Finding Profitable Time

Posted by Alec Hess

____________________________________________________________________________________________

You already know that time is money. But did you know that you probably have billable hours in your company that are not accounted for or billed; or billed incorrectly to the wrong client.

Here’s the scenario: three designers in an advertising firm juggle 5 different projects for different clients on a weekly basis. At the end of the day, they are required to log the time spent on each client’s behalf for billing purposes. The problem is, most of the logging of time spent, is guess work.

Time tracking software would automatically keep track of time spent on every billable task in an extremely accurate way that is traceable and defendable. It represents an exacting electronic version of a traditional paper timesheet. Some time tracking software also allows the automatic generation of invoices to your clients or customers based on actual, accurate time spent and allows for the additional billing of related costs to each client or file.

Many time tracking software companies offer complete workforce management packages that include time and attendance, scheduling, absence management, human resources, payroll, talent management, and labor analytics. This allows for super efficient time utilization. And that means more profit and less lost billable hours for you.  

Time tracking software is used by many industries, typically those employing hourly workers, however there are benefits to salaried workers as well. Knowing exactly how long it takes to achieve certain results can help estimate future work and result in better bids and more attainable profit margins.

Time Tracking Software Benefits:

• Less labor wasted managing timesheets.
• Increased revenue because no part of any hour goes unaccounted or billed for.
• Elimination of unnecessary data entry. Now it’s all automatic.
• More accurate expense and time reporting.
• Detailed reports of expenses and hours automatically generated.
• Historical information and analytics on the work patterns for better future planning.
• Overtime management can reduce excess spending.
• Higher productivity because employees know their time is being tracked
• Easily tracks temporary workers as well.

Alec Hess is a marketer and small business expert as well as Principal of Full Voice Media and Vanguard Healthcare Products; and co-founder of BizSaves. His focus is on small business success and he has consulted, guided and advised many firms.
_______________________________________________________________

More Great Articles:

Lifehacker: Five Best Time-Tracking Applications Inc.com: Using Time Tracking Data to Avoid Recessions