Are you running a business? Does your business or organization have more than ten employees? Well, employee management is one of the essential elements for enhancing your business productivity and sales. The online billing software that helps with the time tracking feature is highly beneficial for organizations like you.
Let’s explore more benefits of incorporating a time tracking software for your employees further with this blog post.
What is a Time Tracking/Log Software?
An online invoicing software often offers a feature called ‘time tracking.’ Utilizing the time-tracking element, the organization can track the project hours or daily hours of salaried employees or freelancers. It helps the human resource department maintain each employee’s time log at the end of the salary cycle. But, yes, there are many other benefits of utilizing the time tracking software for your organization. Let’s discuss each point in detail.
Why should you prefer an online billing software with a time tracking feature?
A few online invoicing software(s) like Moon Invoice helps with the time tracking feature. The feature allows your business to track the time of salaried employees, consultants, and freelancers. It is indeed an essential element to help you measure employee productivity and quickens salary calculation at the end of the payment cycle.
Before we move ahead, let’s glance at the key time tracking statistics presented by Finances Online.
The other advantages that your business in the USA can benefit from using time tracking software are mentioned below.
1. Measuring Productivity
How do you measure employee productivity or turnaround time? Do you think all your employees have got the quantitative tasks to help you understand their work efficiency? No business owner or manager has got enough time to look after each little activity of the employees. On the same page, even employees feel the same about their work efficiency. They also require a clock timer to help them understand how much they work for their salary or remuneration.
Time tracking software is one of the best ways to measure employee productivity. It is a win-win situation for both employees and the organization to have an online invoicing software with a time tracking feature.
Also, a time tracking feature allows the organization to manage productivity by the employee, by hours, and by the project. Hence, it is an essential element to have in your online billing software.
Moon Invoice online billing and invoicing software has various product features, including the time log. It helps you measure your business productivity by project type, numbers of hours, and employees.
2. Job Costing
A standardized format of reporting helps to get the actual job costing in any organization. It becomes essential for the business owner to determine the job costing for measuring the profitability of investments.
When you are paying salaries to your employees as a business owner, it is also a kind of investment. Hence, it becomes essential to get the job costing against the salaries paid to employees. For getting accurate job costing, you must have time tracking software. It helps you to know about each employee’s job quality against wages.
If you are looking to have a time tracking feature in your online billing software, you must consult our sales and support team at Moon Invoice. Our online invoicing software has got various essential features to offer, including time log and billing.
A business owner must understand the concept of accountability for having more productivity at the end of each month. Often, the employees are interested in taking more breaks and extended lunch hours as they are aware they are not being tracked. On the contrary, if you keep a time tracking solution for them to report every break, including lunch- they will start taking their time accountability on a serious note.
Here it will help your business gain more productivity as the employees will work for the minimum mentioned hours each day to complete their work cycle in the time tracking software. Even for the human resources department, it becomes easy to calculate the full-day and half-day work cycles of employees by simply checking the hours in the time log.
Now, let us talk about transparency. It is one of the essential elements in the working environment. Both organization and employees must have flexibility in terms of work management. An online invoicing software with a time tracking feature brings more work transparency for both business owners and employees.
Employees feel flexible to utilize their daily work hours by simply turning on and off the clock timer while working and on break. They can also be independent in taking breaks as the clock will guide the higher management about the employees in and out the time of the various breaks taken by the employee. It keeps everyone in the same loop. Nevertheless, there exists a kind of mutual transparency between the higher management and the employee.
5. Helpful for FLSA Regulations
If you are running a business in the USA- you must be aware of the laws enforced by the U.S department of labor. FLSA stands for Fair Labor Standards Act. There are specific FLSA regulations that need to be followed for staying in compliance with the law.
Having a time tracking software can keep all the employee records on a digital server, including the working hours, breaks, holidays, leaves (approved and unapproved), salary amount, and much more. Thus, both the employee and the organization need not worry about any violation of laws in case of any discrimination complaint filed by the employee because every little detail of the employee’s work or overtime is maintained on the cloud.
We have always encouraged business owners to utilize every bit of our online billing software for enhancing their business productivity. And, the time tracking feature is one amongst it. You can consult our business experts by writing to us at firstname.lastname@example.org. We will help you understand the various technical features offered by Moon Invoice for enhancing your business growth. Be it invoicing, estimates or time tracking- Moon Invoice makes it easy and quick for you.