Regardless of whether you have a small business or a big corporate, your company needs to have some effective methods such as a time tracking software. Let’s be real, no one’s memory is that brilliant. With so many hours in one day and plenty of work to deal with – it’s important to keep track of those hours in an effective manner.
Even if you have a small team, but you are not using a unique method, it is hard to analyze or measure the productivity of your workforce. Moreover, if your company is additionally dealing with a remote workforce than a tracking method is mandatory. Research shows that multitasking decreases productivity as 98% of the population is not very effective at it according to a Forbes article. Thus. time tracking methods can help you record progress ignoring the secondary distraction while keeping you focused towards your accurate organizational goal.
In this article, we’ll discuss the highly effective methods that innovate companies use as time tracking software – you can choose what suits best to your needs.
Top 5 highly effective methods that innovate companies use as time tracking software
1. Optimize Time Tracking
The basic method to operate a time tracking software is through the core feature of time tracking tools. Companies can use this tool to capture and analyze work hours accurately, leading to easy-to-understand storage.
A lot of companies struggle in operating employee’s performances, however, with time tracking features, project heads can easily compare and analyze the individual performances of multiple employees at the same time. The tool enables you to set project deadlines, upcoming deadlines as well as record the billable/non-billable hours. Moreover, when the payment date comes, this method can help you calculate the exact amount according to hours while providing the option for direct transfer.
2. Automate Invoicing
In today’s time, everyday operations have become tremendously easy with employee time tracking software. Companies can use an automated invoicing method for expediting payroll. In a fast-paced world, it’s impossible to keep track of invoices by entering them manually in spreadsheets.
Automating invoice allows you to keep a record and bill clients on an hourly basis. Companies can even set fix billable rates. Every process occurs accurately without a single human error as the transparency helps companies to optimize their processes on a regular basis.
3. Leverage User Management
In 2019, remote employment is no new concept. A lot of companies around the globe are effectively and efficiently managing remote employees, but how are they doing it?
Companies improve their user management method using a time tracking software to make these operations easier and manageable. This method involves the development of teams, different groups, and remote employees. User management allows you to set a manager or an admin, while team-focused reports can be generated.
Remote employee time tracking gets easier because companies can keep track of whether all the employees are on the same page while covering the everyday tasks.
4. Generate Reports and Analytics
One of the wisest and most beneficial strategies to operate a time tracking software is through reporting and analytics. Who doesn’t prefer a quick report? The power to have everyday reporting and analytics on your fingertips is the greatest feature of any time tracking software.
Every day, companies are using this method not only to track time but also to measure business performance reports, monthly and weekly statistics, project progress and much more. The data provided is accurate, easy to understand and digestible.
Instead of spending weeks and weeks in comparison to the business progress, this method gives you a detailed visualized report with real-time tracking and project management.
5. Integrated Time Off Management Method
There is no doubt in admitting that a time tracking software affects all areas of your company. Whether a big corporate or a small business time tracking, using an integrated management method allows better supervision over projects and employee management.
Time off management is one of the number one features of a time tracking software as it gets you the highest ROI by eliminated PTO-related fraudulent. Companies use this method to get the overall big picture of productivity and performance. Companies can easily compare performances, payrolls, projects, accounting altogether.
How to choose effective time tracking methods for your business
Once you truly understand the importance of these methods for time tracking, selection of the best method for your company is still unfinished business.
The selection will entirely depend upon why what and how your business is expecting to track time with what end results. Once you answer these questions for your company, you can easily narrow down those choices and try a method that is highly effective with real-time results.
You might also want to consider how much time you are willing to spend on that method each day or each month. Then you can simply compare the features, functionality, cost-effectiveness and once you determine all of it – your business is good to go.