Nitin Mittal Senior Manager, Assurance and Risk Advisory at Perfect Accounting .and shared services Pvt. Ltd. Read more…
Today, when the competition across industries is fierce, Time Tracking Software helps companies strive to be as efficient as possible to gain a competitive advantage in one form or the other. As such, efficient resource utilization is what companies focus on. When a company starts a project, it prepares the lists of all activities that are a part of the project to understand the project details and deliverable. Once this is done, managers are entrusted with the task of allocating resources for each activity. Now, the question arises: how resource allocation is done?
This is where time tracking software come in handy. Time tracking software helps managers understand the time required for various similar activities in the previous projects. Based on the results, managers allocate the required number of resources for a particular task. This is not the only instance where time tracking software helps decision making. It plays a pivotal role in project management throughout the project cycle right from initiation to termination of the project. Multiple stakeholders say client, project managers, and employees benefit from the time tracking software. Let’s see how an efficient time tracking tool helps each of these stakeholders.
Eventually, business is all about making clients happy because they are the ones who retain you in the foray. Time tracking software adds value to the client in the following ways.
· Accurate Client Billing: With the help of time tracking software, clients are billed for the actual work that the company does for them. Each project is comprehensively tracked through time tracking tool, which helps the company to bill based on work done on an hourly basis.
· Client Satisfaction: Time tracking facilitates clients to know how fast their targets are being achieved. The efficient time management results in satisfied clients in the sense that they know what they are being charged for.
Organization : Every organization strives to streamline their business processes. Time tracking software helps them a great deal in achieving this objective through payroll management.
· Payroll Management: Time tracking software allows everyone in the organization to enter their working hours in the form of timesheets. This reduces a lot of manual work for the payroll team and helps in payroll management. As a result of this, the occurrence of delayed pay or incorrect payment amount gets reduced radically.
As a leader, project managers are expected to ensure that the work gets done within the stipulated timeline. As such, they have to keep track of the project progress at every point in time. Time tracking helps project managers achieve their goals without micro-management in multiple ways.
· Accurate estimates: Time tracking helps in estimating the time required for each activity. Consolidating this data over a period of time enables decision-makers to efficiently manage resources in the projects. This also facilitates them to use these insights in future projects.
· Performance management: Time tracking helps managers monitor the performance of employees without micromanagement. Time tracking software can be used to assign time for each activity which can help managers gauge the efficiency and performance of the resources in a way that they can track the time each resource is taking to carry out an activity.
· Multiple projects management: Time tracking reports help managers to do an efficient estimation of project timelines and resources required. This enables them to manage multiple projects simultaneously.
As an employee, everyone wants to be efficient and add value to the organization and themselves. Employee time tracking software helps employees achieve this in ways listed below.
· Time management: Time tracking helps employees to keep track of their work time, thereby enabling them to compare their planned and actual work time. As a result, they become more efficient in managing their time. This eventually improves their performance and boost their confidence.
· Leave management: Time tracking software allows employees to keep track of their leaves, and this enables them to plan their leaves well in advance to ensure hassle-free vacation time.
The above points pretty much sum up the advantages of time tracking software. These advantages aptly justify the title of the article – Time tracking – an ‘inevitable’ project management software.