Time tracking is worthwhile provided it is done right!
What is the first reaction when you are asked to start logging the time you spend on projects? Reactions can vary within an organisation, from people adopting it as a necessary means to others thinking it’s a process to watch over everyone. It doesn’t have to be a negative experience and there are plenty of reason why adopting a time management solution can benefit your business.
Having any time tracking solution in place is better than nothing, right?
A poorly designed solution will end up with user frustration, leading to your employees not using it. If your employees are not using the system, you may as well have no system at all.
By using a time management solution like myTribe from Simply Ones and Zeros, you can track your employees time whether you are on a desktop, laptop or mobile device. Most importantly the cloud-based solution has been designed to be lightweight so that the end-user process is quick and responsive, without sacrificing the outputs needed by management teams.
So why should you use a time tracking solution? We have catalogued a few reasons below:
Bill your clients for the time you have taken on a job
Too often time spent is under-estimated when clients are billed. Whether you are billing for all the time or just some of it, it is important to keep an accurate log. If you are not logging the time you are spending, you could be missing out on potential revenue.
Let’s say you miss logging 15 minutes for 5 jobs a week, that’s more than 60 billable hours each year. Accurately tracking the time spent means you can earn what you deserve on each job.
Monitor your project budgets
If you are asked whether you are on track with your project budget, how often are you able to say, with certainty, where you are at. After a project has been quoted for, knowing how much your on-going resources cost is very important. Being able to visualise your current state, as well as being highlighted where projects are about to blow the budget can help you to plan your next steps.
Having visibility also allows you to present accurate figures to your management team so that they can visualise how profitable the projects being undertaken are.
Generate future project quotes and estimates with confidence
By pooling on past data, you can estimate any future projects with more certainty. It’s not always an exact science, but if you have the figures on hand from similar projects, you can use this to create estimates with greater confidence.
By looking back on previous project types, you can see how long each stage took. This should allow you to quote more accurately.
Keep your employees on track
Do you always know where your team are spending their time and on what projects? Having insight on this can help a business to understand their team utilisation across numerous projects.
A lot of work done is not tracked as it is seen as part of a person’s day-to-day activities. By introducing time tracking, it can make your employees more accountable for the time they spend on projects and general daily duties. This can help you to visualise where time is being spent and how much of that is utilised on billable projects.
Engaging your employees to be accountable for the time means that they take ownership of their work and schedule.