Why Your Small Business Needs Time Tracking Software

Why Your Small Business Needs Time Tracking Software

Manual business solutions have always been around. And let’s be honest – they work. They’re processes that have been born out of necessity and customized to meet the unique needs of the business that uses them.

That being said, they’re not always efficient.

Take time tracking for example. A small business might start with simple manual logs of hours worked for payroll purposes. Full-time employees might be on a negative-time reporting system, only reporting hours not worked. As the business grows and the team expands, this system still technically works but it becomes labor-intensive, inefficient, and rife with the possibility of errors. But small businesses don’t need to wait until that point to invest in time tracking software. There are many other reasons to invest in time tracking software besides simply tracking employee time. Here are three.

Better Cash Flow Management

Eighty-two percent of small businesses fail due to poor cash flow. Businesses need more than just receivables; they need those receivables to be paid. Time tracking software is a great companion to your regular accounting software to ensure your invoices are sent quickly so you can receive payment sooner. Mark hours as billable to automatically bill clients for time spent on projects and prevent this time from being billed late, inaccurately, or – worst of all – not at all.

Improved Staff Accountability

Eighty-nine percent of workers waste time every day. The exact amount of time wasted ranges from half an hour to three hours per day. Even the lower end of the spectrum adds up to hundreds of wasted man-hours each year. Time tracking software can help hold staff accountable for their work time and also be used as an evaluation tool to measure productivity. Employees can even log time spent on specific projects so managers can have a clearer picture of how they’re using their time.

More Accurate Project Management

Project management is complex. Add in team members working on different parts of the project from remote locations, and it gets even more complicated. Time tracking software can help you keep up-to-date on projects with even the most scattered of work teams. A mobile-friendly or web-based platform allows your team to log their project time from anywhere, and a system that updates in real-time will make sure you’re always working with the most current information. This will help you manage your project more effectively and communicate more accurately with clients on your project’s status.

Web-Based Time Tracking Software 

MindSalt Time & Expense is the time tracking software your small business needs to automate business practices, keep employees on track, and manage projects more effectively. Use the time tracking system independently to meet specific company needs, or subscribe to both the time and expense systems to streamline operations further. With an interface that’s user-friendly for both employees and managers and easy integration with popular payroll and accounting systems, MindSalt Time & Expense is the time tracking software that will work for everyone in your organization. Sign up for a free trial today!