Why is Time Tracking important for your Business?

by Ruhma Syed
Time tracking can be an absolute pain, hard, and sounds tedious. However, if we realize what importance time tracking has, we will see how it can be fun and productive for our work. That’s Why Time Tracking important for your Business.  The only problem is, one does not have time to track time. Thankfully, we have left the manual, boring-sounding time trackers far behind. In today’s world, we have help from the latest technology. We can now download apps to help us track time, track our tasks and create timesheets. Not only does this help small or big businesses be more productive and efficient, it also helps them grow. Time tracking is no longer just a measurement of profitability, it also helps us know how we work, where we struggle and how we use or misuse time.   Ultimately, time tracking is and always has been about enhancing or growing your work. Here’s why it’s important for your business.

It Helps you with Billing and Pricing

With time tracking apps, you can track all the time you spend on your tasks or your projects. It will help you take charge of where your time goes. It will reflect your hard work and help your client know your worth. Time tracking makes pricing and billing easier. To put it in simple words, your clients want to know their money isn’t going to waste. Time tracking apps help you track hours worked and allows your clients to know your worth. With the best time tracking tools, you can price your services. It shows your clients exactly how you are dividing up your time and why what you charge is reasonable and necessary. Even if you don’t bill hourly, time tracking is still a good practice to get into.  

 It Helps You Find Balance within Your Team

When you know how much a person or a team member spends on a task, you can delegate better. With time tracking apps, you can get work done by the most efficient and suitable person instead of randomly assigning it to someone. Secondly, it helps you create a balance within your team by letting team members know if they have worked too much. “When your team knows that you’re using timesheet data to maintain a healthy work-life balance, they’re more likely to see time tracking as something positive and actually do it. Not to mention, you’ll enjoy all the other benefits of having a happy, motivated team.” – Harves

It Helps you Set Measurable Goals

Seeing the stark reality of your working hours on the screen in front of you can help to set measurable goals for time management. Time tracking creates goals for you and your team. Once you know how long a task takes, you can challenge your team to improve and become more efficient. Time tracking also helps you nix the tasks that are not important. This is useful when you’re nearing a deadline and have to make a quick decision about what to do next. If you have an overview of the time you’ve spent procrastinating online or away from your desk, it will reveal where you need to up your performance and where to speed up. If you find out you’re overshooting deadlines consistently, you can put support and resources in place to get the job done more quickly and at a higher rate.

It Helps you Save Time and Explore

From project communication and planning to iterations, production and client management, time tracking helps you with a smoother delegation among your team. Time tracking apps help you save time. This means the more efficient you are, the more time you have to explore the undiscovered possibilities.  Along with this, you can choose to prioritize the most profitable clients and identify which work will be worth your time to take on. Time tracking isn’t about finding the best times and quickest results. It’s about creating a reasonable and average framework within which your team can thrive.

It Helps you with Reporting and Invoicing

Time tracking tools are a solid investment to streamline how you report and invoice time spent at work. An automated system means you don’t lose moments each week encouraging each member of the team to guesstimate their billable hours. Time tracking apps have versatile capabilities to fit your business.  Some offer billing and invoicing functionality, as well as customized reporting to keep the client updated on the task progress.

It Helps you Lead a Happy Team

When every member of the team is aware of how much time they have spent and how much is still left to be given to a particular task, it will help them take a better hold of things at work. A time tracking app will ensure a balanced work environment and make sure no one overspends time on a task. It will ultimately save employees from burnout and keep them focused on their priorities. So consider these tips, give time tracking a try and see yourself leading a happy team.

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