15 Good Reasons For Tracking Time
“Why do I need to track time?” A question stated by many project managers when they’re asked about time tracking software. From this question, it’s clear that many managers are unaware of how important this ability is and how it affects task performance.
At ViduPM, we think that being able to track time spent on projects is equally important as being able to manage those projects. If you know how long a particular project will take, you can significantly improve project planning and consequently its success!
Let’s take a look at some of the financial benefits of investing in time tracking software:
1. Accumulate data for future project estimation and costing
2. Data for the efficient processing of payroll
3. Data for invoicing and billing information
4. Information about costs and how you can lower them
5. Create value of work that is in progress (if you offer flat rates)
Are these reasons convincing? Time tracking can often feel excruciating. However, its benefits help more teams than just the accounting department.
Consider the following compelling benefits of time tracking:
1. Ask for a Raise – Have you been requesting a salary increase? With this software, you can factually demonstrate to your boss how many hours you’ve worked, what you’ve worked on and how much revenue it has generated for the company.
2. Ask for Assistance – If more and more projects are being submitted past their deadlines, you may use the data to demonstrate that you require more resources for the team.
3. Accurate Estimation – This software accumulates accurate historical data on the actual time that is spent, and this significantly improves the estimation of projects and tasks. It will provide credibility when you give these estimates to your management and or prospective clients.
4. Accurate Project Delivery Timelines – With accurate estimates in hand, you can deliver projects on time!
5. Simple Re-estimation on Open Tasks – As you continue to track time, the effort required to make estimates and keep an accurate schedule will decrease.
6. Better Insight – This software gives you better insight into the status of current projects and whether you can start a new one. You may have to reassign or reprioritize your work.
7. Manages Scope Creep – It’s much simpler to control scope creep when you’re monitoring budget and time.
8. Enables Editing – Monitoring how you spent time will help you gauge problematic tasks so that you may adjust your efforts accordingly.
9. Reporting – Time tracking software measures many metrics. So if your boss asks you to demonstrate a particular need, you have to take a few minutes out of your busy schedule to pull up those metrics.
10. Discipline – Tracking time encourages control. You’re forced to work to meet a deadline, this increases efficiency and minimizes distractions.
Time tracking software can prevent you from becoming over-worked, underpaid and stressed out. It helps you in planning the most appropriate strategies for your team according to the team members’ capacity.
Get in touch with ViduPM to learn more about this helpful software.