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Buy time: The Benefits of Tracking Time and How It Can Be Done Effectively

5 min read

Time is the essential thing that circles the life of every working individual or business organization. Times decides the efficiency of an organization, and very often of the individual as well. There is no point in completing a task after the requirement of the project has passed. Every organization keeps a tab on the time efficiency of the employee to maintain a better efficiency. Therefore, every organization keeps a time management system to complete projects in time and provide the customer’s timely service.

How can time tracking be done?

Time tracking can be done with the help of spreadsheets and time worksheets. But it required human intervention, which can at times inculcate errors. Therefore, to reduce any kind of error and manage the work properly, mobile app ideas for time management proved to be more efficient. Moreover, this provided a better showcase of the time each employee spent and how. Hence software like FreshBooks became a part of the time management system in business organizations. It earned a total of $786.k as profit during the last year.

These time management systems are embedded with all the other production, assessment, accounting, and human resource systems. With every system connected, it became easy and efficient to keep the time aspect in check. Therefore, let us see what are the features of these time management systems.

  • It saves the inconvenience of entering data by hand and reduces the time that could be lost in manual work.
  • It allows the management to have simple access to the timesheet of every other employee.
  • All the timesheets and date plans are stored in a single space, so easily retrievable.
  • A time management system will allow the firm to access the project duration better and create achievable deadlines.

Time management benefits

Benefits of Time Tracking in a Business Management

A time tracking system can prove to be a bone for your business management. The basis of any business management is related to the time efficiency of the employees. Careful measures and proper utilization of time are very important. Nearly 42% of the companies in the US use time tracking software.

Also, it helps you to separately measure the time that is spent on the different processes of the business. And it reduces any kind of external factors that are causing time loss. Therefore, let us look at certain benefits of a time tracking system.

  • Better assessment of time

The Time tracking system allows you to take references from previous projects and assess how much time a similar project takes. This will allow you to provide an accurate time stamp for the projects, which will be realistic and achievable. This will reduce any discrepancies, and you can even create accurate bills that have a better estimation of the time. And, it will also allow you to have accurate tracking of time for any project.

  • Effectively manage the capacity

Similar projects that have been previously executed would provide you with the best assessment of the project’s duration. Therefore, you will know that you will be able to complete the project in a limited duration. 

The better capacity of your previous framework will also allow you to measure your own company’s capabilities and help you for better assessment and work upon the weak areas.

  • Increase the productivity

The best way to increase the productivity of your business management is to measure the time and use it very effectively to assess when and where you can reduce the excess time that is being lost. The external factors that reduce the efficiency of the employees are the worst things that can happen. Therefore, better time management will help you maintain the employee’s efficiency and remove any factors that reduce time discrepancies. 

This will help you increase the company’s profit, as better productivity results in a better profit. This will also allow you to understand if high-revenue projects are being given more time.

  • Work on betterment

A better time tracking system will let you understand that the company is working with the highest efficiency. Since it differentiates the time spent on each department, it also allows you to understand the scope of improvement and what you can do to make it even better. It will also allow you to understand if the approach towards a certain project is managed well or do you need to render your approach.

Benefits of time

Benefits of time

What makes time tracking software the best?

After you have finally decided that it is time to introduce a time tracking system, you should understand which tracking system is better and what software you should use to increase the time efficiency. The market size of the time tracking software was assessed to be $425.32 billion in 2019. Therefore, let us understand all the key features that are required in a time tracking system.

  • Automatic logging and entry

A time tracking software must have an automatic logging system, which makes the entry of time easy. However, you should not expect that apart from working hard on the project, your team must also keep track of the time and timely update work plans. This will only cause stress and would reduce the efficiency of the system. Therefore, you should always keep a tracking system that will automatically log into the system for the time assessment.

  • Separate tracking of time for every project

A good time tracking system must have a different management and tracking system for every project. The tracking system must keep recording every small-time deviance and addition. This will allow you to assess if the estimated time of the project matches the time predicted by the system. In this way, you can finish projects before deadlines. This also helps in assessing the billing system of the projects, which are more time-oriented.

  • Measuring and managing time

The most vital point to increase the productivity of the system is better measuring and management of time. Time is the most important factor in any production, and it is directly proportional to the productivity of the system.

Therefore, a time tracking system must measure time separately and also in a collective way. Therefore, you must always find software that provides you better insight and visibility of every aspect of the project. 60% of employees waste their time in assessing and preparing timesheets; this can be reduced with the use of a time tracking system.

  • Increase the accuracy of your billing

A time tracking system must provide you with a detailed summary of the project, emphasizing the details as to which process took more time, on which error more, time was consumed. Also, summarized reports will allow you to take references from previous projects and estimate better bills, as your estimation will be based on business information. This also helps in overall productivity and provides better scope.

  • Create better invoice

The invoicing system must be embedded with your time tracking system. This will allow the tracked time to be easily converted to detailed bills. Therefore, you must look for time tracking software that will help you systematically improve upon the billing system.

  • Indicates what time is to be spent on what

The easiest way to increase productivity is when everyone knows what to do. Therefore, a time tracking system must also provide detailed information of what every employee has to do and what is expected of them. The software’s detailed timesheet helps all the employees understand their approach to complete the project.

This also reduces the time that is lost due to any other external factors or errors. For example, almost 69% of employees spend their precious time on meetings; with time tracking software, this can be reduced.

  • Helps the employees to maintain their efficiency

Employee efficiency is directly proportional to the productivity of the firm. Therefore, an employee must keep in check that the time consumed by him matches the time that is stated by the time tracking software.

Therefore, when you choose a time tracking software, you must ensure that apart from collecting project-wise estimation, the software also provides better traction for a single employee. Conclusively, the main purpose of time tracking software is to provide timesheets for different employees as well.

  • Provide a clear goal

The most important thing required to finish the completion of a project with better quality and efficiency is when the employee and the team are aware of the goal. A clear goal will always help the team associated with the project to ensure that they are working to the needs and requirements of the project. This also allows them to maintain their approach and finish the project on time. Hence, while you are looking for time tracking software, you must ensure that it provides a clear goal and the time estimates are detailed and well structured.

Conclusion

The main aspect that helps in running a successful mobile app development company is the efficiency with which the projects are completed. The best way to ensure whether the approach to a project is correct or not is to compare the time frame with the time tracking system. A time tracking software will help you to measure the estimated time that will be spent on the completion of a project. This increases productivity as the firm has a clear understanding of how much time is spent and if any external factors are decreasing the efficiency of the employee and the firm’s productivity.

Editorial Desk Editorial team Account! Bringing you entrepreneurial stories. Flourishive views the world through the eyes of entrepreneurship—ambition, ​empathy, the ​grind. Be inspired by articles curated by Flourishive Contributors.