Why Time Tracking is an Essential Tool for Team Management
Time tracking has been and will always be the lifeblood of a company. It is as critical to your business growth and development as much as improving your supply chain, customer relationships, and discovering new insights. Keeping an eye on time tracking gives you live feedback on the financial success of each of your projects by actively measuring the resources being spent to complete the work.
Everyone from the janitor to the CEO needs a way to see their productivity and workflow. They need a measurement to determine if they are spending their time wisely and leveraging it for the most gain. That is why it is imperative you have a functioning system of timesheets, scheduling, management, vacation time, sick leave, and more.
What is Time Tracking?
At its essence, time tracking is a way to log the working hours of employees, staff, volunteers, and salaried leadership. It actively measures the number of hours and human asset resources being poured into different projects. This could be everything from keeping the lights on at your central location to doing an install at a remote office.
All of this information is carefully logged for use in payroll and gauges the effectiveness of your company for completing a project. Without this information, you are left in the dark about how to price, budget, and allocate all your valuable resources in exchange for profits.
This is why many businesses use modern software to easily update, track, log, and report time-related activities through timesheets. Not only does this provide your business with valuable insights, but it also gives all your team members and staff a resource for billable work. You want your team to feel like they are worth the time and effort they are pouring into their work, and you want to be able to bill those hours to the appropriate clients, so you turn a profit.
There are many reasons to integrate smooth time tracking into your business, including:
1 – Proper Billing
In many businesses, the only way to get paid is by submitting an invoice to clients with the amount of time you spent completing a task or service. If you do not have a transparent log they can agree upon, you will not get paid.
This is a delicate balance where accuracy matters a great deal. No one wants to feel they are being overcharged for something because someone is guessing at the value of the time it took to finish a project.
2 – Increasing Company Profits
Tracking your time resources allows your company to continually review the balance of expenses versus income. Entire industries are formed around the idea of saving time on tasks to optimize profits.
Every bit of work your team completes has to be measured and accounted for in order to assess the dollar amount associated with the value. This information leads to letting you know when to change prices, shift directions, or how much time and money can be spent in each sector of your business. If all your financial gains are being spent towards redevelopment or research, you’ll have nothing left for marketing and customer relations.
3 – Improving Resource Allocation
Every project comes with an estimate of costs. That is how you know if the project will be worth the endeavor. You are considering what it will take to complete the work and what kind of price tag you’ll place on the final product.
Proper resource allocation helps ease your team operation because it lets everyone know their expected output, timeline, and contribution. You cannot offer them these benchmarks without introducing quality time tracking systems.
4 – Smooth out Team Management
With so many workers being in unique hybrid or remote models, ensuring everyone receives proper compensation, holiday time, vacation, sick days, and time-off requests can be challenging. Team managers are often left with various spreadsheets, and handwritten notes thin an attempt to compensate for the chaos.
Introducing a clean and easy-to-understand time tracking application with logged timesheets improves company efficiency, communication, and management.
5 – Improving Habits with Record Keeping
When your team reviews their week’s hours, they are mentally logging the actual work they completed. Every human being wants to work as efficiently as possible so they can get back to the other pursuits in their lives.
Having a record of these hours allows them to streamline their working habits and find more efficient processes with equal or better quality. The goal is to get the most for the money.
Where to Find Time Tracking Improvements
When you’re looking for a way to implement a simple time tracking method into your business, consider the highly effective mobile application Teamboard TimePlanner. This powerful capacity planning, time tracking, timesheet collecting, and cost tracker can be utilized with nothing more than a mobile device.
Teamboard TimePlanner is based on Jira project management software that enhances the capabilities of your team, so they enjoy a more agile time-tracking solution. The visual dashboard provides your managers with human resource features that display the tempo of any project and the amount of work being completed by the team and its members.
This empowers your business with enhanced resource planning tools that work around the many unique needs of in-person, hybrid, and remote workers, freelancers, contractors, and leadership teams. You’ll be able to see workloads, vacation times, days off, public holidays, and so much more through a customizable interface anyone on your team can learn.
The entire application is designed from your team’s perspective and resources, not from the specific project. This emphasizes a more comprehensive solution that tracks your team members’ timesheets, tasks, and even individual profiles.
Download and try the free side of the Teamboard TimePlanner application today to improve your time tracking capabilities throughout your business and organization.
Time Tracking Guides Growth
Having a good idea of where the highest resource demand is coming from allows your management team to measure key assets like time, human assets, and financial requirements for every project your company undertakes. If you want to improve efficiency, you need to know where the budget gets burned the most.
This also improves your ability to measure the value of every aspect of your business and the individual team members performing the work. You want everyone to feel they are being adequately compensated for their efforts.
Time tracking and proper timesheet logging improve your billing systems. It offers a window into your entire business and provides you with valuable insight into future decision-making about team makeup and project estimates.
These strategies are essential to growing and operating your business. Using a robust solution like Teamboard TimePlanner is an excellent first step for streamlining your entire business. Check out the app for yourself with the free features. Once you have seen how the software can enhance your Jira project management, upgrade for the additional premium features and elevate your business into the next level of successful growth.