With rising competition, the pressure to achieve more productivity and get tasks done before time is rising. In order to manage business hours better, more and more organizations are investing in time tracking software, and helping teams identify their pitfalls.
But, you need to remember that some people in the organization may resent the whole idea and would not be willing to integrate time tracking features with your business management software. So, while it can be seen as a block to creativity, it has a host of benefits.
Moreover, it can help you scale your startup and stay miles ahead of your competitors if done correctly. Not only this free timesheet management software can also help you run reports, create invoices and avoid manual errors.
Here are some reasons why all startups must invest in time tracking software.
1. Helps employees stay on track
Are your team members not sure why they should be doing next? If you often find team members slacking or working at the last moment, using free timesheet management software can be beneficial.
It is quite possible that your employees are not informed about the tasks’ urgency. Again, having time tracking tools for employees can help your team take ownership of their tasks and manage their workload better.
They can significantly increase their productivity and even set personal challenges to perform better at work. Besides, letting your team be accountable for their own productivity will urge them to take ownership of their work.
Moreover, when you use time tracking software, your team will have their own task calendar. Thus, they will always have a task in hand and leave no scope for confusion.
2. Better quotes and estimates
Having the right accurate quotes and estimates will help you set the right foundation for client relationships. With time tracking software, you will know exactly the time a task takes, and you will be able to better make your quotes.
Besides, these tools can help you run reports on different tasks and calculate time taken to complete them. Once you are done, you can analyze and make improvements to your quotes.
3. Bill clients properly
While every team member can give a rough estimate of the time taken to complete a certain task, it is not the best idea. But why is it so? First, if you do not record it accurately, you cannot bill the client for it.
For instance, if every job takes 30 minutes longer than you previously estimated if you complete 15 jobs per week, you are set to lose out on more than 250 billable hours every year. But, when you make an effort to record time logs with time tracking software, you will be able to earn for the time and work you have put in.
4. Keep track of contractors
When employing contractors or freelancers, you will need to keep a strict eye on their workload, track their hours, and make sure you don’t overshoot your budget.
You can get your contractors to record their time logs using free timesheet management software. This, in turn, will ensure that you pay them only for their work done and not overshoot your budget . This will also help you track their performance and allocate work to the right people.
5. Helps you prioritize projects
With time tracking software, you can easily create milestones, calendars and allocate work better, keeping in mind the adjustments and schedules. This will help you plan shifts and handle priority projects better.
Moreover, your team can then estimate the number of hours needed for each project and track its status in real-time. Subsequently, you get access to visibility and accountability in one compact system.
6. Faster access to data
With several people working on a project, it can get challenging to know the status of the project. But, this will no longer be an issue if you are using time tracking software. All you need to do is log in, and you can see the status of every job. Besides, you can even narrow down your search to a specific department and type of job. The best part is that you can even use and access this data irrespective of the location and time.
7. Better project schedules
Do you find running over deadlines and not completing your milestones time and again? This can lead to sour client relations. Before you nag your team to expedite their processes, it is time that you assess your project timeframes and schedules with time tracking software.
Your free timesheet management software will help you analyze the hours a job takes. If you observe consistent patterns, it is an indicator that you will need to revamp your schedules and have a realistic timeframe.
8. Time tracking across devices
If your team consists of remote workers and team members worldwide, you can still use time tracking software to manage them. It will help them enter their time entries with ease and not bother about geographical boundaries. Besides, the details will be updated in real-time, and the whole team will be on the same page.
9. Focus on better projects
One of the biggest advantages of using free timesheet management software is that you can easily get reports on your data. When you have access to a huge pool of data about your suppliers, profits, and staff, you can use it to get better projects and measure your goals.
10. Compare project progress
If you wish to do a comparative analysis of your projects completed in the past and present, your free timesheet management software can help you out. You can easily measure the progress you made with the data you derive and run reports on the same.
11. Increasing your rates
Unfortunately, a tarot card reader or your horoscope cannot tell you the best time to raise your rates. The only solution is to find this using the data offered by your free timesheet management software and then decide.
When you have a clear picture in front, you can reevaluate your profits and see if your prices mark up to your expenditures or not. If the answer is no, it is time to raise your rates and make some solid changes.
12. Value-based selling
You can provide your potential buyers with your timesheet records to give them an idea of your milestones and how you plan to work on their project. Not only will it improve your reputation, but there is a possibility that you will close deals faster.
13. Analyze team performance
When you approach the time of your annual performance reviews, data in hand can serve as a good point of discussion. You can easily check how individual employees compare to the rest of the team and help them address their issues better.
But, don’t take it as the sole parameter for tracking performance. Of course, it is one of the major factors but delivering value to clients is of utmost importance.
14. Manage scope-creep effectively
Scope creep has an impact on all businesses in one form or another. Clients think they want you to do one particular task but end up piling you with a huge set of tasks. Before you can make sense, you are juggling a set of tasks you had not agreed to in the first place. This will not only waste your time and effort too.
But, when time and budget are being monitored via free timesheet management software, you will easily identify such anomalies and make the right decisions.
15. Identify areas of improvement
A productivity audit can be greatly simplified with a time tracking solution. It will help you identify tasks that take a longer amount of time and need some planning. Besides, if all team members are struggling to complete their tasks, you might need to reconsider your project management strategy.
16. Helps you look professional
Don’t all clients love to ask questions on the project status, who’s working on the current stage, and what’s the process? Well, there are tons of questions they may ask you.
While you might have answers to one or two, let your free timesheet management software answer the rest. Trust us; it will help you answer the queerest of client queries.
17. Analyze your profits
By getting visibility over the exact hours’ work is being done, you will be able to monitor if you are actually making profits or not. For example, is it your pricing that needs adjustment? Are you picking up projects that demand too much from you yet pay peanuts? The only way you can derive these insights is by using a dedicated time tracking software.
18. Put a stop to overworking
Sometimes, people take on various projects, but when it comes to performing those tasks, they feel they have too much on their plate. For some people, it is a habit, as they cannot say no and love to help out people. However, it can also happen that during a busy season, people without a choice get loaded with tasks.
Free timesheet management software can help you allocate tasks better and put an end to overworking. Subsequently, your employees will be happier and not feel that their tasks are a burden. When they enjoy their tasks, they will deliver better value to clients and help you make more profits.
19. Address compliance needs
In some industries, the hours worked by your team are needed for compliance purposes. So while you may consider leaving it for the end, it can be a huge task at the month-end or quarter.
But, you need not worry if you are using free timesheet management software. It will let you access reports and get all the information you need in just a few clicks. Thus, compliance is no longer a long-drawn affair with time tracking software.
20. Rewards good employees
Employees not well-versed with time tracking can feel that clocking their hours will make them look bad in the management’s eye. But, on the contrary, it will help business owners see their work efficiency and applaud them for their efforts.
If someone consistently meets their targets, it may be the right time to offer them a promotion. Similarly, you can also boost your staff morale and motivate them by organizing friendly time-based competitions.
The key to successful time tracking is having the right solution by your side. Not only can it help you derive better data insights, but it also helps you achieve business goals faster. If you are still looking for the perfect time tracking software, you can call us at +1-805-491-9393 to schedule a demo or even email us at email@example.com to find resolutions for your queries.