Working with remote or distributed teams has opened up a plethora of opportunities and advantages. However, it does bring along a set of challenges too. For example, monitoring the performance, utilization, and status of various projects becomes tough. Another problem is tracking where your employees are spending their time; are those activities productive or non-value adding? So, the key question is, how can you efficiently manage your team members, customers, and projects? The solution is to implement time tracking software. From enhancing productivity to keeping a tab on your team member’s performance, and the status of projects, time tracking software is essential for businesses. A cloud-based time tracking software enables your team members to monitor their time and effort spent, and enter their time from anywhere, on any device.
Key Advantages of a Time Tracking Software for Your Business
The timesheet entries of the employees are used to generate quotes, run reports, and create invoices without any double entries. Such a tool also helps in efficient resource and project management by ensuring the best utilization of time and available resources. Read on to find the other key benefits this tool offers.
- Track time on various devices
One of the main advantages of time tracking software is that your employees can consistently maintain their time entries through various devices. If you are working with a distributed team, monitoring your team members spread across locations with a single device is difficult. However, implementing a cloud-based time tracking software such as eResource Scheduler helps remote employees record their attendance, time, and effort accurately from any location.
- Enhancement in employee productivity
Time tracking software helps project managers to see accurate data on time or effort spent by employees on each project. This helps them to do resource management, plan all projects in the pipeline, and effectively manage the team’s workload so that their productivity improves, and they can use all their resources optimally. Time tracking helps to optimize resource utilization, which means your team members can put their time to the best use. An AI-based time tracking software helps project managers to check the availability of resources, optimally distribute the workload, and find the best-fit people for the right jobs.
- A comprehensive plan makes a strong foundation
As a first step, if you make a comprehensive project and resource plan, then the foundation of your project will be strengthened. A plan enables the team members to know what is required to be completed in how much time and what is available needed. The next step is to break down your project into tasks and sub-tasks and estimate the time each will take. When the project begins, you should measure and gauge the time and effort spent by your team members on various tasks. This enables in identifying the gaps and accordingly finding the solutions. A detailed plan also helps the team to stay on track and complete all the deliverables on time. To make a detailed and accurate resource and project management plan, implement the right time tracking software as it provides precise estimates for any new requirements based on earlier successful ones.
- Easy performance review
Reviewing the performance of your team members is important to make sure that they are performing efficiently. Especially at the time of annual performance reviews, the timesheet and utilization data are a great source of reference. With time tracking software, not only can you review an individual’s performance, but also easily compare and analyze one person’s performance with other employees. This helps you find improvement areas and guide them on how to be optimally utilized and take corrective actions or suggest upskilling if required.
- Calculate total project hours
Time tracking software helps managers to compute the total billable time or effort in a particular project. Let’s take an example. A project is expected to bring 500 work hours to complete all the milestones in a two-month time with specific resources. In case the team has utilized about 350 hours already, then only 150 hours’ worth of effort is left to be spent. Therefore, the project manager should plan to get the pending project completed in these 150 hours so that you don’t face an overrun and loss. Top-rated time tracking and resource management software has built-in functionality to track the time, effort, status, utilization, etc. in real-time. It also helps in computing total project hours accurately and doing correct billing.
- Establishing priorities
Another major benefit of time-tracking software is that you will be able to know how to set your priorities on a day-to-day basis and align yourself to the business goals. As the tool helps you create comprehensive plans and then track the team’s time closely, this information can be very helpful in improving productivity and creating better workflows. Establishing priorities also helps in ensuring that your team works according to these priorities and is able to achieve all the milestones on time.
- Assess your team’s overall capacity
Working in a dynamic business environment makes it difficult to forecast your team’s capacity in near future. But time tracking software enables accurate estimation of your team’s overall capacity. You can also consider indefinite factors such as employees going on sick leaves or unplanned absences. Such a tool also helps you to keep your payroll spending in check and helps to distribute the workload to all employees in a fair and balanced way. So, if you find that some employee is over-booked or assigned tasks that are over his or her capacity, then you can find another person who has available time to take on some work. The right time tracking software like eResource Scheduler helps you optimize your resource management with time tracking.
- Streamlining the payroll process
The right time tracking software helps to cut down your payroll cost as such a tool automatically monitors the time for your employees. Not only that, but it also provides accurate and real-time data that any manual tracking system cannot assure. The project managers can expect lesser rejected timesheets that lead to delays and further challenges in payroll processing. A time tracking software is also helpful to the HR function as they can see track if each employee is spending their effort and time productively or not and allocate work to people as per their interests, expertise, and company priorities.
- Create better workflows
Need some data or information about project management or your team members and don’t know where to start digging? A time tracking software provides you with all relevant data that you may need to evaluate your operations, processes, and organization’s workflows. As a project or resource manager, you must review the planned project timeline as suggested by the stakeholders. Then, analyze it vis-à-vis the actual team’s output. This helps in identifying any resource shortages or hiring gaps. This also helps in raising any red flags and finding the places where improvement is needed. Seamless workflows help employees to utilize their time more wisely, resulting in better resource utilization.
- Estimation of employee compensation
Precise analysis of time tracking data enables the HR department to make future plans, estimate employees’ compensations accurately, and perform your organization’s operations while complying with all the legal norms. Time tracking software helps to determine the team members and departments that are under or over-utilized. Thus, the managers can take appropriate actions to either reduce their workload or assign them more tasks to increase their productivity by implementing digital tools or automating some tasks to create better workflows.
- Effectively pricing management
What do you do if there is a need for price revisions for your projects or clients in general? Isn’t it confusing to determine what would be the right price that is fair for both parties? This can be done quite easily by implementing time tracking software. An AI-based tool offers analytics that helps you calculate your overall costs and expenses in comparison with your pricing. It is easy to calculate the total time or effort required to complete a project in some easy steps. You can then just subtract the total expenses such as employee salaries, business expenses, overheads, etc. to determine if the current pricing is helping you make profits or not. This way, you can re-visit your pricing with the help of time tracking and resource management software.
- Improved resource scheduling
Today when most businesses have distributed teams, it becomes very tough to track if all the team members have logged in on time or not. It’s also not easy for project managers to track if they are putting in enough dedicated effort in productive tasks or not. So, how can you manage and control this remotely? Implementing a time tracking software saves you a lot of money, and improves processes such as resource management, scheduling, and allocation, which in turn, leads to better productivity and profit margins.
How can eResource Scheduler Help in Time Tracking?
An award-winning multi-user time tracking software helps to boost your organization’s productivity, utilization, and revenues. You may use this tool on the web, on mobile, or on the desktop version. If working with a remote team, this tool helps monitor their productivity and the status of various projects daily. Not only can you optimize the available resources but also get real-time visibility of the organization-wide resource pool to plan better for future projects. This resource management and time tracking software enhance coordination between team members, various departments, and with clients and stakeholders too. You can easily integrate this top-rated tool with your existing software. Have any questions on your mind? Get a free trial and check out how eResource Scheduler can transform your project and resource management process.