Discover the many benefits of timesheet software for your business; especially if it is well integrated with Billing and Resource Planning.
Many companies still use Excel files to track their employees’ time and projects. Unfortunately, these business owners don’t realize the business intelligence that they are missing out on when planning resources and projects.
In fact, when properly integrated with the Billing process and Resource and Project Planning, Timesheet software can literally work miracles for a company, even small businesses. So much so, that many managers consider the Timesheet to be the cornerstone of their profitability.
The thing is, any service company would benefit from implementing time tracking software or any kind of time tracking system, for that matter.
Here is an overview of the many benefits of timesheet software for your business
Staying on track with budgets and objectives
A good timesheet software will be able to calculate what is called the Projection of a Project; that is, the calculation of Hours Worked plus the Remaining Work. The Projection will tell you, in real time, if your production team is in line with your estimate in terms of planned hours, and therefore budget, as the Project progresses. This will allow you to stay on track with budgets and profitability.
Visualizing the production capacity of your team
Your Timesheet software integrated with Resource Planning software will show you at a glance who is available, who will be available soon, who is overloaded and who is underused. You can visualize what team members are up to and the amount of time left at hand. Thus, you will avoid not having enough resources or having resources running on idle; the two pitfalls of resource planning for any project manager.
Revisiting the past because experience is priceless
The accumulation of completed Projects and their Timesheets will provide invaluable Project Intelligence. By reviewing the data from past projects, you will be able to better estimate the tasks of new projects. This will also allow you to better determine the scope and estimates of future projects and to better plan for them.
Understanding Projects costs
Analyzing timesheets will help see if you missed on billable hours and expenses and help you better bill clients in the future, and maybe, improve payroll processing.
Past projects will also shed light on which tasks took up the most of your team’s time and had the greatest impact on your project costs. By reviewing past project data, you will be able to determine exactly if specific complex tasks were the most costly or the most profitable, and eventually increase productivity and profitability.
Capitalizing on the power of data from your time tracking solution
A good timesheet software will allow you to filter detailed data to refine your project analysis criteria to produce meaningful reports. In addition, a good timesheet software will also allow you to easily export your project data to your favorite analysis software to extract additional information.
So, what do you think of the many benefits of time tracking app?