Collaborative Post

Time recording: 10 reasons for it

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In companies, modern time recording software shows in detail which activities employees spend how much time on. This results in numerous advantages in everyday business life.  

Innovative time recording software, for example in the form of SAAS, helps companies to significantly increase efficiency and productivity. In addition, the daily work routine can be optimally structured. However, there are even more reasons in favour of time recording. The following article reveals what these are. 

Photo by Djim Loic on Unsplash

Detailed overview 

Time recording makes it possible to see at a glance how much working time employees invest in a client or project. 

It is no longer necessary to roughly estimate the number of hours, as the software provides all statistics and facts. It is also possible to see in which areas work was particularly productive. 

Customised time analysis 

It is extremely helpful for companies to know how much time they invest in an individual client. After all, this forms the basis for subsequent invoicing. 

Modern time recording systems even allow the time invested to be checked in real time. To provide proof for the client, the corresponding reports can also be exported and printed. 

Optimised resource allocation  

In addition, time recording enables companies to quickly learn where sufficient and insufficient resources are available. 

This information helps to optimally distribute resources. As a result, the allocation of employees and the delegation of tasks can be made much more efficient. 

Accurate calculation of profits and losses 

Accurate data is made available through time tracking. 

If a fixed hourly rate is assigned to the respective time, it is thus possible to check very quickly whether the time invested has yielded losses or profits. Hourly rates can thus be adjusted as necessary to increase profits in the long term. 

No micro-management 

Time recording often has to contend with the prejudice that it only serves to closely monitor employees. However, employees themselves actually get the chance to record their activities. 

They particularly benefit from this, as they quickly recognise in which areas they invest too much time and in which too little. 

Avoiding unproductive activities 

Productivity can thus be massively increased with the help of time recording. Since unproductive activities can be identified very easily through the collected data, they can be completely avoided in the future. 

Optimised project management

Many modern project management tools do not have integrated time tracking. In some cases, however, existing project management tools can be linked to time tracking software solutions. 

This is especially advantageous if the respective project is remunerated depending on the time spent on it. 

Accurate accounting 

Accounting and payroll accounting also benefit greatly from time tracking. 

The corresponding reports can also be handed out to clients so that they can see exactly how many employees have spent how many hours on their project. 

Better planning 

In many companies, project prices are set according to the amount of time spent. 

With innovative time recording, the necessary effort can be calculated much better. Overtime can also be proven to the customer and calculated accordingly. 

Support for teamwork 

If the respective time recording software also offers practical team functions, the efficiency and productivity of individual teams can be increased considerably. 

When working together on projects, each team member can see how much time the other colleagues are investing. This also contributes decisively to motivation.