attendance management for employees in an organization.
Different types and functions of time trackers exist. Some function as a single software, while others are components of other tools like project management software or a payroll app.
Time tracking is essential to freelancers, service providers, or clients who hire hourly workers. Therefore, time-tracking software should be of good use to them. Its usage cuts across many industries, from banking to entertainment, non-profits, and IT firms.
Top 6 Benefits of Using Time Tracking Software
These are the benefits of using time tracking software:
Transparency
Time-tracking software provides reports that make it easy for employers to track their workers’ progress. They provide a clear report on each worker’s progress in a day, week, or month. Also, it gives the number of projects the workers were able to complete successfully.
A Smooth and Effective Workflow
As an employer, it gives you a better understanding of your company’s workflow. It becomes easy to decide when and to whom you should delegate tasks based on their performance.
In the same way, it helps you to identify employees that consistently exceed their target or goals for a pay rise or promotion.
In addition, time-tracking software can help notify employees about urgent tasks so they don’t lose sight of the deadline. They will be able to see all the jobs in the queue.
Bill Clients or Pay Workers Accurately
As a freelancer or contractor, you can probably estimate the time it took you to complete certain tasks. However, a rough estimate cannot be compared to an accurate log. Knowing that a task actually took you an hour to complete allows you to bill your client appropriately.
Also, tracking your worker’s time on a job will help you not to underpay or overpay them.
Real-time Profit Measurement
Time-tracking software is a technology that helps in financial management. This tool shows task metrics, indicating whether a job is profitable or not. And it is quite useful for freelancers or contractors.
Also, this software lets you easily know when to increase your prices. You’ll increase your price to match the time and effort you put into your work.
No Missing Deadlines
Time-tracking software will tell you how much time you and your team spend on a project. With that, you can share responsibility appropriately among your team and deliver a complete job when due.
Prioritized Work and Projects
Time-tracking software will help improve your time management skills as an employee or freelancer. You get to evaluate the projects you have at hand. And start with the most urgent or easiest or the one that will yield the largest financial reward. Your choices are based on your preference.
Conclusion
Proper time management improves your business. Using time-tracking software will go a long way in bringing productivity and efficiency to your business. It will reveal areas where you waste most of your time.
