As a small start-up business, we realised early on the importance of time and project management. This is how we got inspired to add our new Time Tracking feature to our platform for you to enjoy!
We have realised that cloud based time tracking is a quite new market need, due to the fact that small business owners are struggling to manage their time effectively. Naturally, our team has prepared this article to help you understand exactly what it is, lay out all the ways you can benefit from this new feature and what a typical time tracking app does.
We will attempt to answer all your questions and don’t hesitate to post a comment below, in case we missed something!
The first question that might pop into your mind is, “What is Time Tracking?”
Time Tracking definition
Time tracking is a term used to describe all the processes a person or business implements in order to log the time each activity takes up on a daily basis. It is a concept that may apply both on a personal and professional level in order to monitor and evaluate performance.
Essentially, time tracking enables you to spot your most productive hours and whether your time is well spent or not, on certain tasks.
Adopting a productivity tracker can prove beneficial in many aspects of your everyday life and, especially, the way you work and carry out tasks.
Does your company need a time tracking tool?
Absolutely! Especially, if you want to harvest all of its amazing benefits and increase your productivity.
Do you want to know which projects are worth your time and effort? Time tracking is ideal for you!
It may seem like an exaggeration, but fully exploiting the features of a time tracking app can change the way you and your team works on so many levels and even bring an increase in revenue.
If your company undertakes projects, bills by the hour or needs to adjust its pricing to the actual costs, then an online employee time tracking tool will help you accomplish all that and so much more!
10 ways a Time Tracking application boosts your productivity!
Let's break down the 10 most important ways Time tracking can help boost your business' performance, one by one!
#1 First and foremost - productivity
If you want to transform the way you and your team work, you first need to be aware of qualitative data such as your current productivity and performance efficiency. Even though these are somewhat abstract terms, you can easily put them in numbers by using an employee time log.
Productivity time trackers, apart from being platforms for you to register time entries per project or task, they enable you to compare your time’s cost with what your clients actually pay you.
This is a powerful metric to understand if a project is profitable or marginally worth taking up in the first place. Moreover, tracking your time will give you insight into how efficient your current pricing policy is or whether your need to adjust it according to your financial needs.
#2 Save time
By extension of the above, monitoring the time you spend on certain tasks helps you better allocate time for important projects rather than micromanaging minor ones. From another viewpoint, if you constantly feel you are running out time and miss deadlines, your business will greatly benefit from an automated time tracker.
It will help you clear everyone’s schedule of unnecessary tasks and better prioritize your work on a daily basis.
As a consequence, you are able to better delegate tasks and, of course, create more personal time for yourself but for your employees as well. Remember that overworking your employees (especially due to poor time management) is bad for your business!
A bonus point is that most time tracking applications support automated conversion of time entries into invoices so you can save even more time.
#3 Improved project management
The way you manage your projects is crucial to many other aspects of your business. Having your business and action plan laid out in a time tracking application will make it easier for you and your team to hit goals and meet deadlines.
Milestones will no longer seem so tedious as you will be able to break them into smaller, hence more manageable, tasks!
Create the projects and tasks in your cloud based time tracking app, have your business plan "on the go" and follow up your performance "live".
#4 Enhanced collaboration
Assigning projects to the right team members is important. The time tracker tool will help you easily decide who has been doing overtime and who has some time spare on more tasks.
Moreover, timer tools can be used to view who is fast in doing certain tasks and delegate the workload according to talents and abilities.
Your team will appreciate you delegating in a more efficient way that matches the personality and skill set of each employee too! This way, you are able to create the perfect workflow and be prepared for unexpected projects.
#5 Take invoicing & billing to the next level
In applications such as Elorus, you can choose from a variety of billing preferences to charge your projects and tasks. When it's time to bill your clients you can convert your tracked time into invoices with just a few clicks!
You can then send the invoiced project to the client via email, and if you have integrated online payments providers, your client can easily pay off the invoice with their credit card.
Your invoicing and billing processes get streamlined to the last detail and you are able to focus your valuable time on more important matters, instead of the tedious paperwork.
#6 Create accurate estimates
During the process of re-adjusting your price rates on a more profitable level, the time tracking application will concentrate meaningful data about the time spent on each task that comprises a project.
Consequently, you will be able to base your new rates on solid data and, in turn, create accurate quotes for your upcoming projects.
Your costs will become clearer and, at the same time, your deadlines will become more realistic and attainable.
#7 Employee management
Another business aspect that is directly affected by poor time allocation is your team management. Your HR department would greatly benefit from time tracking and the data about employee performance they can extract from it.
Get information about whether it is time to hire new employees and reward your most productive ones with a bonus or some time off.
However, we advise you not to fall into the trap of “whoever logs less time, is less productive”. Most of the time this is not the case at all, so take into account a combination of metrics to make a decision.
#8 Finally get paid for your time
Your actual time. Even if you don't charge per hour you can charge per project. Specifically, Elorus gives you the ability to share the progress of your projects with your clients through our Client Portal feature!
Your client can login to a safe environment where they can overview the time you spend on their projects, live!
Say “Goodbye” to the bad old days when you had to debate with your customers about your rates - you now have tangible evidence of your work and the effort you put in.
#9 Monitor everything through reports
Time tracking tools rarely offer just a timer; they usually provide some kind of reporting feature as well, that gives you aggregated information about your tracked hours, per project and client.
Elorus, as a primarily invoicing software, displays reports separating billed hours from non-billed, along with the associated invoices for more targeted insights.
Also, you can view results for every employee’s logged time spent on each task so you can manage your team effectively.
Either for personal or professional use, you can view informative graphs and tables that will help your businesses grow improve your everyday life.
#10 Organize your entire business
It becomes obvious that you are able to manage your organization’s most vital activities through one application. This not only means seamless collaboration and workflow but also reduced cost, as you no longer need different apps for handling each activity.
Just give it some time so that everyone can get the hang of it and let time tracking change the way you work forever!