The Benefits of Timekeeping Software for Your Business

Timekeeping software is a tool to track workforce, resources, and time spent on a particular project or task by an individual employee or a group of employees. The best time management software has features like tracking time, tracking billable hours, taking a screenshot of the computer screen of an employee, and analytics and reporting.

Who should use timekeeping software? Different types of businesses, from startups to large companies, can benefit from this technological product. Time tracking app tracks all team activity and handles expenses, so it’s well worth the money. As a business owner, you need this software to increase productivity, and ultimately increasing revenue.

Below is a more in-depth look at the top three benefits that timekeeping software brings to your business.

1. Empower Individual Employees

Your goal, as a business owner, is to empower your employees to perform better and become more efficient. You have to make significant decisions to make your workforce stronger. Investing in timekeeping software is one of them.

Here’s how you can empower your employees with the help of timekeeping software:

• With a timekeeping tool, you can provide your employees with an easy and quick way to track their own time.
• As a business owner, you can successfully evaluate the performance of your workforce without having to interrupt their productivity.
• Timekeeping software increases the accuracy of employees by requiring them to log their time every day.
• It doesn’t matter what days or hours they work, you can measure your employees’ clock in and out with a timekeeping tool.
• The information you can get from the timekeeping software would provide you real-time insights into the efficiency of your workforce.

These insights would give you the chance to implement programs aimed at allowing each of your employees to grow, which ultimately improves the overall performance of your company.

• Timekeeping software also helps in reducing unplanned absences by employees by giving them easy access to information, such as the number of vacation days left, the number of sick days left, etc.

This access to information will give your employees control of their time and a sense of ownership.

2. Pinpoint Problems That Hinder Productivity

Although employees understand the importance of productivity, they can occasionally procrastinate and get into undesirable habits that slow down their performance. By using timekeeping software, you can pinpoint productivity problems and identify what works best for your employees to solve such problems.

Here’s how a timekeeping tool can help you manage productivity better:

• Produce accurate reports as part of the weekly or monthly performance review of your employees. This will give them an idea of when they slowed down in terms of productivity. This report will help employees adjust and take the necessary steps to boost their performances.

• Monitor holiday or industry-related decrease in productivity levels so you can plan ahead. Through proper monitoring, you can control the projects that your employees can work on, and ensure that you won’t go beyond what you can handle.

• Effective productivity management using timekeeping software will enable you to cut on expenses. Such technology will help you understand your company’s workflow better and address any problem as soon as possible.

By getting a clear view of how your business is doing, you can implement changes aimed at cutting unnecessary expenses and improving productivity for increased profits.

• Improve project schedules and client relations by accomplishing projects or tasks within their set timeframe. No matter how hard your employees work, deadlines won’t be met if your project scheduling is poor and unrealistic. Timekeeping software will tell you how long it takes for your team to complete a specific job through analytics and trends. You can then adjust project schedules to a more realistic and reasonable timeframe based on this data.

3. Improve Billing And Payroll

Two of the most important aspects of any business are billing for clients and payroll for employees. You can improve both using the best timekeeping software.

Here’s how a timekeeping tool helps with billing and payroll.

• A timekeeping app keeps you aware of how your employees perform daily. This enables you to get real-time calculations of their pay.

You can also determine and manage how much should go into the payroll based on work done on regular time and overtime work. You can also calculate shift differentials and other factors that may affect the whole payroll process.

• With the use of timekeeping software, you can access reports on how long a project is accomplished, or a product is made and delivered, and be able to improve and adjust your quotes.
• Depending on how much time your team spent on a product or service, you can give accurate billing to the clients.
• The records from your software will also serve as justification or proof in cases where clients question the accuracy of billing information.

Final Thoughts

Timekeeping software takes away the need to spend so much time on administrative tasks and lets you focus more on growing your business.

The data records, analytics, and reports that you’ll get from a time tracking tool would help you streamline the overall operational process of your business, increase productivity, and generate more revenue.