What are online time tracking advantages for firms
Whether you are a contractor, an independent consultant, a small business, or a large corporate entity that pays its employees by the hour or bills its clients based on time, investing in a system that tracks all your billable hours is exceedingly essential. You need a modern online time tracking software that can effectively prevent any leakage of revenue, as well as wastage of resources. There are quite a number of reasons, why organizations should invest in time tracking solutions, let's find out in next slides.
1. Gives your employees a better focus Enable your employees to take ownership of the project they are working on by introducing an online time tracking tool. Team members can enter the time taken to complete each assignment and most notably, be able to gauge their own performance. They can as well turn the whole process into a personal challenge, where they try to beat or exceed their previous accomplishments. As you might be aware, engaging your employees with their own output or productivity allows them to appreciate their efforts.
2. Tracking time optimizes client billing Many employees can make an educated guess of how long it takes them to complete certain assignments. But a rough estimate or approximation cannot be compared to an accurate log. Actually, if you don’t record the hours you spend on a particular assignment, you can’t bill for it. Remember, it not just a labor law requirement, but it’s also ethical that clients are billed correctly.
3. Guarantees overtime compliance How many hours have your team members worked? Are they entitled to overtime pay? It’s very important that companies with non-exempt employees, track time. Normally, this is to ensure that all overtime hours are documented, and payroll is correctly distributed. If team members don’t properly track time, it can lead to lawsuits, fines, and unnecessary disruptions in the office.
4. Easily prioritize projects With an online time tracker, managers can use the milestones, calendar, and staff allocation features to come up with adjustments to certain schedules. Normally, this enables them to easily re-allocate hours and change deadlines for high-priority and pressing projects.
5. Track time anywhere, on different devices With a cloud-based time tracking solution, your employees will be able to conveniently and correctly enter time, regardless of where they are. Everyone can have access to a cloud-system that is instantly-updating, from their chosen device – Smartphone, tablet or laptop.
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Source -
https://www.accountsight.com/blog_detail/10-Essential-reasons-to-use-online-time-tracki ng-and-billing-solutions/