An Introduction to Time Tracking Software
When running a company, there’s no shortage of complex business tasks. One of the most time-consuming is tracking employee time. Time-keeping records are the basis for payroll and billing activities, and because these are tasks that occur with such regularity, time tracking software is one of the best investments for your business. Here’s what you need to know.
What Is Time Tracking Software?
Time tracking software replaces manual time-tracking systems. Whether paper timesheets, simple online entry forms, or sophisticated spreadsheets, manual systems are limited in their ability to integrate with other business systems. Time tracking software, on the other hand, helps to streamline business processes, reduce man-hours necessary for tracking, increase accuracy, and employee accountability.
Time tracking software is used across multiple industries for many different types of employees including hourly, contracted, and professionals who track billable hours for multiple clients.
How Is Time Tracking Software Superior to Manual Systems?
Time tracking software has many benefits, including:
Real-Time Tracking: Allows managers the ability to review the real, actual time, spent on a project to gauge whether they’re on track and on budget. There is no need to wait for time cards to be processed, to manually tally individual records, or to estimate time spent to date. Employees can also access up-to-date accruals for PTO, sick, or vacation time.
Accuracy: Human error is often most responsible for record-keeping mistakes. Correcting them is time-consuming and expensive. Overpayments and underpayments require corrections, authorizations, and additional manual entries from employees, supervisors, payroll, and accounting staff. Easy-to-use time tracking software reduces the number of errors and subsequent corrective action.
Accessibility: Mobile-compatible tracking systems allow employees to log time from anywhere. They are no longer restricted to a location-specific time clock or limited to entering their time on the project when they return to the office. Employees – particularly those who work off-site – enjoy greater flexibility to manage their workday in the field while supervisors are still able to hold them accountable for their time with real-time tracking systems accessible from anywhere with internet access or mobile data.
Streamline Processes: Time, attendance, and payroll processes are streamlined with time tracking software. Approvals, leave requests, and corrections are easily reviewed by managers and payroll staff, and action reminders are sent with the click of a button. Many time tracking programs can also be integrated with other project management or financial management systems, eliminating the need to enter duplicate information into multiple systems. This further reduces opportunities for errors.
Long-Term Performance Monitoring: Time tracking software can easily create reports to evaluate employee performance over time. This is helpful during annual performance reviews or allocating end-of-year bonuses. Quickly review hours worked, hours billed to clients or total time spent on specific projects.
Time Tracking Made Easy
MindSalt makes time tracking simple! The web-based platform means there’s no software to install, configure, or maintain, and the user-friendly interface makes it easy for staff at all levels to use almost immediately. Sign up for a free 30-day trial and see how MindSalt can make one of your most labor-intensive business tasks easier!