Time tracking applications allow users to record the time spent on completing any allocated task. It is very suitable for industries where the billing is dependent on the time taken to complete each task, that is, industries which bill on an hourly basis. An electronic timesheet, as this time tracking tool is also called, is a vast improvement on the paper timesheet and increases productivity and good practices. It allows accountability in larger businesses and is suitable to store and record data at one location; so as to make reviews easier than before.
Benefits of automated time sheets
Professional services are served better by automatic generation of invoices according to the time spent on the task. Related costs can be included as additional billing to the client in a transparent manner. Effective workforce management and time tracking software solutions allow for time tracking and scheduling, payroll, leave and absence management, human resource and talent management, and above all, labor analytics.
The time tracking software can be standalone software that records time sheets and generates reports or can be integrated as a part of accounting systems that are fed directly into the company’s accounting software. Invoices can be generated directly as the billing system can be integrated. This is a dream come true for lawyers, contractors and other professionals who bill by the hour.
The project management software can be linked to the software to micro manage the efforts and time spent on each task, and assess the costing in terms of monetary compensation. Similarly, payroll systems can be integrated with the software to pay employees according to the time spent on the job. Bi-directional integration can be deployed to help schedulers assign employees to tasks which are track-able and are in accordance to time taken and productivity.
The American Payroll Association has conducted studies that estimate that companies can save up to 2% of gross payroll costs annually by automating time tracking. Freelancers can create reports for clients and bill accordingly. The software can be used to track the in time and out time of office employees and integrate the data seamlessly into the payroll system and company accounts. The efficiency and productivity across all departments’ is greatly enhanced with this tool. By investing in one such software from a reputed company, you can be assured of getting the best ever returns for your project needs.