How time tracking software benefits your business

How time tracking software benefits your business

At its most basic, time tracking software is an HR automation application that carefully monitors the time and resources spent on tasks by an employee or a group of employees. Time tracking applications usually have the following features:

  • Tracking work hours
  • Tracking billable hours
  • Taking screenshots of employees’ workstations
  • Analytics and reporting

Time tracking is a function of time management in an enterprise. Often, the two are synonymous. Time management is notorious for being one of the most time-consuming operational activities, given the manual documenting and processing of all absences and time sheets. This is especially heavy during salary calculation cycles, requiring much time and effort from HR personnel.

With increasing paperwork and handing over of documents comes increased risks — lost documents, incomplete employee files, and failed compliance. Time tracking software helps eliminate these risks, as well as time wasted, resulting in increased productivity for everyone involved — HR personnel, managers, and employees. Below are other benefits you can expect from a time tracking application.

Better time and task management

There are many tasks involved in running even a small business. A time tracking application can help ensure that no important tasks are missed and that all tasks are done at their appointed times. It helps to discourage ineffective use of time and steers time away from tasks that aren’t urgent or important.

And because employees have the ability to track their own time with the help of an application, they can see how productive they are by seeing how much time they are spending on tasks. They can allot more time and focus if they are lagging behind or spending too much time on one.

It also helps management avoid micromanaging, which some have found to be unproductive. As time tracking gives employees better control over their time, it also helps management focus on better things than looking over the shoulders of their subordinates. With micromanagement eliminated, employees can potentially take greater ownership of their work and be more motivated to be productive.

Automated payroll management

Time tracking applications often involve creating employee time sheets for payroll. You may have experienced employee complaints due to inaccurate payslips. Accurately tracking work hours through an application can eliminate this. It will help ensure that work hours result in correct pay.

Cost-efficient workflows

As a business owner, knowing how much time is spent on tasks can help in getting a greater overview of entire workflows. It can reveal insights such as the amount of time it actually takes to complete a task. It can allow management to see if performance lags behind the average time needed to complete a certain task. Factors can then be adjusted for greater productivity, streamlining what needs to be streamlined.

With time tracking software, even small issues and patterns that normally go unnoticed can be addressed before they become greater burdens on the company. These include cutting costs to increase profits.

Consistent client billing

It goes without saying that clients have to be properly billed or you risk losing profits. If you’re billing your client by the hour, a time tracking application will accurately take account of hours rendered. With a more precise view of hours spent working for a client, your business can bill them accordingly and justify the bill you requested.

More accurate pricing

Analytics and data from your time tracking software will also help your company come up with more accurate pricing of products and services. By knowing the average time spent on completing tasks, you can deduct the salary of your staff for that period and other expenses. This will help you see if your current prices leave you in the green.

More accurate budgets

A time tracking application can be one of your sources of data and insights when planning. When used to find work estimates, project timelines, and deadlines, it can be one of the tools to help balance your budget.

Better view of time off and absences

Employees will know how many vacation days they have left; this application will not leave them guessing or confused. They will have access to all information about their leaves, allowing them better control of their own schedules and holidays. They also get a better view of their unplanned absences, which affect their productivity, giving them an opportunity to reduce them in the future.

More efficient HR department

Keeping track of hours and calculating payroll can be a heavy burden for HR and payroll. With all of the time tracking and calculations done by an application, life becomes a lot easier for them, reducing manual work and mistakes and allowing them to focus on more strategic tasks.

At Total Calibration, we offer HR automation and an HR management system, Lanteria HRIS, to vastly simplify the work of your HR team and automate tasks like time tracking, payroll management, attendance, and leave management, just to name a few. Start focusing more on objectives and strategies that boost employee morale and reduce costs. Contact us today.

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