2 min read

If you are asking this to yourself, then you have come to the right place. Below I will try to give some ideas why a company would need to use time tracking software and it’s benefits.

 

Project Budget Management

The biggest benefit of using time tracking software is being able to quickly calculate the cost associated with a project. Most projects have a budget and the difference between the company costs and what they charge the customer is equal to the profit or loss on that particular project. Ideally the costs are below the project budget and the company comes out with a profit and can open it’s doors again tomorrow.

 

Getting a handle on costs boils down to being able to find out how many employee hours have been put into a project and what each of those hours cost. Having employees track their time during the day allows the manager to run project expense reports and quickly find out if the project is heading towards budget overrun and why before it is too late. Often times project can run over budget for good reasons, that can be explained to the client and have them pay more. This is MUCH easier to do when the project is still in progress and can be explained and approved before doing the work.

 

Increased Productivity

With time tracking software, each employee enters a task for their time spent during the day. Whether that is a meeting, lunch break or working on a particular project. The breakdown of the hours is critical to understanding where the productivity is going and help to manage where time is spent. Efficiency is increased if a manager can see that a particular employee is taking more breaks than necessary or spending too much time on a project causing a profit loss. With proper information, a manager becomes enabled to foresee problems and head them off early to minimize damage to the bottom line.

 

 Time Off Management

With time tracking software, time off management becomes a breeze. Employees submit time off requests that are documented and reviewed by a manager. All steps along the approval process are documented so that both the employee and employer can quickly view the total allotted time off balance.

 

These are few very good reasons to use time tracking software in your business. Flapps is a great way to get started with time tracking. Check it out for yourself!

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