In the past, companies use a bundy clock to track employees’ attendance or work hours. Although manual processes have been useful, they aren’t very efficient compared with the recent online time tracking software that can easily and effectively gather attendance information as well as report and analyze the data collected.
A small business owner understands that time is money and that every day of work counts. With an efficient time management software, companies know that their project teams can run profitable projects.
How Can a Time Tracking Software Help Teams Achieve Profitable Projects?
The following are a few ways that can help benefit a project through a time tracking software:
- Organize projects. An automatic project time tracking software can help get the team’s budget under control. It can streamline the billing process and save time copying from spreadsheets or manually writing the payroll or attendance data. Since an employee time tracking software can easily generate invoices from their attendance record, it is simpler, easier and faster to get the information needed and monitoring the budget has never been the same.
- Easily access information about costs and profits. To make informed decisions, the project manager must have the data necessary to make a decision. With a time management software, the profit and cost centers are visible. The system can help give ideas on how much time a project or task needs to finish. Consequently, it can calculate the amount needed to complete them. If there is a need to budget a certain number of hours for a job, then the time tracking software is a big help to increase profits by providing the best solution.
- Get the right estimates. Prior to working on a project, the project manager provides a quote or estimate and he needs an online time tracking software to give him the most approximate figures to present to the company. It is draining for both the project team and the company if a wrong estimate has been given. A time tracking program uses past data to base its estimate or quotes as it has real data from similar jobs that can greatly help produce a more accurate estimate.
Other Ways a Time Tracking Tool Can Help the Team
Aside from organizing the costing, budgeting, and expenses to produce more profits for the team, a time management software can also help the team in:
- Increasing productivity. By tracking the time of every worker, the employee time tracking software can help increase productivity.
- Knowing the performance of the employees. The time tracking program can show who are the best performers and who are not. Its reports are accurate and are useful in providing the best remuneration for the employees.
Nutcache’s project management software with collaboration and time tracking can greatly help any business in its project management needs. The program’s time and expense tracking are useful in addressing the various issues that time trackers encounter.