Time tracking software is useful for payroll, but it also has tremendous value in many other business functions. If you’re paying for electronic time tracking, you might as well maximize your investment! Here are ten tips to get the most out of your time tracking software beyond basic timesheet tracking.
10 Tips to Get the Most Out of Your Time Tracking Software
- Boost performance and focus. Your clients deserve your best work; planned, focused attention is the best way to give it to them. Besides that, it’s nearly impossible to accurately track time if you’re jumping around between projects. Use your electronic timesheets to design a time blocking schedule and organize your day.
- Improve the accuracy of your timekeeping records. Time tracking software lets you record your time immediately after finishing up. Delayed recording, recreating timesheets based on calendar appointments, and end-of-the-month estimates aren’t completely accurate. You (and your company) deserve to be compensated for time spent on different projects, and your clients deserve accurate billing statements. It’s more than just a record-keeping issue; it’s an integrity issue.
- Assign hours to specific projects or tasks. Managers can keep budgets on track by allocating a set number of hours to specific projects or tasks, assisting with both cost containment and project planning.
- Set up notifications of overages. If your time tracking software updates in real-time, set up overage notifications to know if a project is using more hours than expected.
- Track project progress. Time tracking software is a great companion to traditional project management tools! Monitor hours spent on individual projects to determine whether a project is near completion, which team members are working on their assigned tasks, or if you’re running behind schedule.
- Automate your invoices. Use your time tracking software to identify which hours are billable and automatically invoice clients for this time.
- Give staff access to PTO balances. Give staff access to real-time vacation, sick, and other time-off balances through your time tracking software. You’ll save your HR staff from endless inquiries and reduce their workload!
- Track staff productivity. Use time tracking software as part of your performance review process! Evaluate productivity, timeliness on projects logged billable hours, and overall time management. Use it to set quantitative annual goals and to measure progress toward those goals throughout the year.
- Improve the accuracy of project bids. Review historical time tracking data to estimate how much time projects really take and improve the accuracy of future bids. Your clients will appreciate your ability to stay on time and budget by providing data-informed estimates!
- Automate record-keeping. Time tracking software eliminates your need for paper records. If you choose a program with automatic back-up and storage, you don’t need to worry about storing and organizing records yourself or protecting them from data loss.
Beyond Basic Time Tracking Software
MindSalt Time & Expense is the business partner you need! MindSalt’s time tracking software is web-based and accessible anywhere; employees can easily log hours, and managers always have access to real-time information to manage projects, track budgets, and review productivity. Combine MindSalt’s time tracking platform with their expense tracking and reporting software for a comprehensive tool to automate your most common business practices. Start your free trial today!