Time and Money are two vital business resources. And they are also best friends!
Both time and money support each other. If your time management is poor, you can’t boost your business profits. Therefore, you need to focus on improving your ROI on time tracking and monitoring to save your business resources.
Here TrackOlap time tracking software is what you need to streamline time and money in your organization. This tool will help you save and manage your organization’s time effectively. This, in return, will automatically save your organization’s money.
Well, let’s dig deeper into the topic of how much you can save with a time tracker and how you can practice better time management in your organization.
Relationship Between Time and Money
Before moving ahead, let’s better understand the relationship between time and money. For this, take a statistics-based illustration to analyze how poor time management can damage your business finances.
According to a survey, 30% of Americans are daily late for work. As per the latest US Bureau of Labor Statistics (BLS), the annual salary of an average American worker is around $53,490 or $1028 per 40 hours a week.
Here if you have 100 employees working for you, you have to pay an annual salary worth$5,349,000. Since 30% of employees are daily late for work; thus, you are straightaway losing $1,604,000 per year.
Just a few minutes latency by your employees can cause your firm a huge monetary loss. Thus, it is very important to manage your team’s time properly. Otherwise, you will lose your business resources to a great extent.
How Much Can You Save with a Time Tracker?
Now, let’s move on to the big question, ‘how much can you save with a time tracker?’
To be honest, there’s not a definite answer to this question. That’s because business industry, scale, and many other internal factors impact the time tracker capacities. Thus, every business can save a different amount with time-tracking software.
Here if we once again take a statistical illustration, a timesheet can save you $52,000 per professional per year. According to a study published in the Harvard Business Review, working ineffectively costs the US economy over 50 million lost hours, which means losing around 7.4 billion dollars per day.
This study further states that maintaining a daily timesheet can help you recover $52,000 per employee annually.
In short, if you focus on time management in your organization, your profits will automatically go up.
How Can TrackOlap Time Tracking Software Save Time and Money
Knowing the direct relationship between time and money, we have developed a time tracking software that can save both time and money for your organization.
Here are a few TrackOlap time tracker features to save your business resources:
Automate timesheet data
Mostly, companies ask their employees to manually record timesheet data. This, in return, takes up their lots of time and effort.
So, we have saved the employee’s time by automating the timesheet data recording. The software will automatically create a daily timesheet based on the individual employee’s punch in and out time.
This leaves employees with the extra time, which they can utilize to handle other operations in your organization.
We have programmed our tool to ease the life of business owners and managers. Therefore, the software generates monthly, weekly, or daily performance reports based on time.
The time tracking software monitor every single second of your employees’ working hours, including—
· When they took a break
· How many hours they worked daily
· How late they started work and so on.
When a complex performance report is presented in easy to read graphic format, it will become very easy for managers to evaluate an individual employee’s performance.
Additionally, the reports are easy to share that helps employees to self-evaluate their performance.
Better task monitoring
Task allotment is one of the toughest operations in large teams. Especially among remote teams, it gets very tricky to assign tasks and make sure that it is accomplished on time.
To address this problem, we have added a task board in the software. Through this feature, managers can assign tasks to each team member along with the timeline. They can also prioritize the tasks for the employees.
This way, managers can check every task’s status on the dashboard in real-time. And whenever they find an employee running behind schedule, they can alert him or her to complete the given task on time.
Reduce time wastage
Some employees naturally work slower than others. But some employees intentionally slow down their work speed as they spend their working hours on unnecessary tasks like shopping online or playing games.
Here we have introduced the application/website time tracker to reduce time wastage. This feature tracks time spent by an employee on every app or software throughout the day.
If you find that your employee is wasting time on non-work-related applications like games or social media, you can warn that employee. Further, you can ensure that your employees won’t waste their working hours.
Our software is highly effective for small businesses. That’s because we have integrated attendance, time, and payroll features into an app.
The software allows you to track how many hours an employee spends on the project and accordingly calculate his or her payroll. You no longer need to manually calculate working hours and generate payslips. With just a click, the software will generate a payslip based on time spent by an individual employee on the project.
Impeccable team support
Even the greatest technologies need some human support from time to time. Therefore, our customer support team is always available to help you out.
No matter how small or big a problem you have, our technical team will be just one call away from you. This way, we save your downtime with the software. Whenever there’s a technical problem with the software, you can expect a quick solution from our technical team.
How to Better Practice Time Management in your Organisation?
Having a great time tracking software by your side can help you save time and money in your organization. However, for better results, you need to use the time management software in the right manner.
Here are a few simple practices that you can follow to effectively save with a robust time tracker:
Track time daily
To achieve the maximum results from the time tracking software, you should track your employees’ time daily. The daily time monitoring will help you better understand the change in your employees’ performance and take immediate actions.
Further, if you analyze weekly or monthly timesheets together, it will get too difficult to understand the changes in the performance patterns. Thus, generate daily timesheets using the software so you can easily interpret them.
Along with the daily time tracking, you should stay consistent in your tracking too. Tracking your employees for a week or month won’t offer you insightful results.
To gain a deeper insight into your employees’ time management and performance metrics, you have to consistently track their productivity. In fact, the larger period of data will better help you understand the changes in the performance metrics.
Adopt easy time tracking software
If you are introducing time tracking software for the first time in your organization, you have to make sure that the software is simple to use. That’s because not every person has a high technical caliber.
Here if you use complicated tracking software in your organization, this will increase your employees’ stress and workload. In fact, many employees might resist using the software. That’s why only get simple and easy-to-use time tracking software for your organization.
Define your time tracking goals
Why are you tracking your team’s time? This is a very important question that you should answer after considering your company’s goals.
For example, if your goal is to save money by reducing time wastage, you need to design your time tracking goals accordingly. On the contrary, if your company goal is to increase employees’ productivity, you need to adopt a different time tracking strategy.
Don’t use time tracking to criticize performance
Usually, employees resist using time tracking software because they think that managers will use the data to criticize their performance. And this is a stigma that stops them from leveraging all the time tracking benefits.
Here managers have to assure employees that time tracking will help not only the organization but also employees. With the detailed performance report, employees can better evaluate their weaknesses and strengths. This will help them in improving their shortcomings and gain better career opportunities in the future.
Managers need to lay down all-time tracking benefits in front of their employees so they won’t hesitate to use time tracking software.
ROI Time Tracking Is The Future!
Time tracking has always been important for businesses. But in the future, just time tracking won’t help them. They need ROI-based time tracking to deal with intense competition and economic trends.
That’s why you need to invest in a time tracking solution that can help you save time and money in one go. You require fully automated and integrated software to meet all the upcoming challenges.
We are here proud to say that we have already created a futuristic time management software that can help you practice ROI time tracking in your organization. If you want to try our software, book your free demo today.