Benefits of Outlook Time Tracking for Businesses
Do you know what your employees spend a majority of their time doing? There is a good chance you don’t. In fact, most businesses don’t have adequate measures in place to track time and figure out how to use it more effectively. Speaking in business terms, time is money. The 8 hours (or however long your standard shift is) your employees spend at work, minus the lunch break, etc, should be beneficial for your company without fail. If staff don’t spend their time in the right way, it is a loss for you.
And this is just the tip of the iceberg when it comes to uncovering the reasons why your business should invest in time tracking software. To build a more compelling case, let’s take a look at the major benefits of time tracking software for businesses:
Improve Operational Efficiency
Your business can improve and optimize operational efficiency by integrating Outlook time tracking into your daily operations. The software will not only keep track of your employees’ time but the timeframes of the projects you are working on, in addition to making payroll generation easier. You can easily reschedule work according to changing deadlines or demands for a project and at the same time make sure your employees don’t have to face a delay in receiving their paychecks, all this from a single software.
As mentioned above, time is money. Every minute an employee spends at work should be spent in the best possible way.. Keeping a check on employees’ time enables you to find areas where you can cut costs, optimize and improve profits. If scheduling meetings every second day is proving a waste of time, Outlook time tracking will enable you to discover this and you can then rectify the situation. You can reinvest the money you save by cutting costs into the more important areas of your business.
Optimize the Payroll
Did you know you could be losing a small chunk of your annual revenue just because you are not tracking time effectively? Businesses lose a part of their revenue because their employees misreport the time they spent at work. You can use your time tracking software to generate timesheets and reports, which will give you a clear picture of how many hours your employees are actually spending at work. You can automate the payroll process, dispatching pay slips with ease. This will reduce the risk of discrepancies and you won’t have to spend extra time resolving salary issues, which will be in the interest of all parties.
Enhance the Billing Process
For companies that charge clients by the hour, the time tracking software will come in handy for calculating the final amount you have to send an invoice for. This is similar to generating payroll, and you should be able to automate the process of invoicing via your ERP system, working with your timesheet system. This is a more professional approach which is bound to have a positive impact on your relationships with your clients as well, enabling you to bill them in a better way and prevent any hassle.
Even if you do fixed-fee projects, knowing how many hours you spent on these is essential.
Manage Resources More Effectively
With Outlook time tracking, you can find out the exact amount of time you have spent on a particular project. This way, you can prioritize the projects which offer more value to your company and assign resources to it accordingly. This ensures your resources are used in the best way possible and you can marshal them effectively, preventing wastage of time, effort and money. Moreover, you can improve the quality you deliver to your clients by putting your best people on the job when a project is critical for your company.
These are a few of the many benefits of time tracking software for businesses. The best part is you don’t have to devote a significant chunk of your budget when investing in one. You can rest assured that the software will pay for itself in the long run, as it enables you to become more effective and profitable as a company.
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