Nitin Mittal Senior Manager, Assurance and Risk Advisory at Perfect Accounting .and shared services Pvt. Ltd. Read more…
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.
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:
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.
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:
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 :
2. Improved focus –The timesheet software comes with multiple features that enable stakeholders in any project to:
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:
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 :
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:
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:
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:
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 :
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:
10. Efficient performance review– The project management suite that works in tandem with timesheet software offers:
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.