Tuesday, 9 February 2016

Four Reasons to Buy Time Tracking Software

Time tracking software is usually the last thing to come to mind when businesses are pressed for money. Reducing expenses takes priority over everything else and decision makers see just another expense in a time tracking software. Few realize that it is an investment that can save them money and offer several other benefits.

This blog suggests four ways your business can benefit from using a time tracker:

Faster and Accurate Payroll

Getting ready for payroll is always a hassle, irrespective of the size of the  company. It is usually because there is a ton of paperwork involved and timesheets need constant revision. There is always someone who needs to enter all the billing information into a program and send it for approval. The entire process can take more than a week. However, things can be simpler with a time tracking software.

A tracker will collect data on employees’ billability in real time and generate detailed, visual reports at the end of the day. It saves your accountant much time and helps him or her prepare the payroll faster.

Another useful feature of quality time trackers is that the data in them is usually not editable without permission. These features maintain accuracy.

Improved Human Resource Management

HR management is a challenge when it is done the old way. Pen and paper are inefficient and there remains a plenty of room for mistakes. A time tracker can help streamline the process—even for small businesses that may or may not employ an HR professional.

Quality time trackers come with essential HR management features, such as: vacation management, scheduling, overtime management, and payroll. They combine all this data into detailed reports, making it easier for you take a decision.

Detection of Unused or Underutilized Software

Every business uses a range of applications for productivity and data management. Not all those applications are equally useful. A time tracker can help your business detect the unused and underutilized software in your workplace. Based on this information you can renegotiate or stop subscription to the tools you do not need.

Productivity Evaluation

Powerful time trackers, such as Talygen, come along with performance measurement tools that can help you find the most productive workers in your company.

Takeaway

Your business can grow immensely if you consider buying a time tracking software as an investment, rather than just another expense. A time tracker can help you in your payroll, streamline HR management and help you find unused software to increase productivity—and profits.