The adage “time is money” rings true in business. Running a business requires monitoring the input and details in the whole operation that should lead to achieving whatever goals are set by the company. Tracking working hours is important in any professional business that shouldn’t be overlooked.
Time tracking has been practised since the ancient period that has gone through many developments. We’re fortunate to be living and working in the digital era where time tracking software has transformed and simplified many complex workflows and processes that are connected to timesheet compliance such as payroll, employee attendance and measuring billable and non-billable work functions.
Why use time tracking software?
The benefits of using time tracking software in business should outweigh the resistance that some may find with tracking work hours. For some, filling out a timesheet is extra time wasted. However, it’s also important to realise how unbillable hours on tasks such as meetings, emails and daily communication with the team provide the company with crucial data for better time management.
Here are recent statistics about time management to show how tracking work hours and using time tracking software enables high productivity, better decision making and creating a positive work environment:
- Only 20% of the total time on a workday is spent on important tasks, projects and activities
It’s quite distressing for employers to realise that almost 80% of the average working day is spent on activities with little to no value. Additionally, only 1 in 8 people have a dedicated time management system by using a calendar or to-do list. With time tracking software, job schedules, calendars and task allocation are organised. Managers will be able to monitor and record the estimated hour for each project stage. Moreover, everyone on the team can access the data. Transparency and accountability are established.
- Productivity decreases by 45% if employees are multi-tasing without time tracking
The digitalisation of business workflows and systems has resulted in multitasking. It’s become convenient for employees to do multiple tasks because of digital technology. However, multitasking causes anxiety and stress to employees. They may not be able to finish the tasks which could result in misleading or weak reports. Time tracking software provides managers with a clear picture of how much the team is working. Are they going over their capacity? Or are they underperforming? Does the task need to be shared or divided by two or more members? This opens up a more productive space as well as builds better communication and relationship within the team.
- Inefficient time management can cost the company $50,000 per employee annually
It’s important to realise that the benefits of time tracking don’t only end with recording how long employees work to calculate their wages. Time tracking software helps the business make more accurate estimates on project budget and completion. Keeping a record of what the team worked on and the measure of their output can be an added value for the business’s reputation especially in selling their business to potential clients.
Overall, time tracking software provides crucial insight into the business. It also helps employees to learn more about themselves in terms of how much they’re contributing to the success of the business. If you’re looking for time tracking software to help manage your team, Wojo is not only a timesheet software but has all the essential tools in project management.
Wojo empowers businesses with an innovative and all-in-one management system to help transform business operations. With our simple yet powerful and user-friendly ecosystem, Wojo will help increase your business’s productivity and profit with solutions that save time and costs.
Schedule a demo today and experience how you can streamline your team’s operations with Wojo.