As a business owner, nailing time management can be difficult. 

And when you don’t get it right, it means you’re likely to go over-deadline, over-budget, and frustrate both your employees and your customers alike! It’s a lose-lose situation! 

But, it doesn’t have to be this way! With good time management, your team can be engaged, meet their deadlines, and most importantly, stick to the budget. 

What Can Time Tracking Do for My Business? 

Time tracking can do a lot more for your business than you may have thought. There are three key benefits that come with accurate time tracking.

  • It Eradicates Time Theft

First and foremost, it curbs employee time theft. Unfortunately, even in 2022, time theft and buddy punching still could be wreaking havoc on your payroll. 

However, an employee time clock app can put a halt to all that, also making your payroll a much smoother, more accurate process. 

  • It Saves Time & Money

Time tracking lets you understand exactly how much your employees are actually working, versus what they say they’re doing (and being paid for). 

Not only does it hold them accountable, but it also rids you of constantly wondering if they’re really spending time (and therefore, your business’ money) in the most efficient way possible. 

But, time tracking can do so much more for your business. 

  • It Optimizes Business Processes

You can keep an eye on your employees’ hours (and therefore, your payroll), but also use this information to optimize your business’ processes. You’ll suddenly have a birds-eye-view of how much time projects require to complete, and therefore how to do this more effectively. 

When you achieve effective time tracking, you usually see an increase in profits and productivity…and who doesn’t want more time and more money?  

How to Track Time Effectively

If you’re currently relying on traditional methods such as pen and paper, or Excel spreadsheets, it’s time to ditch those and join the modern era. 

Connecteam’s employee time clock app has everything you need to overcome time theft and buddy punching, increasing your payroll vigilance, overall business budgeting, and more. 

Beyond being a mere timeclock app for your employees, Connecteam’s timeclock does so much more to rid you of the mental stress that comes alongside managing people: 

  • You can geofence the clock in and clock location from which your employees can clock in and out, meaning they can only do so from that specific radius that you set.
  • If your employees are mobile, once they’re clocked in, their location will be GPS tracked, showing you a chain of locations (in real-time) of where (and when) your employees are. 
  • Payroll has never been easier, with reminders for employees to clock in and out and notifications to alert employees that they’ve reached max overtime.
  • If your business involves remote working you can set up a clocking-in station known as the Kiosk App. The app is installed on a tablet and employees arrive at the site and clock in and out directly from the tablet, without ever using their smartphone. 

Connecteam was designed with businesses like yours in mind, therefore, it has a scheduling feature, task management feature, chats within the app, and even encourages employee engagement. 

How Does Time Tracking Improve Project Management? 

Tracking time is effectively linked to your income, therefore getting right isn’t just a thought, it’s a must. When you understand how long projects take and what’s needed to complete them, you can make better decisions. With the data collected, you can make those improvements to your business. 

When a potential customer approaches you, you also appear more professional as you already have the relevant knowledge. Therefore, you are not just “guesstimating.” You are offering the exact time required for competition, and more importantly, a more accurate budget. 

Moreover, you can show the data to the client to show where the time has been spent. The billing is also far easier as you have the full breakdown of costs in front of you, whether that’s hours, labor, materials, etc. 

How Does Time Tracking Help Manage My Staff Better?

With the right data, you’ll have relevant knowledge of how much manpower is needed to complete tasks. Therefore, you’ll be in a better position to know if you can take on more clients or staff at that current moment. 

You can also gauge whether your business is profitable and if you are utilizing your time correctly. You can also build a better schedule for your staff and assist them with their weaknesses. 

As you can see how long each task takes, you may want to offer extra training or tips to help your staff improve wherever they need.

How Does Time Tracking Improve Teamwork?

As employees have a better idea of how their day will look like, it can contribute to better teamwork. You also increase morale as workers can plan their personal lives better. Moreover, you are able to:

  • Stop burnout before it occurs
  • Encourage your staff to take breaks 
  • Distribute the workload equally

The Bottom Line on Time Tracking

A study conducted by Market Research Future shows that 50M hours are lost in the US economy due to lack of productivity, and 7.4B dollars are lost due to work hours not being recorded. 

Hence, time tracking is a necessary tool every team needs. With the world moving closer towards remote work, time tracking can keep your business aligned and heading in a productive direction

Digitizing your time tracking and keeping tabs of where everyone is can create an improved workflow. Once you turn digital, you will be wondering why you waited for so long. 

Also Read: Tips And Techniques To Boost Your Small Business