Not every company uses time tracking software. However, that can be a big mistake. There are many benefits of time tracking in business, and today we want to talk about how time tracking apps can save your company a fortune. If you haven’t already implemented this fantastic tool, there is no need to worry. The change for the better starts today!
Acquire detailed records of employee work schedule
For the last year, most of the companies transitioned to remote work due to the pandemic. Although there are many benefits to it, staying informed about your employees’ schedules is challenging due to the flexibility of remote working. You don’t want to limit your employees and lock their shifts to specific hours, especially if they can manage things and be more productive if they have flexible shifts. However, you still need to be fully aware of their time schedule.
Time tracking apps can save your company a fortune by helping you acquire a detailed record of employee work schedules. The most important feature is that you can track billable and non-billable hours more precisely, enabling your company to increase revenue through time tracking.
Stop wasting time on tasks and projects that don’t have a high ROI
No matter what industry they are in, companies struggle with reducing the number of tasks or projects with a low success rate. These time wasters are very dangerous for your business because you spend valuable resources and energy without proper compensation.
One of the industries that had a lot of work during the last year is the moving industry. Due to the pandemic, many families chose to move to the suburban areas, while businesses had to change locations and invest in new markets to stay open. So we wanted to do a little research and see how time management affected the productivity of the moving companies. Professionals from number1movers.ca were more than happy to share their thoughts about time management through the use of time tracking apps.
By having a full overview of how quickly the tasks on a moving day were completed, they could substantially reduce the time needed to perform the entire process. As a result, the customers are more satisfied because the relocation is quickly done. They were also able to increase the safety of their clients and their employees during COVID because they reduced the relocation time. And we all know that a happy customer is a returning customer.
By following the same principle, you can also focus on shortening the time of tasks that don’t have a high ROI or completely cut them out. At the same time, this level of time management helps boost productivity and focus on providing better service to your clients.
Precise time tracking can help avoid potential legal issues
Companies in the US lose over 4.5 billion dollars on penalties regarding payroll taxes. If an employer fails to collect, report, and remit payroll taxes, the consequences can be dire. Even if the job is outsourced to a payroll company, the full responsibility still lies with you. Time tracking apps can save your company a fortune and prevent it from becoming a part of that statistic. With the help of time tracking software, you will make sure that all of the obligations regarding payroll taxes are done on time.
Time tracking can also improve the morale of your employees
A hardworking employee wants to know that their employer is aware of their potential and how much energy and effort they put into work. The best way to show that you are fully aware of everything they do is through time tracking. An engaged employer is a good motivation for any employee.
This boost in morale will directly affect their productivity. However, it also serves another purpose. If you have motivated employees, they are less likely to consider switching to a new job. That way, you will save a ton of money and energy you need to invest into finding and training new employees. The company that keeps its employees for fifteen, twenty years has higher chances of growing and improving over time because it benefits from their experience.
When starting a business, time tracking apps can save your company a fortune
Thanks to the fact that remote work has become so popular, people are finding the courage to start new businesses without too much startup investment that would require paying for office location. That is not necessary anymore, since you can start it from your home. Nevertheless, you can still benefit from time-tracking apps. Any investment you make at the beginning must be calculated and precise. Through time tracking, you will make sure that your resources and time are spent in the best way possible. By saving time, you save your future company a small fortune due to the expense reduction.
The key takeaway for today
Let’s do a quick summary of how time tracking affects your business and why it is the best way to reduce expenses:
- you have full control over employee schedule when tracking billable and non-billable hours;
- analyze the time you spend on all projects and filter out anything with a low ROI;
- avoid penalties due to unpaid payroll taxes;
- improve the morale of your employees, give them a reason to stay with you and save your company money on training new people every few months;
- starting a business is easier with time tracking support because it protects your initial investment from bad decisions. Furthermore, it helps reduce time waste;
Overall, time tracking apps can save your company a fortune because they increase the productivity and efficiency of employees. Moreover, they help you look good in the eyes of your clients because the level of your service increases. If you have not already implemented time tracking software, it is time to make that decision and help your business grow!