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Employee Time Tracking Software For Companies: Is It Really Important To Implement It?

Category: Project Management Software

qnaChloe works as a head of a small business of freelance designers, webmasters, and writers online but has a small office in Connecticut where she is based. Since 2010, her team is considered one of the best freelance teams when it comes to web design, maintenance, and content. Chloe is thinking of getting more freelance workers for her team this year, and is wondering whether her business needs to get a simple but good employee tracking software. She asks—

“Hi. Why is employee time tracking software for companies important? What is the reason for its importance? I want my small company of freelance workers to be among the top, but I want to know the reason why an employee tracking tool is something we need. My self-review of employee tracking software for companies shows it is something that we should consider if we want to expand our business. Thank you very much.” –Chloe, CT

Thanks Chloe for asking. Aside from your comparison of employee time tracking software for companies, you might be interested in looking at our free side-by-side comparison of accounting CRM applications.

Employee time tracking software for companies: why we need it

The bottom line is: you need an employee time tracking software for companies because it can track and save work time, increase efficiency, and cut project costs. Whether your company is a big or small one, an employee time tracking software can assist you better with tracking of time involved in the project, including your employees’ time.

Attendance management and proper staff time are key objectives of any company that plans on keeping its operating budget within reasonable limits. If for example you are using manual time clocks or paper time sheets to manage your workforce, your business might lose revenue for any of the following areas: employee time theft, possible errors in the manual processing of an employee’s work hours, and the incurring costs because of human error when it comes to accounting and processing payroll. With manual processes, there can be a number of substantial costs; that is why employee time tracking software has become popular.

Here are a few reasons you can tell your employees why employee time tracking software for companies are beneficial to them.

  • By minimizing the time you spend on manual data entry of time and project reporting, your company may see reduced costs and increased productivity, which means more money saved—money which you can use to pay higher salaries and benefits to your employees.
  • In addition, having a quick access to the history of work hours for a certain project will allow your organization estimate better the man hours involved in a certain project. This will give you a better idea of how much you can charge for a client on a certain project, which may mean higher pay rates for your employees to reflect on the actual man hours they spent on a project.
Read more:  Best Free Project Management Software: 5 Excellent Choices For Your Company

When purchasing an employee time tracking software for companies, make sure you try out the demo version first and look for the following features:

  • The time sheet, time attendance, and time are in one graphic interface
  • Allows for business intelligence reporting
  • Performance management
  • Project tracking
  • Project management
  • Training can be easily implemented
  • Employees can easily adapt to the new system

Tweak Your Biz also provides a clear explanation why a time tracking software program is important. Yast explains the benefits of getting an employee time tracking software for employers.

By Nestor Gilbert

Senior writer for FinancesOnline. If he is not writing about the booming SaaS and B2B industry, with special focus on developments in CRM and business intelligence software spaces, he is editing manuscripts for aspiring and veteran authors. He has compiled years of experience editing book titles and writing for popular marketing and technical publications.

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