There’s no lack of helpful tools that claim they’ll boost your business. But when you’re ready to invest your precious profits, it’s critical to make sure that you’ll see a good return on investment (ROI). While a time tracking solution might not seem like the most exciting business tool to spend your money on, it has the potential to bring you some of the most impressive returns. Here are three ways that time tracking software can help reduce business costs elsewhere.
A Time Tracking Solution Decreases Time Spent on Non-Billable Activities
Your employees will have more time to spend on income-generating activities when you decrease their administrative workload. A time tracking solution automates time-consuming tasks like timesheet submissions, time off reporting, and PTO balance tracking. A web-based platform that’s accessible to remote or field-based employees means fewer trips to the office and reduced travel costs. And a system that integrates with your billing software or automates the invoicing process for billable hours means your employees won’t need to spend time on tedious paperwork and can spend their time being productive instead.
A Time Tracking Solution Reduces Costly Errors
Time tracking is a pretty basic task and it may seem like a low-tech process will serve you well. And it might…until it doesn’t. As it turns out, a lot can go wrong with traditional timesheets, including:
- Illegible forms
- Lost paperwork
- Unauthorized overtime submissions
- Inaccurate leave balances
- Delayed approvals
- Confusing workflows
- Unapproved post-submission changes
All of these things are costly to your business. They cost you staff time to reverse errors, extra payroll costs paid out for unapproved overtime, higher staff turnover (and increased onboarding costs) due to frustrated employees, and lowered job satisfaction, lost revenue from timesheet fraud, or even fines for regulatory non-compliance.
A time tracking solution automates this process to decrease the chance of errors, digitizes the documentation to eliminate lost paperwork, streamlines the workflow, and allows you to customize pre-approval limits and post-approval safeguards to ensure data integrity and avoid unauthorized hours.
A Time Tracking Solution Gives You Measurable Data to Evaluate Productivity
Productivity and profitability are at the heart of business sustainability. In many industries, however, individual productivity can be hard to quantify – especially when projects are team-based. A time tracking solution allows managers to track the number of hours spent on projects and compare it to project progress. Supervisors can set individual- or team-level goals that are easily tracked and customized reports allow decision-makers to make data-informed business adjustments to increase productivity and further boost ROI.
The Time Tracking Solution You Need
MindSalt Time & Expense is the web-based time tracking software to meet all of your business needs. Your employees will love the easy access from anywhere, your administrative staff will appreciate the business automation and seamless integration with existing software, and your managers and executives will enjoy reports full of rich data to evaluate profitability. Want to see for yourself? Try it free for 30 days!