Re-defining Time Management with time tracking software

Time is the costliest of all resource and unless it is managed, nothing can be managed said Peter Drucker, the management guru. Whether it’s a start-up or an SMB or a multinational company, the strategy remains the same – managing the manpower efficiently and deriving maximum productivity out of each employee.  For this very reason, enterprises are increasingly considering the adoption of adopting an efficient time tracking software suite that is sustainable and cost-effective in the long run.

Time Management, an Organizational Priority

It is very interesting to know that the first version of the modern time tracking technology was developed and patented in the 1880s. This was more or less like a mechanical clock that recorded the attendance of the employees of plants and factories. With the passage of time, sometime around the 1950s, manufacturing units in the West developed the concept of ‘billable hour’ for measuring the productivity of the staff. Built on the similar concept, modern time reporting software suites are far superior.

With the business environment becoming demanding, it has become significant for every organization to have clear goals and with systems in place that would enable them to:

1. establish a work culture of respecting time as a resource.
2. generate report real-time reports on the go.
3. build in-house camaraderie for delivering success.

So, one can clearly deduce that time management is no longer an employee or any individual productivity project. In the wake of a complex business ecosystem, it’s an organizational issue deeply ingrained in the working philosophy and processes of the company.

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Benefits of Systematic Time Tracking software

With productivity and efficiency getting measured in the context of time, the adoption of a suitable time management system has become pertinent. If any HR personnel conducts simple dipstick within the organization on work allocation and appraisals, he or she would come across three significant pointers:

1. The challenges to map the daily actions to organizational business strategy are much higher compared to productive work.
2. The level of individual disconnect with overall organizational goals is high.
3. The individual focus on KRAs is higher compared to anything else.

Herein lies the importance of a scalable software that drives business goals efficiently. Lets deep dive to understand in some of the critically recognized business benefits delivered by time reporting software.

1. Efficient payroll and time management– The advanced time tracking systems have inbuilt features for payroll and time management. These enable the HR department to calculate salaries based on  :

1. employee’s actual time spent on a project within the regular working time slot
2. employees or freelancers time spent on a project on odd working hours

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2. Improved focus –The timesheet software comes with multiple features that enable stakeholders in any project to:

1. have a sound understanding of the overall business goals
2. understand  how individual roles can contribute to the big picture
3. establish a clear connection between organizational goals and an employee’s individual productivity

3. Strategic workflow- From the management perspective, it is critical to have a clear understanding of whether the business workflow and processes are in exact accord with the organizational goals. The timesheet software offers senior management:

1. clear insight about resource allocation, project deadlines
2. a deep understanding of the training needs of resources to boost productivity

4. Logical cost cutting – For any business to survive, the management has to identify expenses that waste away financial resources without contributing anything to the business. The invoice and the billing tools offered by the time reporting software can deliver some serious benefits such as :

1. Record even the smallest of expenses thereby, offering the management a clear visibility into the finances.
2. Establish a practice of putting together all possible capital and operational expenditures on a daily basis.

5. Efficient client billing– Flawless and transparent client billing goes a long way to establish a long-term business relationship. Timesheet software offers two unique features when it comes to billing such as:

1. One can bill the client by hours worked on the project
2. One can bill the client by the size of the project with resources involved.

6. Driving ownership of work– The timesheet software offers two significant pointers when it comes to driving down a sense of ownership at work and they are:

1. Real-time insight into man-hours involved in a particular task versus the projected amount of time that needs to be devoted to the task.
2. A clear call to action for every employee regarding roles and responsibilities thereby putting the individual in charge of his or her own time.

7. Better leave management– Unwarranted and unplanned leaves impact the project lifecycle, delivery timelines, and overall productivity. Employee timesheets support every employee when it comes to:

1. understanding the company leave policies.
2. setting clear timelines for task delivery.
3. Even if an employee takes an emergency leave, the project manager has a resource backup for offering continued support to the ongoing work.

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8. Efficient project management– The timesheet software enables project managers to correctly allocate tasks, and set feasible delivery deadlines. Furthermore, it polishes up the existing project management processes to :

• establish a clear communication process that is effective and transparent.
• prioritize mission-critical tasks to eliminate inefficiency and effort duplication.
• locate the loopholes and take necessary corrective action to improve processes.

Read More:- Top 5 Best Timesheet Software Reviewed | OfficeTimer

9. Generate reports on the go -As the name suggests, the time tracking system proves a major boon for entrepreneurs and business associates who have to travel a great deal and also deliver results at the same time. The time reporting software  suite does the following:

• Tracks real-time, the hours dedicated to a particular task or project.
• Enable access to the time tracking system at any time and from anywhere.

10. Efficient performance review– The project management suite that works in tandem with timesheet software offers:

• A thorough insight into the projected timelines versus the real timelines when it comes to a task delivery.
• Support for the project managers in understanding the capabilities of every team member based on the task delivery reports.

Read More:-  6 Best Project Management Software Techniques | OfficeTimer

The word “time tracking” can instill some doubt and apprehensions in the minds of the employees as no one loves to be tracked.  Viewed from the context of time management in business, it establishes the idea of valuing our own time and other’s time as well. Time definitely is equivalent to money.

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