We all know what matters most to companies today - time and money. In this fast paced environment, those two things play a huge role in how we manage everything we do throughout the day. So, time and money right? They also say that time equals money. We see that these two things are very closely related and it would be great if we could somehow preserve both. And there is a way. It's called time tracking. Let’s find out how can something like that aid us.
Time Tracking and Money
So, we already know that working 8 straight hours per day is nearly impossible. The statistics show that on average, out of 8 hours, people tend to work about 5 hours productively while the rest of it they just hang around and pretty much don’t do anything work related. Why would you then pay employees for 3 hours of overtime work, if they could have finished everything during their regular work hours? With passive time tracking software you can track your employees’ time and see exactly what amount of time they spend on various tasks. Later on, you can pay them accordingly.
One more aspect where time tracking comes in handy is project management. With company time tracking, you’ll be able to see on what activities do your employees spend the most time. You’ll get very valuable information out of it and you could rearrange the activities on your project in such a way that it’ll cost way less overall. This kind of tool offers a great way to see exactly which tasks take too long, or too little to accomplish and which are totally irrelevant in the project itself. Later on, just apply this knowledge to other projects.
Also, billable hours drive a lot of service-based businesses. This is the revenue that flows into your organisation and keeps everything smooth sailing. On the other hand, non-billable hours are your expenses. Maintaining a good ratio of billable to non-billable time is very important. The ratio of these two will be different depending on the industry, but you should always look for innovative ways to reduce your non-billable hours and increase your billable hours. When you start measuring all hours, you’ll see there’s always room to optimise the time spent.
Saving Time With Time Tracking
I mean, you can tell just by looking at the name. Time tracking. It’s pretty self explanatory. The main focus of such a tool is to save time. And modern employee time reporting software offers just that. Since you can’t stop time, the best next thing is to manage it effectively.
As mentioned above, with time tracking you’ll get a deeper insight into your activities. You’ll see how much time you spend on every single task and later on draw conclusions about it at the end of the day.
Time tracking is also good for self-improvement. We all want to be more productive, right? With my work time app that measures your working time you’ll be able to stop procrastination. You’ll see how much time did you spend on browsing unproductive sites such as Facebook, Instagram or other. Maybe you weren’t even aware of how much time you were wasting. This revelation will probably shock you at first and afterwards you’ll surely be more careful with your work time.
Time tracking can help you out in project time management as well. As mentioned above, you’ll recognize what tasks are irrelevant on your project and you’ll be able to shrink the overall duration of it.
Last but not least, web time tracking software will be kind of a warden to you. We all work better if we know we’re being tracked, monitored or observed. This way, you might be even more productive just because of the fact that such a tool is working passively behind your back. Surely you’ll try to get the best result at the end of the day.
To sum up, whether you just want a tool to monitor your employees or a self-control buddy, time tracking can offer a lot to you, and can save you time and money. Just be careful not to become overly strict with the savings. They are important, but surely the health of your organization is much more valuable.