Time Keeping Software Perks For Your Bottom Line
Lower level benefits of working hours retention software
Every software purchase, including time-keeping software, must have a financial meaning. If clockwork and payroll manual work still work for your SMB, you have more energy. However, the best time trail offers many perks for your profit margin. Some of them you may not have thought so far. For example, did you know that these systems can generate client invoices based on staff billing times? This is just the tip of the iceberg time tracking app. Here are eight most compelling reasons to invest in a new time tracking tool from a financial standpoint.
An 8-hour controller benefits your bottom line
1. Reduce salary costs
Employees do not need to enter and pay salaries manually. Therefore, you do not have to pay employees for all the labor involved, such as collecting all the information and finding their earnings based on personal pay ratios. Furthermore, aspects of inefficiency can be highlighted to streamline work processes. In short, screen tracking apps help reduce human resource costs.
2. Create client invoices fast
Since creating a client invoice usually takes time, you should go back and review the time it takes for their project to decide what can be billed. For example, staff should estimate how long it will take to create a prototype. Or how many times have they met with the client for advice? Even if you document every step of the process, you will still get paid less. Time tracking tools allow you to keep track of every minute spent on clients’ activities. You can then generate invoices with verified records. If the client wants to view the documentation, you can share time tracking records.
3. Identify workspace locations
Overviews allow you to view the full picture in terms of working hours or due dates. However, you should still be able to break down tasks one step at a time and find areas that need to be improved. For example, this process involves a variety of activities, from data research to revision. At the start of each stage, employees can start the timer and add a detailed description. Therefore, you can review the process and identify steps that take longer than expected. Follow up to determine why additional training or team members are needed.
4. Improving team tivity productivity
The best time tracking tool allows you to see the activities and projects assigned to each group through group overviews. You can also evaluate their collective payroll, billing hours and client invoices. As a result, group tracking applications help improve team tivity, productivity and efficiency. For example, they have already spent 35 hours on Project A and 25% completed. Thus, if they want to reach their due date, they will have to spend more time moving the project forward. They can even take a closer look at what tasks they spend the most on. Contact more employees to speed up the process.
5. Evaluate your price point again
Clients can analyze the value of your products and services. Then set your price. Let’s say you currently charge XX for consulting services. However, time tracking data reveals that your profit margin is much lower than you thought. Considering that employees spend more time analyzing client needs and meeting their expectations. Thus, you may have to increase your fees to cover all expenses and reap the benefits at your lower level.
6. Provide accurate estimates
Another client-related privilege of investing in time-tracking applications is providing accurate cost estimates. For example, they send an RFP for your services and you send them a quote. Eventually, when the project starts, you realize that you are barely even breaking. Time tracking software gives you a historical look at projects and gives you detailed estimates. You worked 100 hours for a similar contract last month. So, it provides a basis for these prices. Of course, you should always count on extra fees like advanced support.
7. Supervise external partner projects
Time tracking software is not just for in-house staff. You can use it to track the activities of external partners and keep everyone on the same page. For example, when and to whom should it be completed? How many hours can clients bill? What is the percentage of clients’ day spent on meetings and previous work? They can even use rest reminders to relieve stress and give their eyes a break from the screen.
8. Avoid missing dates
Above all, hourly software serves as a collaborative and tool productivity tool for your team. They can see where they are, how far they have to go, and re-evaluate work habits. This helps them stay ahead of schedule and stay on project milestones. For example, at the beginning of each work week an employee sits down to map out their schedule. Eventually, they need to look back and see if they are on target or ask for additional resources to meet the deadline.
There are many ways in which keeping track of software contributes to your profit margin. However, one of the most important and indirect benefits is employee satisfaction. Staff will be able to control their schedule. Some hourly control solutions help them to monitor or delegate project milestones when they need a break to avoid burns. So they have more content in the job and stay with your organization. This reduces new rental training fees and allows you to retain higher skills.