Time tracking tools are very useful and necessary for a manager to better supervise employees and ensure all projects are completed by the required deadlines. In particular, a time tracking app that provides automatic data capture can be a big help to saving time and resources for any company. Keep reading to learn why a time tracking app is a necessity for your business as a manager.
Why You Need a Time Tracking App
One of the major reasons why a time tracking app is incredibly useful for a company manager is because manual registration of the time spent on work tasks or projects is a very inefficient process. Automatic data capture is a major step toward creating more efficiency when working on different projects and making sure all workers are completing their tasks on time. Certain time tracking tools can show managers whether some employees are struggling with completing projects or whether some workers have more inefficient ways of sending emails or making appointments with clients.
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Essentially, a time tracking app can be used for capturing big data and then analyzing the information to determine ways to better manage time and become more efficient across teams and entire departments within a company.
Forbes reports that time tracking tools are currently implemented to make better company decisions, measure efficiency, ensure greater productivity across teams, and generally keep employees on task throughout the day.
Today’s time tracking tools can accomplish various different facets such as managing the amount of time employees spend on projects remotely, automatically scheduling breaks throughout the day, and sending notifications to keep workers on task. The more advanced type of time tracking apps can determine the individual tasks a worker focuses on and then collect information on the overall productivity of the employee.
As such, you can see why having a time tracking app can be a necessity. It helps you truly capture the data to ensure optimal efficiency takes place across your organization. More importantly, a time tracking app can actually benefit your company by increasing the overall profit at your place of business.
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How Time Tracking Tools and Registered Hours Increase Company Profit
Time tracking tools and the registered hours that employees spend on work can help managers better measure how much each project costs and how much money is being spent on a particular client. These tools that capture the time spent on a project will be able to help you measure team performance and determine the budget that should be devoted to individual projects.
Essentially, time tracking tools can help you improve cost management and project management by gaining more accuracy in billing and determining where your company can cut expenses. A time tracking app can help you find out where there may be some inefficiencies at your company, which will show you places where you can cut spending. By creating more productivity and ensuring projects take a reasonable amount of time to complete, you’ll be able to increase your company profits.
The transparency behind time tracking tools can also help you see which projects were completed in less time than the budgeted hours, which means you’ll be able to more concisely cut costs and increase the profit of your company.
By tracking the amount of time a project takes to complete down to the minute, you’ll be able to more accurately invoice your clients and have more precise billing processes. Your clients will then gain more trust in your company when they see a clear and transparent record of the services you provide. By determining how much time is spent on particular tasks, you can then change the pricing to reflect the resources positioned toward a service. This process can lead your company to boost profits as well.
Clearly, there are significant advantages to including a time tracking app as a company manager. In addition, there are major disadvantages to manually tracking the time spent on a project without including software tools that simplify this process. Below, we outline the biggest disadvantages of not using a time tracking app.
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The Disadvantages of Foregoing Time Tracking Tools
The Harvard Business Review outlines a major disadvantage of not using time tracking tools when it comes to tracking emails from clients and colleagues, which is the loss of billable hours. A survey from AffinityLive found that a worker can lose up to $50,000 per year because he or she ineffectively tracked email correspondence with clients and other work-related emails.
In the survey of 500 people, nearly 40 percent stated not tracking the time spent reading and answering emails while only 33 percent said they always or often perform this action. At the same time, more than half of the survey takers stated that their employer uses time sheets when billing clients or to “determine retainer amounts.”
As such, it is estimated that US companies in the professional services sector are losing $7.4 billion per day in terms of productivity. Clearly, tracking the time spent on emails can be a very beneficial practice. However, manually tracking the time spent on email correspondence can essentially add more tasks to a worker’s day and end up wasting company time.
If it takes anywhere from 30 seconds to five minutes to answer an email and “it then takes you three minutes to go into your time sheet program to record the time, you’ve gone from spending 3% of the work unit in administrative overhead to spending 60% in overhead,” explained AffinityLive CEO Geoff McQueen.
Many workers tend to spend their Friday afternoons attempting to remember what they did over the course of that week and then manually entering in the amount of time spent on individual tasks when filling out their time sheets. This ends up being a rather inaccurate method of tracking time for any company. Tracking time spent on tasks every day may be a more accurate method. However, automatic time tracking software tools are the fastest, easiest, and more accurate way to capture this type of data.
There are clearly disadvantages to manually tracking the time spent on projects and work tasks. In addition, there are significant benefits to having a time tracking app for your team.
The Benefits of Managers Using Time Tracking Tools
1. Automated Timesheets
There are significant benefits that managers would enjoy with a time tracking app that has multiple features. A time tracking app like Runrun.it automates the production of timesheets and ensures your teams are not putting forth unneeded effort in manually tracking the time they spend on projects. Users of this software product will need to merely press the “Play” button when working on a certain task and the platform will automatically track the amount of hours spent working while skipping scheduled breaks or non-working hours.
2. Time Invested = Client’s Costs
Runrun.it is a work management software, with time tracking integrated to the tasks and powerful deadline, cost and people performance reports. This time tracking app is the simplest way for you to obtain data and reports based on how projects evolve as well as which clients are profitable and by how much. These are only some of the indicators your company will benefit from when implementing the Runrun.it time management software. Within Runrun.it, it is still possible to set the value of each employee’s work hour, to include extra costs, and to extract powerful budget control reports.
Do you know when your projects will be delivered? This question is tricky because your team can serve several customers at the same time, and you can’t give a unreal deadline to them. Runrun.it offers a Predictive Burnup® chart, which represents the scope versus delivery over time, with advanced algorithms capable of projecting a real estimate of the future of the project.
4. Workflow Management
The automated time tracking can make project management a much simpler process for a supervisor. By seeing the amount of time spent on each project and having a clearly defined system for assigning tasks to individual team members, managers can easily track workflow using software tools like the Runrun.it time management platform.
5. Real Time Decisions
Best of all, having dashboard tools that can help you analyze metrics and show employees where they are succeeding or having trouble could all lead to greater productivity at your company. The metrics available through dashboard tools can lead you to determine ways to remove inefficiencies, cut costs, and boost profit.
For example, you’ll be able to see how many times a document may be sent back to an employee for revisions. If a particular document is taking too long to complete for that employee, you could help them target ways to improve efficiency. This will help your company cut costs.
Why Runrun.it Time Management Software is the Best Choice for Your Company
One of the best things about using Runrun.it software as your time tracking app is that it will centralize a number of different work processes in a single tool. Using the Runrun.it software product will ensure that you have access to dashboards full of key business metrics while also ensuring improved team communication and simple, automatic time tracking.
This time management software will allow you to organize workflows, quickly delegate tasks among your team, and monitor all tasks between team members. To improve team communication, the Runrun.it product also allows you to comment on tasks and share files.
Most importantly, Runrun.it time management software monitors the time invested in projects and determines the hours your employees spend working for particular clients. This can generally help you boost productivity among your team. If you would like to see why Runrun.it software is the best choice for your company, click here for a free trial.