Time is a very important commodity. That’s especially true when you’re a business owner and every single minute is valuable. Far too often, people get lost in doing a particular task, attending to a phone call, or browsing through social media without realizing that they’re wasting more time than they should. It’s also important to take note of time spent working on particular projects. Time tracking would help you maximize efficiency. At BillGrid, we encourage all our clients to consider tracking time. Here are some reasons why you should do it.
Tracking time improves efficiency of your team. You know just how much time a particular task will take to complete and that allows you to keep track of how your team spends their time. You’ll also know in advance if any deadlines need to be revised and understand whether you should approve or deny any timesheet provided by the employees. All of this would work to increase your overall productivity.
Revenue and Cost Savings
Time management does cut down the costs by quite a bit. You’re able to schedule the projects in a way that allows maximum utilization of time and minimum wastage. You’ll be able free up some time because of organization, and can reinvest it in new projects or tasks. In essence, you’ll get more work done in less time. That saves time and increases revenue. You also feel the satisfaction of tackling more things in a timely manner.
Tracking time also ensures that you’re being fair to your employees and yourself. For example, if a project is taking more time and your employee is working on it without taking breaks, you’ll be able to compensate them for the time spent. If you keep track of time, the payroll process is very quick and easy. You’ll be able to accurately compensate your employees without paying them too much. You might not think that this makes much of a difference, but you can save as much as 7% of your annual revenue but paying the right amount to your employees.
Generating Accurate Invoices
Companies often overcharge or undercharge their clients when they work on an hourly basis. This generates distrust and ambiguity that your company doesn’t need. You can avoid that by giving your clients accurate invoices with details. You can also send reports on how the time was spent so that your clients know they’re not overpaying you. Because you’re completely honest and transparent in your billing, you’ll build a relationship of trust with your client. That would only benefit your company in the long run as it’ll bolster your reputation.
Time tracking will also give you all the information you need to plan your projects and your tasks. If you know just how much time it takes for you and your team to do a particular job, you’ll be able to give your clients the right time estimates.
If you have any questions about our online billing software and services, you can contact us at BillGrid.
Time Sheets at BillGrid
Here’s a quick look of our Time Tacking that allows you to log all the work time and easily import the time into your Invoice to bill back to Client.
Simple, easy and intuitive time tracking timer that allows you to start the time while you work and stop it when you finish.