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3 ways time tracking software can save your company money

Time tracking can save you moneySome executives may overlook implementing time tracking software in their companies, even though there are plenty of benefits to using it. These include reducing spending costs and increasing production. Here are three ways that implementing time tracking software can save money for your company.

Profit from detailed records of employee work

You can’t sit at the entrance of your building and write down when your employees walk through the front door to start their job; instead, you need to use time tracking software to ensure that your employees are coming into work on time and staying until their work is finished. Time tracking signals to your employees that you are creating a business that you want to grow and expand. 

Tempo Timesheets allows users to log working hours into specified categories, such as billable and non-billable hours. With Tempo, you can see where time is being wasted on tasks that consume precious company resources without a significant ROI. Keeping an eye on the tasks performed by your employees will detail exactly how time is being spent and if there is justifiable cause for your team to be focusing on specific jobs. Jobs that are not profitable or cost-effective can be weeded out of production. 

Time tracking software tracks the lifespan of a project from its inception to completion. Understanding how long a specific project will take allows you to only schedule resources that are essential. Over and understaffing remains a major concern for small and large businesses, which is why it is imperative to consider the estimated timeline of a project. The data provided through time tracking software makes it easier to predict precisely how many resources will be required to start and finish a project in a cost-effective manner.

Monitor productivity and proactively modify schedules

Understanding how to accurately allocate the time of your employees will save your company money in the long run, though it can be difficult to gauge exactly how many resources a company will need at any given time. By using time tracking software, you can create a blueprint for your day-to-day schedule so you can adequately organize your workflow and production.

Knowing which projects are wasting precious company resources is paramount to the success of your company. If you schedule extra employees for a project that is wasting money and time, then it’s time to re-evaluate how you are designating working hours. 

It's important to know which employees are rested and ready to work. Overworked employees tend to be less productive, and although they may be working more, the quality of their work may take a hit. If you feel you have a hard time organizing a well-balanced schedule, you may need some help. Tempo Planner helps business owners see who has reached their maximum working hours and who hasn’t, which prevents you from over-relying on specific team members. Team leads can appoint tasks to certain members of a team based on how much free time they have. 

Proper scheduling methods will decrease the chances of your employees extending their working hours, it will prevent you from having to pay out vacation days as your employees will be more likely to use them, and it will keep the budget for your projects consistent.

Your employee’s health and happiness is the heartbeat of your company which is why you need to keep it beating strong. This brings us to our final point. 

Improve employee morale

Employee morale and satisfaction is paramount in establishing an organization. On top of ensuring that your employees work in a safe environment, that they are paid fairly for the work they do, and that they are treated with respect and dignity, they want to see that you have a vision, a goal, and a bigger picture. Working for a company that underpays their employees or that doesn’t hold them accountable for being on time, can negatively affect an employee's willingness to work hard and strive to make their company exceptional. 

Time tracking software isn’t just a tool that helps keep the workflow on track; it is a symbol that your company cares about its products, services, employees and customers. It helps you set the foundation for a company that is here to make an impact on society. Improved employee morale will heighten their willingness to stay focused, put forth high-quality-production and it will decrease their likelihood to look for other employment opportunities, which will save you money from having to recruit and train new employees. 

Conclusion:

Time tracking software is a must, whether your company develops software or delivers goods and services, the need to accurately manage your workflow is higher than ever before. By keeping detailed records of your employees’ work, monitoring productivity, proactively modifying schedules, and improving employee morale, you will notice an increase in company savings, all while streamlining your working process.

Is tracking time right for your business? Consult our guide to time tracking and learn more about the benefits.

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