![]() ![]() This enables more time to be dedicated to the clients with projects that actually bring the bacon home. Helps in the Assessment of Client ValueĮstimation of the time it takes for the completion of a given project and weighing it against the amount paid by the client enables the estimation of the client’s value. Expense tracking also facilitates easier billing as the cost of the project can be easily estimated. Especially for companies offering services billed based on the time spent, accurate recording of time enables easier determination of billable time.Įmployees filling out their daily timesheets – either manually or automatically – also helps to determine the billable time for different projects. Accuracy in BillingĪpplications that automatically track time captures every information while the employees are going about their work. Expense tracking also improves their ability to estimate and manage costs in real-time, making changes before they affect the project progress. Facilitates Project ManagementĮspecially when using software to track time, it is possible for managers to access all the project information they require in real-time. The daily or weekly timesheet created can be used to compare the workload of different departments, enabling the proper allocation of human resources. This enables them to determine whether there is a shortage of excess of personnel working on the project, and measures to take in order to be more productive. Tracking time enables managers to gauge the time taken to complete a certain task, which enables them to know if the remaining time will be enough to complete the project. Knowing time is being monitored also helps in reducing idleness. The identification of such areas enables them to take corrective measures to make themselves more productive. When recording their time, employees are able to identify how often and why they get distracted or slowed down from the tasks at hand. Besides compliance with time tracking regulations, below are some reasons why companies are increasingly embracing the practice of tracking time: Improve Productivity ![]()
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