Did you know?
Companies can eliminate daily lost productivity and recapture a total of $666,400.00 in yearly wages by automating time tracking. (Source: Finances Online )
Today, time tracking apps are much more than a simple assessment of tracking employees’ working hours. From automating timesheets to accurate payrolls, time tracking apps have completely revolutionized employee management, especially for remote companies.
Let’s go through some of the key benefits of using time-tracking software .
Benefits of time-tracking software
Increases employee performance
Time tracking software helps employees keep track of their daily work activities and the total time taken to accomplish them.
This allows them to identify the tasks that are taking more time, find reasons behind the delay, and take appropriate actions.
Promotes transparency
With time tracking software in place, employees have the opportunity to see what co-workers are working on. This helps them to coordinate and support each other.
Moreover, with such transparency, project managers can identify which employee is not being productive or what project is taking more time and take effective measures.
Maintains project budgets
Time tracking software allows project managers to keep track of resources and total budget spent on a project.
It also helps them identify and eliminate reasons behind budget overruns, such as low productivity, insufficient resources, and poor time management.
Manages payrolls
According to NetSuite, up to 93% of employees in the US said that their paychecks are always delivered on schedule because of business and productivity tools such as time tracking.
Time tracking software helps companies track billable working hours and create accurate payrolls, accordingly. It eliminates the chance of misreporting work time by removing the dependency on manual records.
Must-have features for time tracking software in 2022
With numerous time tracking software available in the market, it’s difficult to pick one tool that works best for you.
But don’t worry, we got you.
Here is a list of key features to look for in your time tracking software:
Automated time tracking
Automated time tracking is the first and foremost feature that you should look for in your time tracking software. The fundamental purpose of this feature is to record the time spent by the employees on various tasks throughout the day and give insights into their daily productivity.
Automated time tracking helps managers to find areas of improvement and increase productivity and profitability.
Timesheets
Timesheet is another important feature to look for in time tracking software. This feature helps in calculating the work done by employees in terms of billable hours to create accurate payrolls.
Timesheets also help in simplifying and facilitating the invoice processing workflow by providing an overview of work done by employees along with their working hours.
Project management
The project management feature assists managers in different ways. It helps them in assigning tasks, tracking employees’ progress, avoiding deadline extensions, and managing budgets.
This feature also creates a sense of accountability among employees, which is essential for meeting the expected quality and goals of a project.
Payroll management
The automated payroll feature helps HRs save time and effort wasted on maintaining manual records and going through them at every month’s end.
This feature also creates transparency in the billing process which helps avoid any billing-related disputes.
Offline tracking
Try to choose a time tracking software that offers offline tracking and allows employees to manually add activities and the total time spent on accomplishing them.
This feature is ideal for remote teams that may not have a steady internet connection.
Detailed reports
This feature allows managers to track their employees’ productivity and monitor project progress. It shows how much time an employee spends on a task, his total breaks, and also his web activities.
Detailed reports help managers identify reasons behind project delays or budget overrun to take effective measures, such as reallocation of resources, cutting costs, among others.
Conclusion
A few other features that you should keep in mind while choosing a time tracking software are:
- Powerful integration
- Break reminders
- Invoicing
- Employee attendance
Most of all, choose a time tracker that fulfills your business needs and goals.
KonarkPro comes with all the above-mentioned features. It is a new-age time tracking tool that allows you to increase your team’s productivity and lets you manage your resources efficiently.