According to Harvard Business Review, untracked work hours are costing the US economy nearly 7.4 billion USD per day. Moreover, according to the American Payroll Association companies can save up to 2% of gross payroll costs every year by using time tracking.
The concept of time tracking is based on the very basic principle of keeping track of the amount of time your workforce spends on tasks. This basic principle has been converted into a complex technique that entails enlisting the major milestones to be achieved, identifying the people who are to achieve them, monitoring the time spent on each milestone and then using this information to attain information that is critical for businesses.
The information that is extracted from time tracking also forms the basis of employee remuneration and generation of invoices for vendors and customers. Moreover, this information is used to monitor project progress and the efficiency of the workforce. It also enables the identification of leakages both of time as well as money.
Though time tracking can be done manually using spreadsheets; there are several innovative time tracking applications in the market that allow for error and hassle-free time tracking, record maintenance, invoicing, employee remuneration as well as provision of business intelligence reports in the form of project progress, areas of improvement, money leakage, e-cost estimates for prospective customers and much more.
Ms. Adriana Saldana, Vice President, Fisher Vista, LLC. used time tracking to improve her company’s productivity and observed a staggering 85% increase in overall productivity. The most widely used time tracking applications include Minterapp, Harvest and Zoho.