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What Are the Advantages of Using Time Tracking Software?
Time tracking is an age-old management method that has existed for as long as people have been paid in accordance with their working hours. Considering it is still around today, it becomes clear that the strategy has many benefits. However, handling the time recording analog or with complex programs like Excel is outdated by modern standards. These days, time tracking has received a much-needed overhaul and is now able to be processed digitally.
What are the benefits of time tracking software, and why should businesses consider integrating these systems, even without legal pressure to do so?
To Track, or Not to Track?
Some national laws require specific businesses to track their employees’ working hours. Authorities like the European Court of Justice have established laws of this kind to protect the workers from exploitation and burn-out. But there are many countries and businesses that are not affected by these laws, that can choose to implement time tracking voluntarily.
If you ask the employees, many do not look favorably on the practice and feel restricted and monitored by it. This often leads to resistance when businesses are trying to introduce time tracking structures into the workday.
Modern time tracking software, and other tools that can be used in tandem, like the online staff rota management and accounting software from Papershift, can help make staff more accepting of the management measure.
The following benefits of digital time tracking both help businesses decide whether time tracking is suitable for their business, even when it isn’t legally mandated, and can be a great help when communicating the introduction of time tracking.
Benefits of Time Tracking Software
The benefits of digital time tracking can be divided into several categories. They are all intertwined and influence each other. Collectively, they lead to an optimized business, a happier workforce, and greater revenue. Here is a selection of the most beneficial pros of time tracking software:
● Accurate Fees & Payment
Time tracking makes sure you get an overview of how much time specific employees have worked, and how much of it they have spent on specific projects. The data you collect can help you when you are calculating payments and fees. Clients will be billed for the exact amount necessary, down to the minute, while workers receive fair and transparent pay.
Thanks to the digital nature of the tracked data, it can be used in other management software, like accounting programs, to automatically calculate accurate payslips and bills.
● Project & Time Management
This overview of how much time was spent on specific projects and tasks can help HR and individual employees with their time and project management.
Especially in remote work situations, it can be challenging to structure the workday effectively. Keeping track of the working hours helps them start and end work and estimate accurately how much time will be spent on specific tasks. This can help them work more efficiently and improves the quotes and estimates you can relay to your clients.
● Improved Schedules
Seeing numbers tied to how much time is needed for specific projects, the business has an easier time creating fair and optimized schedules. The data can be used to avoid over and understaffing and calculate the ideal teams for specific shifts and current projects.
● Mobile Tracking
Digital time tracking software is tied to a cloud. This allows mobile access to information from anywhere in the world. Remote and office workers alike will have no problem tracking time and communicating their information from wherever they are.
● End Overextending
Whether it is pushed by the business or coming from the worker themselves, many staff members today are quickly overextending themselves. The digital time tracking software can alert HR to workers who are reaching overtime or have reached their maximum hours.
Thanks to the digital nature, this easily includes remote workers as well and allows you to check on their wellbeing and work-life balance at a distance.
Time tracking has many benefits for employers and employees. Thanks to specialized software, today, we can process time recording quickly and easily, and access as well as enter the information from anywhere in the world.
The benefits mentioned in this article are just a selection of many more. Overall, the smart software helps the business optimize strategies, stay compliant with labor laws, focus on the health and happiness of their workers, and limit losses by miscalculations. The more efficient and optimized business will improve the quality of its work and receive a higher revenue in turn.
Advantages of Time Tracking Software