“Time is really the only capital that any human being has, and the only thing he can’t afford to lose”
– Thomas Edison
As the years passed by, everything changed but the meaning of this quote remained the same. At every phase of your life, whether you are a student, an office employee, or self-employed, time management is a crucial step towards achieving your goals.
“Time is money” – Benjamin Franklin
When we talk about outsourcing companies, time is more important than money. But with the growth of remote work, managing both time and employees scattered across the globe became impossible for outsourcing companies.
This is where time tracking software comes in!
What is time tracking software?
Do you remember the time when you used to punch in and punch out for recording your working hours?
Well, time tracking software is a far better alternative to the punching system. It is a tool that not only keeps track of your working hours but also helps you to plan your resources, stay productive, and manage project budgets.
Benefits of time tracking software
Using time tracking software for remote employees comes with countless benefits.
Let’s have a look at some of the key benefits:
01. Accurate payroll:
According to Market Research Future, the US economy loses 50 million hours ($7.4 billion) in productivity per day because of unrecorded work activities.
Being a business process outsourcing company (BPO), whether you’re paying your remote employees a fixed hourly rate or a specific amount for a project, you need to keep track of billable time.
Time tracking software provides you with accurate reports and data on the total working hours of your employees, thereby, allowing you to avoid paying for unproductive time and create accurate payrolls.
02. Better project management:
Keeping track of employees’ working hours and meeting multiple deadlines is a hectic job to perform in a remote working environment. But with time tracking in place, project managers can effortlessly track employees’ daily progress, create a workflow, and reallocate resources accordingly.
Time tracking software also helps project managers to find the root cause behind delays and make all necessary changes to avoid project deliveries from getting pushed.
03. Improved communication:
Establishing a clear communication channel between employees and clients is very important for outsourcing companies. But, with remote work, it gets difficult to stay connected at all times.
With time tracking software, outsourcing companies can share real-time timesheets and activity reports with clients. That way they are always informed about the progress of the project and have insight into your team’s work.
This gesture also builds up clients’ trust in the company, adds value, and increases transparency.
04. Efficient finance management:
Keeping up with the estimated budget and managing finances is a constant challenge faced by outsourcing companies.
With the help of time tracking software, outsourcing companies can eliminate the reasons (low productivity, poor team, and time management) behind budget overrun. Furthermore, with employees filling in their timesheets, companies don’t have to take any extra steps to calculate how much of the budget has already been consumed. They just have to make sure that the resources are sufficient and the work is equally distributed.
05. Increased performance:
With time tracking software, employees can see how much time they’ve spent working and what they’ve accomplished. This motivates them to perform their best at work and utilize their time efficiently.
Furthermore, with the help of daily reports, employees can identify their problem areas and work out time-related conditions for achieving their best performance.
KonarkPro for outsourcing companies
Searching for an employee-friendly time-tracker for your company?
KonarkPro is a new-age time tracking software designed to help outsourcing companies increase efficiency by seamlessly managing their hybrid and remote teams.
KonarkPro can accelerate your company’s growth by:
- Managing your resources efficiently
- Visualizing your team and their workflow
- Tracking your project development progress
- Generating timesheets more conveniently
- Calculating productivity reports accurately
- Generating accurate payroll reports
Let’s make your team productive, maximize profits, and keep you on the clock!