Get These 14 Instant Benefits From Installing Time Tracking Software
“It’s too difficult to understand.” “It might slow down work.” “I don’t have to install it.” These are just a few reasons why many businesses steer clear from time tracking software. But the truth of the matter is, time tracking offers a whole host of solutions that drive creativity and productivity.
Do you often find that your team is always scrambling to get things done? Are you in the habit of seeking extensions? If so, you will benefit from the following advantages of time tracking software:
1. Keeps Employees Focused
Do your team members often seem lost or unsure about what to do next? Do some of them display a relaxed attitude towards nearing deadlines? It could be that they’re not slacking off. Instead, they’re missing the feeling of urgency to meet deadlines. Help your team take responsibility over their workload with useful time tracking software.
This tool encourages workers to enter the amount of time required to complete each and see how they end it. Employees may use this software as a goal setting endeavor or personal challenge. Engaging the team with their productivity encourages them to take ownership of their schedules and work performance.
2. Improve Estimates and Quotes
Providing accurate estimates and quotes helps you start correctly with clients. By maintaining precise records on the duration of each type of project, you will be equipped to improve and adjust your quotes. With a time tracking tool, you can view immediate reports on various types of tasks and the time spent to finish them. Then you can adjust and improve your quotes accordingly.
3. Charge Clients for the Exact Work that was Completed
If your teammates are asked to provide estimates on how long it takes them to complete specific tasks they would give rough estimates. However, this is not the case of a precise figure. If you’re unable to record how much you spent on a project, you cannot bill your client. By keeping an accurate record of the time spent, you’re earning what you worked hard to get.
4. Keep a Record of Contractors
When you decide to work with freelancers, you must maintain a watchful eye on their workload as well as hours to ensure you’re not exceeding your budget. Encourage all contractors to complete all their timesheets as regular staff. Keeping accurate records ensures you’re getting paid for work that was completed by you. It also helps you gauge other contactor’s performance.
5. Prioritize Projects
ViduPM’s time tracking software includes features such as staff allocation, calendar, and scheduling, milestone setting, etc. These enable you to seamlessly re-allocate shifts and hours to meet high priority deadlines. It also shows you the estimated hours for each step of the project and its exact status. You get accountability and visibility all rolled up in one system.
6. Status of Pending Jobs
The minute an assignment is allocated, it appears to enter a black hole. The project is divided into many parts and is assigned to so many team members that it can be difficult to track it effectively.
With time tracking software, you log in and get an immediate glance at the status of every pending job. You can select each job to gain a narrower view of each part of the project.
7. Improve Scheduling
With this software, you can determine how much time is required for each project. If patterns emerge with certain stages or project types, you can adjust your timeframe. This feature prevents milestones and project deadlines from running over.
8. Focus on Strategy
One of the essential advantages of time tracking is it enables your company to report its data. This software accumulates large amounts of data such as profits, suppliers, jobs, staff, etc. You may use this information to focus on a strategic direction.
9. Team Performance Reviews
During annual performance assessments, you may use this software to pull up all kinds of data on individual employees and even compare their performance to the rest of the team. This will help you identify a particular employee’s strengths, weaknesses, and areas that need improvement.
10. Manage Scope Creep
Scope creep affects every business. Clients can change their mind at any time, only to stack up more tasks that are required to complete the project. This can blow out your allocated hours and budget. With time tracking software, you can monitor scope creep before it sneaks into your workflow because it enables you to control budget and time constantly.
11. Identify Areas that need Improvement
During a productivity audit, you can identify tasks and areas that take up too much time during project completion. If you notice each team member facing the same problem with a particular timeframe, then you need to improve a specific process. This is a part of your improvement strategy.
12. Professional Face
Clients always have a lot of questions, especially about the status and which stage you’re on. With time tracking software, you can quickly respond to client queries. It helps build a trusting relationship.
13. Are you generating revenue?
With increased visibility over the exact number of hours being used for each project, you’ll be able to determine whether you’re making a profit (or not). This can help you look at whether you’re putting too much workforce into a particular task. Whether you need to adjust pricing, etc. To gain such insights, you must track the time spent on every project.
14. Accurate Reporting of Time
In many industries, the accurate reporting of hours worked is necessary for compliance purposes. This is a massive task for HR to deal with at the end of the week, month, etc. With a cloud-based time tracking system, recording employee time is smooth and seamless. Compliance is easily managed.
These are just some of the benefits you can gain from implementing time tracking software in your organization.
To learn more about this software, please contact ViduPM.