Managing time and projects is critical for success in today’s fast-paced business environment. Without proper time management, project delays will lead to further business setbacks and losses.
Surprisingly, implementing a time tracking software can save companies significant money each year, as one company found by saving over $22000.
Additionally, unrecorded work activities have caused the US economy to lose up to 50 million hours of productivity per day. With a survey revealing that 38% of US businesses still rely on outdated paper timesheets and punch cards, it’s clear that utilizing time-tracking software is essential for businesses to thrive.
Table of Content:
- What is an Employee Time-tracking Software?
- Different methods to track Employees’ time
- Benefits of using a Time-tracking software
- Who can use a Time-tracking software?
- Examples of how OfficeClip Time-tracking software has helped businesses
What is an Employee Time-tracking Software?
Employee time-tracking software records the time employees spend on specific projects and tasks, offering benefits for both employers and employees.
Time tracking is a process where the employee logs in the work hours and at the end of the week, submits the timesheet to the manager for approvals. After validation, the timesheet is approved by the managers and sent to HR for payroll processing.
Time tracking software is designed to track employee work hours, billing to clients, and carry the payroll processing smoothly without any errors.
What are the different ways to track Employee time?
Paper Card:
This is the most traditional method, where the employee manually enters the in-and-out time with a pen on a paper card.
Challenges: Paper card timesheets are difficult to manage for large teams, prone to errors, and time-consuming for payroll calculations. There is also a risk of lost or misplaced cards.
Spreadsheets:
Time is tracked by manual data entry in a spreadsheet like Excel or Google Sheets.
Drawbacks: Error-prone, lacks automation, and offers minimal data analysis capabilities. Not ideal for tracking project progress or employee productivity.
Swipe Card Method:
In this method, employees swipe a card to clock in and out, eliminating manual entries.
Limitations: It is not suitable for remote workforces, doesn’t track specific projects or tasks, and offers limited data insights.
Time Tracking Software:
This is a comprehensive approach that automates time tracking for all employees, including remote workers. It reduces manual entry errors and ensures precise payroll calculations. Employees can categorize work hours for better project management and resource allocation. Enables remote and on-site employees to track their hours and work details easily.
Benefits of using Employee Time-tracking Software:
A Time tracking software benefits the employers as well as the employees. Let us look at the 11 reasons at how using a time tracking software will benefit businesses:
1. Proper distribution and prioritization of tasks:
For each project, there are numerous tasks and sub-tasks to be completed. Sometimes employees need clarification on which task to complete and when. With the software, managers can create projects and tasks and allocate them to their teams.
Who can use Time-tracking software?
Freelancers:
With a time-tracking software, Freelancers can manage multiple Projects at any given point in time. They can effortlessly track time across various projects with different rates and deadlines.
Many time-tracking tools offer integrated invoicing features, allowing them to create and send invoices directly to clients, saving time and effort.
Small and medium-sized businesses:
Time-tracking software is applicable across diverse industries, such as construction, marketing, accounting, architecture, software development, etc.
It provides businesses valuable insights into how employees spend their time, allowing for better resource allocation and workflow optimization.
Remote working teams:
The software helps to monitor work progress and track team activity, even for geographically dispersed teams. It also ensures accountability and boosts team morale through clear visibility of work hours and contributions.
Success Stories: Real life examples of how businesses are using OfficeClip Time tracking software:
Case Study 1:
Cate McCoy(related to professional training and coaching industry):
“My team of remote employees use OfficeClip daily for timesheet recording and expense recording. The DCAA audit compliance is important to us and the ability to download expense attachments is critical. Having the ability to export to both Excel and PDF has greatly streamlined our invoicing flow. Time saver and clear reporting and auditing.”
OfficeClip timesheet software comes with a centralized database system that is easily accessible by your teams regardless of their location. So, it has proved quite useful for employees working in remote location. It has unique features such as DCAA compliance, which ensures that your employees fill up their timesheets daily for auditing purposes and displays any edits made to them. Additionally, we have assisted this company in generating customized reports that meet their specific needs.
Case Study 2:
Joanne B(Sales manager for a consumer services company):
“The software allows entering weekly hours for all the project we are doing for customers. We also use the invoices application to create and send invoices to customers. One thing I like about the software is its simplicity to use and at the same time has features like approval routing and rules. We started with the free version and then upgraded to enterprise. It is inexpensive compared to other similar products in the market”
OfficeClip is an all-in-one application that has helped many users track their timesheets, time offs, expenses and create invoices from one place. This company found our interface to be straightforward to use, and they upgraded to the higher version with more features because it was so affordable.
Case Study 3:
Administrator in Information and technology and services:
“Prior to the adoption of Office Clip, we had to manually input our employee’s timecards into our accounting system. OfficeClip allowed us to automate that process with a simple plugin and easy-to-use interface, saving us thousands of dollars per year. This, backed by an excellent, responsive support staff make this a great product. Main benefit is that the Timekeeping is in compliance with DCAA requirements”
At OfficeClip, we often assist customers in saving time by automating their processes. As a result, our customers are delighted with our support and fast service when needed. For example, before using our timekeeping system, this company recorded their employees’ time manually, which was time-consuming and sometimes resulted in lost or inaccurate data. However, after implementing our system, they saved much time and money by accurately recording work hours, especially for their government contracts. In addition, the DCAA feature proved to be very helpful for them during audits.
Final Thoughts:
In conclusion, by implementing efficient time-tracking software like OfficeClip, companies can ensure the timely completion of projects and maximize their profits.
Photo courtesy:
Task management, Design by Katemangostart, Procrastination
Note: This blog was published in June, 2023 and has been updated.
Deepa Kapoor is an online writer for small businesses. She loves to write on the advancements of new technologies and how it affects our lives. She always explores ways to make small businesses more profitable. When not writing, she enjoys reading books and cooking exotic traditional food.