Many would agree that time is the most valuable resource in business. So, there is no doubt that keeping track of how much time your employees spend on their tasks has a host of benefits. Traditionally, timekeeping in the office was done through bundy clocks and later through biometric devices. However, since the onset of the COVID-19 pandemic, laboring eight hours a day at the office has become passe. Because 1 in 4 Americans are working from home, businesses are employing new technologies for tracking their employees’ time.
But some concerns have been raised about the merits of time tracking software for businesses. For one, critics argue that this might lead to micromanaging. However, we found 8 reasons why timekeeping software can boost your business.
- Practicality
Now that most people are working remotely, it makes sense to adopt a timekeeping system that works outside the office. Obviously, a punchout clock is no longer an option. Timesheets and punchout clocks are not only outdated. They also cost more time and money to use. On top of that, the convenience and accuracy of time tracking software outmatches traditional timesheets by a mile. - Improved productivity
Time tracking reduces the likelihood of multitasking. That’s because most time tracking software allow users to track one task at a time. While there might be people who claim that they are excellent multitaskers, the truth is that multitasking usually reduces concentration and efficiency. Dealing with one task after another will help employees maximize their full energy and effort for every project. That means less mistakes made and less time wasted on revisions. - Increased accountability
The mere presence of a ticking clock can make one conscious of how many minutes have passed. When employees consciously take note of how much time they spend on a task, their sense of responsibility is activated. If they can see trends and patterns in their working time, they will also have an opportunity to reflect on the way they use their work hours. For instance, they could assess if and how their time can be managed more effectively for future projects. - Accurate billing and/or payroll processing
It is difficult to bill accurately when you use a bundy clock or an old-fashioned record book to log your employees’ work hours. With computerized timesheets, it has become relatively hassle-free, but then you would need to input hours from a separate database. With time tracking software, you can automatically calculate how much your client owes you— or how much you owe your employees. - Higher transparency and trust
Managers assign work to their employees but seldom know exactly how their employees go about these tasks. With time tracking software, a manager can review which tasks an employee has completed and how long each task took. This transparency can reinforce the trust between employees and their supervisors, and even reduce the possibility of micromanaging. When higher-ups have enough knowledge of what their workers are up to, they certainly won’t feel the need to interfere with their employees’ work processes. - Easier evaluation of workflow and performance
Time tracking can be done at an individual level and a team level. It can also be done per project and over time. The visualization of time spent by each person on each team on each project can provide valuable information for evaluations. Supervisors can use this information to evaluate which tasks are taking up too much time. That way, they can reassess and revamp their strategy. Time tracking can also help bosses see which workers are not performing at their best. Not only can this be used to reward excellent performance, but it can also help leaders give the necessary feedback and assistance to employees who need an extra push. - Minimized scope creeps
Have you ever been assigned a task that seemed to grow bigger and bigger until it grew too wild to be handled by your team? When a project’s scope overtakes the original limits that were set, scope creep takes place. Unclear goals and unrealistic time frames are two of the most common reasons for scope creeps. The good news is that time tracking software can help you and your team clarify your goals and break them down into manageable tasks. Additionally, a good time tracking software will allow you to visualize your workflows and schedules so that you can easily gauge where you are in your project.
- Greater appeal to clients
Any client would prefer to work with a team that values and makes the most of time and has the records to back up that claim. Using a time tracking system will help you appeal to more clients because of your increased transparency, productivity, and responsiveness. You will also be able to communicate milestones and difficulties more clearly with this system.
Key takeaways
Time tracking has always been an integral part of running a business. Modern technology now allows you to track employees’ work hours no matter where or when they work. This leads to several advantages:
● Practicality
● Higher productivity
● More accountability
● Accuracy in financial matters
● Better workflow and performance evaluation
● Prevention of scope creeps
● Greater client appeal
Implementing a time tracking system will do wonders for you and your team, too! If you want to know more about how time tracking software works, you may click here. If you’re already reaping the benefits of using time tracking software, share your thoughts with us in the comments.
