TOPIC: Time Tracking
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Keeping accurate track of what you or your employee's are working on makes good business sense. Automatic software does the trick easily. Make sure you know where every minute is going and increase billable time for greater profits.
Finding Profitable TimePosted by Alec Hess
You already know that time is money. But did you know that you probably have billable hours in your company that are not accounted for or billed; or billed incorrectly to the wrong client.
Here’s the scenario: three designers in an advertising firm juggle 5 different projects for different clients on a weekly basis. At the end of the day, they are required to log the time spent on each client’s behalf for billing purposes. The problem is, most of the logging of time spent, is guess work.
Time tracking software would automatically keep track of time spent on every billable task in an extremely accurate way that is traceable and defendable. It represents an exacting electronic version of a traditional paper timesheet. Some time tracking software also allows the automatic generation of invoices to your clients or customers based on actual, accurate time spent and allows for the additional billing of related costs to each client or file.
Many time tracking software companies offer complete workforce management packages that include time and attendance, scheduling, absence management, human resources, payroll, talent management, and labor analytics. This allows for super efficient time utilization. And that means more profit and less lost billable hours for you.
Time tracking software is used by many industries, typically those employing hourly workers, however there are benefits to salaried workers as well. Knowing exactly how long it takes to achieve certain results can help estimate future work and result in better bids and more attainable profit margins.
Time Tracking Software Benefits:
- Less labor wasted managing timesheets.
- Increased revenue because no part of any hour goes unaccounted or billed for.
- Elimination of unnecessary data entry. Now it’s all automatic.
- More accurate expense and time reporting.
- Detailed reports of expenses and hours automatically generated.
- Historical information and analytics on the work patterns for better future planning.
- Overtime management can reduce excess spending.
- Higher productivity because employees know their time is being tracked
- Easily tracks temporary workers as well.
There is a wide range of project time tracking tools available on the market today. Using time tracking software is becoming standard amongst businesses globally because it lowers costs and raises billable hours. With so many great benefits and features, you can’t afford to ignore time tracking systems while your competitors reap the rewards.
On the next tabs you’ll find the best discounted deals from all over the Internet, and the most trusted vendors to help you save money, increase productivity and maximize your billable hours.
Alec Hess is a marketer and small business expert as well as Principal of Full Voice Media and Vanguard Healthcare Products; and co-founder of BizSaves. His focus is on small business success and he has consulted, guided and advised many firms.
More Great Articles:Lifehacker: Five Best Time-Tracking Applications Inc.com: Using Time Tracking Data to Avoid Recessions
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